Industry News
Notable Rating Actions This Week: Westfield and Church Mutual
AM Best has revised the outlook to stable from negative for the long-term issuer credit ratings (long-term ICR) and affirmed the financial strength rating (FSR) of A (Excellent) and the long-term ...
Tokio Marine HCC President Schell to Retire After 50 Years in Insurance
Tokio Marine HCC announced a leadership change with the retirement of Mike Schell, president, at the end of this month. Barry Cook, CEO of Tokio Marine HCC International, will additionally assume a ...
Insurance Transformation: Is the Current Business Model at a Crossroads of Change?
Presented by Majesco
Insurance transformation is a business imperative, not a technology project. Without transformation, insurers will find themselves stuck with tools and...
Liberty Mutual Q4 Income Up Nearly 90%, Year Earnings Climb
Liberty Mutual Holding Co. reported fourth-quarter 2024 net income of $1.2 billion – a nearly 90 percent increase over the same period the prior year. Boston-based Liberty Mutual's total combined ...
With Unrevealed Previous Injury, Later Claim Cannot be Denied, Georgia Court Says
Defending workers compensation claims from employees who have not disclosed previous injuries may have just become a little more complicated for employers and insurance carriers in Georgia. The ...
AmFam Reports Underwriting Profit for 2024
After two years of combined ratios over 110, American Family Insurance reported an underwriting profit in 2024—with a 96.6 for the year for all property/casualty lines it writes. The improvement ...
Arthur J. Gallagher to Acquire Woodruff Sawyer for $1.2B
Insurance brokerage Arthur J. Gallagher & Co. has signed a definitive agreement to acquire Woodruff Sawyer for $1.2 billion. Andy Barrengos, chairman and CEO of San Francisco-based Woodruff ...
Wildfire, Hurricane Rebuilding Efforts Impeded By Tariffs: APCIA
American Property Casualty Insurance Association issued a statement on behalf of P/C insurance company members on Tuesday, the day that 25 percent tariffs on most goods from Canada and Mexico took ...
Progressive’s Margins Leave Room for Tariff Impacts; Others Ready Too
With its 2024 combined ratio falling comfortably more than 7 points below a targeted level of 96, Progressive has room to deal with the impacts of tariffs on car repair and replacement costs, the ...