News
Automakers Settle Class Action Suit Related to Rise in Auto Thefts
Hyundai Motor America and Kia America said Friday they have reached a settlement to resolve a class action lawsuit prompted by a surge in vehicle thefts. The settlement could be valued at $200 ...
Fitch Downgrades Allstate’s IFS Ratings to ‘A’
Citing declines in statutory capital and poor underwriting results in personal auto, Fitch Ratings has downgraded the financial strength ratings of Allstate P/C insurance subsidiaries to "A" (Strong) ...
Pie Insurance CEO Tells Employees During All-Hands That 14% Are Being Let Go
Late last week InsurTech Pie Insurance held an all-hands meeting during which CEO John Swigart told employees that 14 percent of them — 66 in all are being laid off. "This decision was made as part ...
Drivers Are Shopping, Swapping Auto Insurance Policies at Record Pace
Drivers are kicking the tires and trading up for new auto insurance policies. In the first quarter, new policy growth rate was up 17 percent over the same period in 2022, and a record-breaking ...
Marsh: Cyber Insurance Purchases Climb After Rocky Couple of Years
Stricter policy language, pricing increases and more scrutiny at policy inception made for a tumultuous couple of years in the cyber insurance market. Despite this, 36 percent of Marsh's clients ...
Thousands of Steel Frame Bridges Across U.S. Need Corrosion Inspection
Investigators looking into the collapse of a Pittsburgh, Pa., bridge want transportation officials nationwide to examine more than 10,000 other bridges with similar construction to ensure they don't ...
Obie Raises $25M Series B to Expand Embedded Insurance Technology
InsurTech Obie announced it has raised $25.5 million in a series B funding round led by Battery Ventures, with participation from Brick and Mortar VC, DivcoWest, and several real estate funds and ...
Aon Sues Alliant Over ‘Unlawful Raid’ of Reinsurance Group
Aon this week filed a lawsuit against rival Alliant Insurance Services for an alleged "unlawful raid" of senior leaders and other employees of Aon's facultative reinsurance group. Aon claims Alliant ...