Personal Lines
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The letter also called out California insurance companies for investing more than $536bn in the fossil-fuel industry in 2019 alone.
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Nearly $148mn of the unfavorable reserve development was related to National General, primarily driven by personal auto injury coverages.
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Stephen Hitch, senior vice president of underwriting at Xchange Benefits, will lead the new MGU.
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The $500mn of new demand from Allstate highlights carrier need for cover after Ida, but pulling together cat capacity in the peak US market remains a tougher ask.
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The company’s reinsurance assets rose 7.3% from December 2020 to December 2021.
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The loss is steering more towards a personal lines event, with loss notifications leading to more optimism amongst reinsurers.
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The team of around 30 staff will manage the run-off of Axa XL’s existing book and launch a product with Aviva.
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The modeller said it is “likely” that the number of claims could exceed the high of Hurricane Harvey in 2017.
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The ratings agency says it will continue to monitor whether the cat event could affect the rating outlook for any entity.
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State Farm was by far the state’s largest homeowners' writer, writing $1.8bn in premium in 2019, representing 18.3% of the market.
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In a note to clients seen by this publication, the risk modelling firm says the event may break records for insured winter storm losses.
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Justice Secretary Robert Buckland says the one-month hold-up is a response to stakeholder lobbying.
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The deal, pitched at a multiple of 12.2x 2019 earnings, follows disposal agreements for Axa in the Gulf, central and eastern Europe and India.
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The GDV trade association reports below-average losses thanks to a quiet winter storm season.
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The UK auto insurer expects to return most of the proceeds to shareholders.
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The carrier said there were plans to grow the team further and its US and non-US sides would be merged.
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The Irish broker was founded in 1961 and has around 200 employees writing both commercial and personal insurance.
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The InsurTech was locked in a dispute with Deutsche Telekom over whether it owns the copyright to the use of magenta.
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The investor wants the Finnish insurer to build on this week’s sell-down of Nordea Bank shares with further divestments.
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The carrier raises almost $655mn through the sale of new shares, while existing investors sell another $70mn of stock.
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The former Ironshore International CEO was most recently chief client officer of Liberty Mutual’s Global Risk Solutions.
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The New York-based InsurTech launched in Amsterdam earlier this year and made its European debut in Germany last year.
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Other InsurTechs are likely mulling IPO options and are garnering more investor interest, according to a report.
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Prices rise in every region for the seventh consecutive quarter, with the UK easily outstripping US growth.
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Geico’s combined ratio came in at 77.2% down 18 points as frequency fell 24% to 30% across all product lines.
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CEO Dan Preston says the initiative is part of the company’s strategy to expand into the third-party claims administration sector.
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Data harnessed from a new litigation tracking product suggests the cruise and care home industry are prime targets.
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The ratings agency predicts traditional insurance products will be the preferred focus of most start-ups, with some skewing to technology.
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Sara Steiner joins from RenaissanceRe, where she was most recently vice president of casualty treaty.
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John Forney succeeds incumbent GeoVera CEO Kevin Nish.
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Root grew gross written premiums by 85 percent in Q1 to $144mn, according to statutory filings.
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The mutual insurer is concentrating its physical operations in Ohio, Arizona, New York, Iowa and Texas.
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US personal auto customers will get a 15 percent credit on their April and May premiums, the company said.
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A round-up of InsurTech news from 13 March to 20 March.
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The loss aggregator lifts the tally by EUR10mn from its previous prediction.
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The transaction reflects the seller's drive to focus on commercial lines and value-added services.
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Digital Risks, which focuses on the small and medium-sized enterprise market, said it is growing by 25 percent month-on-month.
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The decision comes amid a flurry of regulatory and legislative activity intended to aid homeowners affected by recent wildfires.
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The comments came as Chubb shares rose more than 6.3 percent following the release of fourth quarter results.
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General liability, professional liability and personal lines were key growth areas for the carrier.
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The action follows the sale of the two Texas insurers to Align Financial Holdings.
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Goldman Sachs will remain a minority investor in the company under the terms of the deal.
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The program includes coverage for trailer parks, which house about 20 million Americans.
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A state regulator has determined that efforts to rehabilitate the auto insurer would be "useless".
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Paul Cosgrove will succeed Bob Zanussi, who is retiring from his roles as president and CEO of the Canadian operations.
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The carrier steps in after James River last year stopped insuring the ride-hailing app.
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The brand’s retirement slated for next year is emblematic of a broader shift in InsurTech.
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The move into the two classes follows the insurer's launch of a US financial lines division.
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The MGA, based in Fort Lauderdale, Florida, will write up to $40mn in physical damage and liability insurance for boaters.
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The Canadian pension fund makes its first foray into InsurTech with the investment in the Berlin company.
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A past industry critic of Root has shifted to a more optimistic view of the company’s future.
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The carrier is targeting 20 percent net written premium growth by 2022 and a GI combined ratio of 95 percent or less.
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The offering was put on hold amid fallout from the scuttled WeWork deal and reduced enthusiasm for Slack and Uber.
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Danny Towner joins as director.
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Market veterans Paul Voller and David Fairbank will lead the team.
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The underwriter is expected to arrive at the broker at the start of 2020.
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Restrictions on price rises at renewals are among the remedies the regulator is considering.
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The $3.1bn deal eclipses other US P&C transactions this year.
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EagleView accused Verisk of infringing patents for roof analysis tools in its Xactware repair estimate products.
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The president of Allstate personal lines opened the InsurTech Connect conference in Las Vegas on Tuesday.
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The Sompo and Munich Re-backed startup is planning to focus on business partnerships.
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The new division will partner with retailers to provide tailored warranty services for consumer products.
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The level of restructuring of coverage in the quarter and the breakdown of price increases by month point to a change in risk appetite.
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Commissioner Donelon orders State Farm to cease and desist over Hurricane Barry deductible dispute.
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As part of the deal, the Floridian carrier will add two new board directors and hold an annual shareholder meeting on 17 October.
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The carrier's core earnings rose by 17.7 percent year over year to $1.33 per share in Q2 2019.
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General insurance policy director James Dalton says “all options are on the table”.
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Adverse development from the 2018 accident year adds another $15mn to the tally.
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Outgoing CEO Sean Downes will be executive chairman.
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The appointment follows a spate of recent marine and energy reinsurance hires at the business.
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Classic car specialist Hagerty builds out its portfolio with the addition of the circa $16mn Kemper book.
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Casualty rides coat tails of advances in US primary lines, while cat shows uneven improvement.
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State Farm and Farmers Insurance have the largest aggregate market share in the state across personal lines, auto and commercial insurance.
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Texas-based Aspen MGA has brought on board Melody Johnson as director of underwriting.
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The Santa Monica start-up has raised $23.1mn to date.
-
Kirt Walker will take the position at the US insurance giant starting 1 October.
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The insurer will take full ownership of the general insurance units of LV= and Legal & General to become the second-largest general insurer in the UK.
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The insurer expects to complete its Florida placement later this quarter.
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Sanders II ILS structure offers additional $300mn of aggregate limit available to Allstate
-
Richard Porter will assume the role of head of financial lines after serving as general counsel for Chubb Bermuda.
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More than a third of the funding comes from two new German media investors.
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Penny James, whose previous roles include a CFO position at Omega, will replace Paul Geddes in May.
-
The AM Best financial strength rating moves from A to A- .
-
A lawsuit alleges the homeowners were “steered” into policies that contained exclusions for perils including lava.
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