Insurance Level News and Press

AM Best Rating Acitivity and News

Allstate First-Quarter Net Income Cut in Half; Net Catastrophe Losses Triple
Allstate Corp.’s first-quarter net income applicable to common shareholders dropped to $566 million, less than half of the $1.19 billion reported a year earlier. The $2.2 billion of quarterly ...
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Source: BestWire

MetLife Posts First-Quarter Net Rise of 10%, Strikes $10 Billion Reinsurance Deal With Talcott
MetLife Inc. first-quarter net income increased 10% to $879 million, driven by a net derivatives gain and higher premiums and fees. MetLife reported first-quarter premiums, fees and other ...
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Source: BestWire

Nationwide Names Lead for Personal Lines Sales, Distribution Organization
Nationwide hired Michael Tripp to lead its personal lines sales and distribution organization. Tripp joins the company from AmTrust, where he served as the head of MidAmerica region. In this ...
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Source: BestWire

Alaska House Passes Bill Exempting Fishing Co-Ops From Insurance Code
The Alaska House of Representatives passed a bill that would exempt insurance agreements between commercial fishing cooperatives from being regulated as traditional insurance under state ...
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Source: BestWire

Peak Re Posts Lower 2024 Profit, Revamps Portfolio as Softening Market Looms
Peak Reinsurance Co. Ltd. posted lower profit for 2024 as the reinsurer continued to revamp its property/casualty reinsurance segment to stem its exposure to catastrophe events and prepare for a ...
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Source: BestWire

Utah Regulator Pauses Litigation, Entering Mediation With A-Cap Companies
The Utah Insurance Department is pausing litigation to place three Advantage Capital Management LLC companies into rehabilitation and has agreed to mediation, the company said. A representative ...
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Source: BestWire

AM Best Revises Issuer Credit Rating Outlook to Negative for Members of NJM Insurance Group
AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Ratings (Long-Term ICRs) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ...
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Source: BestWire

Chaucer Exec to Join Howden as Managing Director, Howden Miami
Howden has appointed April McLaughlin as managing director, Howden Miami. McLaughlin will establish a new presence for Howden Re in Miami and will integrate and grow Howden’s existing specialty ...
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Source: BestWire

Howden Names Managing Director, Head of Mergers & Acquisitions, IMEA
Howden appointed Mandira Gupta as the managing director and head of mergers and acquisitions, India, Middle East and Africa. Gupta will lead Howden’s strategic focus on private equity and ...
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Source: BestWire

Marsh Says New Tariff Simulator Can Help Policyholders Manage Risk
Marsh McLennan said it has launched a tariff simulator that will help policyholders assess exposure to various trade scenarios. It includes supply chain mapping AI and geospatial satellite ...
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Source: BestWire

ACLI President Reflects on 50-State ‘Milestone’ for Annuity Best-Interest Standard
In late April, New Jersey became the 50th state to adopt annuity best-interest standards, marking an important milestone and bringing benefits for insurers and consumers alike, according to American ...
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Source: BestWire

CatIQ: Losses From Severe Ice Storm Likely Cost Canadian Insurers $247 Million
Canadian insurers incurred an estimated C$342 million ($247 million) in losses from a severe ice storm in Ontario and Quebec in late March, according to CatIQ. During the March 28-31 event areas ...
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Source: BestWire

Humana First-Quarter Net Income Up on Favorable Timing, Strong Medicare
Humana Inc. saw first-quarter net income of $1.24 billion, up from $739 million in the year prior on higher Medicare and state-based contract premiums, membership growth in stand-alone Medicare Part ...
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Source: BestWire

Amerisafe First-Quarter Net Income Falls 47.1%
Amerisafe Inc. reported a 47.1% drop in first-quarter net income as net investment income fell by almost 10% and it reported net unrealized losses on equities of $3.2 million amid market ...
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Source: BestWire

Arch Capital CEO Sees Increasing Competition in Property/Casualty Markets
The property/casualty market is becoming more competitive, making profitable growth more challenging than in recent years, said Arch Capital Group Ltd.'s chief executive officer. Despite the ...
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Source: BestWire

Unum Group Reports Net Income Dip by Almost Half in First Quarter
Unum Group reported net income of $189.1 million in the first quarter, down from $395.2 million a year earlier as the company reported an investment loss and lower contributions from its disability ...
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Source: BestWire

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Insurance Information Institute News (IIHS & HLDI)

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Insurance Journal News

Allstate Q1 Income Drops 52% on Record $3.3B Gross Catastrophe Losses
Allstate Corp. first quarter 2025 net income applicable to common shareholders fell more than 52% to $566 million primarily due to a record $3.3 billion of gross catastrophe losses. The gross loss was partially offset by $1.1 billion of reinsurance …
Date: Thursday, May 1, 2025

LA County Approves $4B Payout to Settle Sexual Abuse Claims at Juvenile Facilities
Los Angeles County officials this week approved a $4 billion payout to settle nearly 7,000 claims of sexual abuse in juvenile facilities since 1959. The agreement reached on April 4 far surpasses a $2.6 billion settlement reached in 2022 with …
Date: Wednesday, April 30, 2025

Bill to Address California Wildfire And Insurance Crises Moving Through Legislature
A California Assembly committee advanced a bill designed to deal with the state’s wildfire and insurance crises. The California Safe Homes Act, Assembly Bill 888, passed out of the Assembly Insurance Committee on a unanimous vote. Related: Forecast Calls for …
Date: Wednesday, April 30, 2025

Strengthen Oklahoma Homes Program to Hold Second Pilot Launch
The Oklahoma Insurance Department is preparing for a second pilot launch of the Strengthen Oklahoma Homes Program, which provides up to $10,000 to residents to upgrade their homes to the IBHS Fortified standard. Applicants who are eligible and live in …
Date: Wednesday, April 30, 2025

AM Best Revises Outlook to Negative for Missouri Valley Mutual Insurance Company
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Missouri Valley Mutual Insurance Company (MVMIC) based in Burke, South Dakota. …
Date: Wednesday, April 30, 2025

People Moves: SiriusPoint Taps AIG’s Gibson as International Chief Underwriting Officer; Howden Appoints McLaughlin From Chaucer to Lead Howden Re Miami
This edition of International People Moves details appointments at SiriusPoint and Howden. A summary of these new hires follows here. SiriusPoint Taps AIG’s Gibson as International Chief Underwriting Officer SiriusPoint Ltd., the Bermuda-based specialty insurer and reinsurer, announced the appointment …
Date: Wednesday, April 30, 2025

Car Smashes Through Illinois Building, Killing 4 Young People and Injuring Others
A car smashed through a building Monday afternoon, killing four young people and injuring several others during an after-school program in a small city outside of Springfield, Illinois, police said. Officers responded at about 3:20 p.m. to calls about a …
Date: Wednesday, April 30, 2025

People Moves: Dorn Named to Maryland Insurance Administration Post
Maryland Insurance Commissioner Marie Grant appointed Patricia Dorn as associate commissioner for consumer education and advocacy at the Maryland Insurance Administration. Dorn, who has served at the Maryland Insurance Administration since 2012, will lead the Consumer Education and Advocacy Unit …
Date: Wednesday, April 30, 2025

With Wildfire Suits Looming, Edison Beats Estimates on Lower Expenses, Rate Hikes
Edison International beat Wall Street estimates for first-quarter profit on Tuesday, as the utility benefited from lower operating and interest expenses and higher rates for its services. Lower interest rates reduce borrowing costs for power companies, which usually need more …
Date: Wednesday, April 30, 2025

Co-op Is Latest British Retailer to Be Hit by Cyberattack
Britain’s Co-op Group said on Wednesday hackers had attempted to break into its systems, the second high-profile cyber attack on a major UK retailer in as many weeks, following an ongoing incident at Marks & Spencer. The Co-op, which is …
Date: Wednesday, April 30, 2025

Aspen Specialty Settles With Condo in $11M Nashville Bombing Coverage Dispute
Aspen Specialty Insurance Co. has reached a settlement with the owners of a Nashville condominium building that was badly damaged in the Christmas Day bombing in 2020. The terms of the settlement were not disclosed. Both sides have agreed to …
Date: Wednesday, April 30, 2025

Insured Losses Could Hit $145B in 2025, Driven by Rising Claims From Secondary Perils
Global insured losses from natural catastrophes hit US$137 billion in 2024, following the 5%-7% annual growth rate that has been the norm in recent years, according to Swiss Re analysis. If this trend continues, global insured losses will approach US$145 …
Date: Wednesday, April 30, 2025

Three Rhode Island Men Charged in Theft of Thousands of Catalytic Converters
Three Rhode Island men have been charged in federal court in Providence for their alleged roles in a conspiracy to steal and sell hundreds of thousands of dollars’ worth of catalytic converters, announced Acting U.S. Attorney Sara Miron Bloom. According …
Date: Wednesday, April 30, 2025

AIG: Turning One Human Underwriter Into Five, ‘Turbocharging’ E&S
Some property/casualty insurers talk about experimenting with artificial intelligence to automate call center responses and back-office operations. But that’s not the road to turbocharging growth that AIG CEO Peter Zaffino envisions for his company. AIG is all-in on AI that …
Date: Wednesday, April 30, 2025

Tech Update: WTW Launches AI Monitoring Tool ‘Radar Vision’ for Insurers; Tariff Simulator Added to Marsh McLennan’s Sentrisk
WTW has announced the North American launch of Radar Vision, an AI-driven performance monitoring tool custom-built for insurers. The global insurance industry has been turbulent for a few years, with significant inflation and demographic changes compounded by increasingly competitive and …
Date: Wednesday, April 30, 2025

Companies Count the Costs After Blackout in Spain and Portugal
As factories, stores and hotels across Spain and Portugal gradually returned to normal on Tuesday after a huge blackout the day before, business associations and companies began counting the cost. Spain’s main business lobby CEOE estimated the outage would shave …
Date: Wednesday, April 30, 2025

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