Insurance Level News and Press

AM Best Rating Acitivity and News

Industry Executives Urge Need for Speed on California Regulatory Model Changes
Allstate Corp. will open to new homeowners business in California once it can use catastrophe modeling and add net reinsurance costs to rates, according to Gerry Zimmerman, government and industry ...
Date: Friday, April 26, 2024
Source: BestWire

Best's News: AM Best Says Insurers Navigate Data Privacy, Regulatory Challenges With Wearables
Sridhar Manyem, senior director, AM Best, said other key issues with data from wearables include using it ethically and compliantly. Manyem spoke with AM Best TV at Insurtech Hartford Symposium 2024, ...
Date: Friday, April 26, 2024
Source: BestWire

China Life's First-Quarter Profit Falls on Lower Single Premiums, Investment Income
China Life Insurance Co. Ltd. posted lower first-quarter net profit as single premium new policies and investment income declined. Net profit attributable to equity holders of the company fell to ...
Date: Friday, April 26, 2024
Source: BestWire

Florida-Based Universal Increases First-Quarter Net Income 39.2%, Cedes Less Premium
First-quarter available net income rose 39.2% to $33.7 million at Universal Insurance Holdings as net premiums earned rose 18.4% to $334 million and the company ceded less business. Policies in ...
Date: Friday, April 26, 2024
Source: BestWire

Centene CEO: ACA Marketplace Plans Provide a Growth Opportunity
Centene Corp. said it continued adding Affordable Care Act commercial marketplace customers in the first quarter as it saw net earnings attributable to the company increase in the period even as ...
Date: Friday, April 26, 2024
Source: BestWire

AM Best Withdraws Credit Ratings of JRG Reinsurance Company Ltd.
AM Best has withdrawn the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of JRG Reinsurance Company Ltd. (JRG Re) At the time of the withdrawal, the ...
Date: Friday, April 26, 2024
Source: BestWire

Aon CEO: NFP Acquisition Opens M&A Pipeline, Middle Market Expansion
Aon plc's chief executive officer said the group gained a significant advantage in the middle market and a strong mergers and acquisitions pipeline as it closed on its $13 billion acquisition of NFP ...
Date: Friday, April 26, 2024
Source: BestWire

AM Best Maintains Under Review With Developing Implications Status for Credit Ratings of Randall & Quilter America Holdings Inc.’s Members
AM Best has maintained the under review with developing implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of ...
Date: Friday, April 26, 2024
Source: BestWire

New Fiduciary Rule on Annuity Sales To Take Effect in September, US Labor Department Says
The U.S. Labor Department has finalized a rule amending the definition of fiduciary that has been opposed by the annuities industry, and set a Sept. 23 date for it to take effect. The rule ...
Date: Friday, April 26, 2024
Source: BestWire

Kaiser Notifying 13.4 Million of Possible Data Share With Google, Bing, X
Kaiser Permanente is notifying 13.4 million current and former members and patients that technology now removed from its websites and mobile applications may have transmitted personal data to ...
Date: Friday, April 26, 2024
Source: BestWire

Talanx $613.8 Million First-Quarter Profit Beats Target
Talanx AG reported preliminary consolidated net income of €572 million ($612.7 million), which it said exceeded consensus estimates and it may exceed its targeted annual net income. The result is ...
Date: Friday, April 26, 2024
Source: BestWire

AM Best Revises Outlooks to Stable for Uzbekinvest Export-Import Insurance Company, JSC
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bb” (Fair) of Uzbekinvest ...
Date: Friday, April 26, 2024
Source: BestWire

AM Best Affirms Credit Ratings of Tokio Marine GRV Re, Inc.
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Tokio Marine GRV Re, Inc. (TMGRV Re) (Oklahoma City, OK). The outlook ...
Date: Friday, April 26, 2024
Source: BestWire

Aon Closes on $13 Billion NFP Acquisition as First-Quarter Profit Rises
Aon plc posted a slight rise in first-quarter net income as the group closed today on its $13 billion acquisition of broker NFP Corp. First-quarter net income attributable to Aon shareholders ...
Date: Friday, April 26, 2024
Source: BestWire

AM Best to Host Briefing on Market Conditions for Medical Professional Liability Insurers
AM Best will host an analytical briefing on the state of the U.S. medical professional liability (MPL) insurance sector on Wednesday, May 1, 2024, at 11 a.m. (EDT). The one-hour, complementary event ...
Date: Friday, April 26, 2024
Source: BestWire

AM Best: Insurers Navigate Data Privacy, Regulatory Challenges With Wearables
Sridhar Manyem, senior director, AM Best, said other key issues with data from wearables include using it ethically and compliantly. Manyem spoke with AM Best TV at Insurtech Hartford Symposium ...
Date: Friday, April 26, 2024
Source: BestWire

---

Insurance Information Institute News (IIHS & HLDI)

---

Insurance Journal News

Higginbotham Adds South Florida Benefits Agency to Team
Texas-headquartered Higginbotham, one of the largest independent insurance and benefits firms, has added Adams Benefits of Boca Raton, Florida, to its team, the company said in a news release. The move marks an expansion into south Florida for Higginbotham, which …
Date: Friday, April 26, 2024

US Probes Tesla Recall of 2 Million Vehicles Over Autopilot, Citing Concerns
U.S. auto safety regulators said Friday they have opened an investigation into whether Tesla’s recall of more than 2 million vehicles announced in December to install new Autopilot safeguards is adequate. The National Highway Traffic Safety Administration (NHTSA) said it …
Date: Friday, April 26, 2024

NC Agent, Missouri Lawyers Convicted in $4M Tax Shelter, Insurance Scheme
A federal jury on Thursday found a North Carolina insurance agent and two Missouri lawyers guilty on all counts in a $4 million tax evasion scheme that also defrauded an insurance carrier. The jury in Charlotte, said licensed agent and …
Date: Friday, April 26, 2024

Ban on Worker Noncompetes Faces Uphill Legal Battle
The U.S. Federal Trade Commission’s ban on “noncompete” agreements commonly signed by workers is likely vulnerable to legal challenges, experts said, as some courts have grown increasingly skeptical of federal agencies’ power to adopt broad rules. The commission in unveiling …
Date: Friday, April 26, 2024

Report: Cybercrime ‘A Thriving Business’ as US Claims Frequency Rises
Cyber claims frequency in the U.S. rose 13% last year, a new report shows. According to Coalition’s 2024 Cyber Claims Report, released this week, cybercrime is “a thriving business that adversely impacts” the economy. In 2023, there were more than …
Date: Friday, April 26, 2024

Class Action Opposes Limiting Ship’s Liability for Baltimore Bridge Collapse
A Baltimore small business has filed a class action against the owner and operator of the cargo ship Dali that crashed into the Francis Scott Key Bridge last month. The suit, filed Thursday by the Karen Austin, the founder of …
Date: Friday, April 26, 2024

Missouri House Backs Legal Shield for Weedkiller Maker Facing Cancer Lawsuits
JEFFERSON CITY, Mo. (AP) — The manufacturer of a popular weedkiller won support Wednesday from the Missouri House for a proposal that could shield it from costly lawsuits alleging it failed to warn customers its product could cause cancer. The …
Date: Friday, April 26, 2024

Central US Braces for Severe Weather Outbreak
An active weather pattern could bring destructive tornadoes, heavy rains, large hail and strong wind gusts to parts of the central United States over the next several days, according to meteorologists at the National Weather Service and Accuweather. Two strong …
Date: Friday, April 26, 2024

Judge Won’t Dismiss Lawsuits Against Travis Scott Over Deadly Astroworld Concert
HOUSTON (AP) — A judge has declined to dismiss hundreds of lawsuits filed against rap star Travis Scott over his role in the deadly 2021 Astroworld festival in which 10 people were killed in a crowd surge. State District Judge …
Date: Friday, April 26, 2024

Here’s Why Experts Don’t Think Cloud Seeding Caused Dubai Flooding
With cloud seeding, it may rain, but it doesn’t really pour or flood — at least nothing like what drenched the United Arab Emirates and paralyzed Dubai, meteorologists said. Cloud seeding, although decades old, is still controversial in the weather …
Date: Friday, April 26, 2024

US Revives Net Neutrality to Establish Authority Over Internet
US regulators reinstated net neutrality rules that aim to ensure everything on the internet is equally accessible, reclaiming authority over broadband service and setting the stage for legal challenges. The Federal Communications Commission’s Democratic majority adopted rules that bar broadband …
Date: Friday, April 26, 2024

Lockton Re: Hypothetical Cyber Event Offers Carriers an Opportunity to Review Risks
A simulated cyber catastrophe highlights the benefits and problems cyber insurance carriers will encounter as a result, according to a report released by Lockton Re. The report, “A Kaleidoscope of Possibilities: Preparing for Ivan Wiper,” focuses on the consequences of …
Date: Friday, April 26, 2024

Price or Safety? Priorities Change for Small Businesses After a Workers Comp Claim
Previous workers’ compensation claims can present an opportunity for agents serving small-business clients. The Hanover’s “2024 Small Business Risk Report: A Focus on Workers’ Compensation,” which surveyed 300 small business owners, found that a workers’ compensation claim experience can influence …
Date: Friday, April 26, 2024

EU Should Revisit Bank and Insurer Capital Rules: French President Macron
French President Emmanuel Macron called on Thursday for a revision of how Europe applies minimum capital rules to banks and insurers so that they are not too risk-averse and Europe is put at an economic disadvantage. The Basel Committee of …
Date: Friday, April 26, 2024

Employer Can’t Deny Comp Claim in Shooting Then Argue Immunity, Court Says
An employer cannot deny a workers’ compensation claim on the grounds that a shooting injury was not work-related then turn around and argue it has immunity from a tort lawsuit because the incident happened at work, a Florida appeals court …
Date: Friday, April 26, 2024

Family of Nigerian Businessman Killed in Helicopter Crash Sues Charter Company
The family of a Nigerian business leader who died in a Southern California helicopter crash that killed five others in February filed a lawsuit claiming the flight should have been grounded because of treacherous weather. Relatives of Abimbola Ogunbanjo, the …
Date: Friday, April 26, 2024

Cheaper Auto Insurance Zip Code: