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AM Best Rating Acitivity and News

Insurtech MGA Coterie Raises $50 Million to Expand Small and Micro-Business Reach
Insurtech managing general agent Coterie Insurance said it will expand its small and micro-business reach after completing a $50 million Series B fundraise round —totaling $75 million raised since ...
Date: Tuesday, October 26, 2021
Source: BestWire

Chubb Posts 53.5% Third-Quarter Net Income Gain on Strong Commercial Lines Growth
Chubb Ltd. posted a 53.5% rise in third-quarter net income on strong organic growth in commercial lines. Third-quarter net income rose to $1.83 billion. Property/casualty net premiums written ...
Date: Tuesday, October 26, 2021
Source: BestWire

Marsh: Cyber Leads Third-Quarter Commercial Lines Price Increases
Global commercial insurance prices rose 15% in the third quarter, the 16th consecutive quarter of price increases, led by big price increases in cyber cover, according to broker Marsh Inc. The ...
Date: Tuesday, October 26, 2021
Source: BestWire

FG Financial: Underwritten Public Offering Could Gross $2.6 Million
FG Financial Group Inc. could gross $2.6 million from an underwritten public offering of 652,174 shares of company common stock. It is pricing the offering at $4 per share. Underwriters could ...
Date: Tuesday, October 26, 2021
Source: BestWire

Insurtech Hippo Names First Chief Claims Officer
Insurtech Hippo has named Grace Hanson as its first chief claims officer, effective January 2022. Hanson will oversee the growth of Hippo’s claims organization as the company expands to reach ...
Date: Tuesday, October 26, 2021
Source: BestWire

Suncorp Weather Losses Could Reach $369.3 Million
Suncorp said it incurred estimated weather losses as high A$492 million (US$368.4 million) over the past four months, A$250 million of that from five events in October. That exceeds the carrier’s ...
Date: Tuesday, October 26, 2021
Source: BestWire

Catalina Holdings Announces Key Group and Senior Appointments
Catalina Holdings has announced key group and senior appointments as part of its business reorganization over the past two years. Under the leadership of Bruce Hemphill, who was appointed chief ...
Date: Tuesday, October 26, 2021
Source: BestWire

RenaissanceRe CEO: Rates Strengthen but Inflation Boosts Costs
Reinsurance demand is expected to surge going into 2022, feeding continued rate increases in a market complicated by economic and social inflation, said RenaissanceRe Holdings Ltd.’s chief executive ...
Date: Tuesday, October 26, 2021
Source: BestWire

Centene CFO: Company Saw Sharp Retreat in COVID-19 Costs After Summer Spike
Centene Corp. saw an abrupt drop in COVID-19-related costs in October after seeing a significant increase in such expenses in August, which impacted the Affordable Care Act segment the hardest, ...
Date: Tuesday, October 26, 2021
Source: BestWire

Zurich North America Names Head of Life Sciences for US Middle Market
Zurich North America has named Linda Schultz to the industry practices leadership team as head of life sciences for the U.S. middle market business unit. Zurich will begin accepting submissions for ...
Date: Tuesday, October 26, 2021
Source: BestWire

TWIA Proposed 2022 Budget Estimates 7.7% Increase in Written Premiums
The Texas Windstorm Insurance Association’s proposed 2022 budget shows an estimated 5.2% increase in in-force policies and a 7.7% rise in direct written premium, TWIA staff told board members during ...
Date: Tuesday, October 26, 2021
Source: BestWire

QBE Names Executive Director of UK Insurance
QBE has named Chris Wallace to succeed Cécile Fresneau as executive director of QBE’s U.K. insurance business, subject to regulatory approval. Wallace will transition to his new role on Nov. ...
Date: Tuesday, October 26, 2021
Source: BestWire

James River Anticipates $23 Million to $26 Million Net Loss in Third Quarter
James River Holdings Ltd. anticipates a $23 million to $26 million third-quarter net loss, according to preliminary financial results. Excess and surplus segment results were impacted by $5 ...
Date: Tuesday, October 26, 2021
Source: BestWire

AM Best Assigns Credit Ratings to Convex Europe S.A. and Convex Guernsey Limited
AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Convex Europe S.A. (CES) (Luxembourg) and Convex Guernsey Limited (CGU) ...
Date: Tuesday, October 26, 2021
Source: BestWire

Brown & Brown CEO: Supply Chain Issues, Rising Inflation Could Impinge Margins
Challenges to the global supply chain and the impact of inflation could be headwinds for the insurance industry if customers are forced to reevaluate costs, said J. Powell Brown, president and chief ...
Date: Tuesday, October 26, 2021
Source: BestWire

Best’s Insurance Law Podcast Discusses Emerging Risks in Amusements, Sports and Entertainment
AM Best and Best’s Insurance Professional Resources have released the latest installment of the Best’s Insurance Law Podcast series, which examines timely insurance issues from a legal ...
Date: Tuesday, October 26, 2021
Source: BestWire


Insurance Information Institute News (IIHS & HLDI)



Insurance Journal News

California Labor Commissioner Cites Grocer $1.1M for COVID Sick Leave Practices
The California Labor Commissioner’s Office cited Bodega Latina (dba El Super grocery stores) in Southern California $1,164,500 for failing to provide or delaying supplemental paid sick leave or other benefits to 240 workers at 38 locations affected by COVID-19. An …
Date: Tuesday, October 26, 2021

TWIA Policies Expected to Grow by 5.2% in 2022
The Texas Windstorm Insurance Association expects policies in-force to increase by 5.2% in 2022, according to preliminary budget information shared at a Board of Directors meeting Oct. 25. Policies will increase from a projected 194,054 at December 31, 2021 to …
Date: Tuesday, October 26, 2021

OSHA Launches Program To Protect Midwest Workers From Exposure to Hazardous Materials
To reduce employee exposure to health hazards and encourage companies to make workplace safety and health a priority, the U.S. Department of Labor Occupational Safety and Health Administration’s regional office in Kansas City has established a Regional Emphasis Program targeting …
Date: Tuesday, October 26, 2021

Insurance Industry Can Expect Global Average Annual Disaster Claims of $106B: AIR
The global insurance industry can currently expect a long-run annual average loss of $106 billion and a greater than a 40% chance of experiencing an annual loss of more than $200 billion in the next decade, according to Boston-based modeling …
Date: Tuesday, October 26, 2021

Aromatherapy Spray From India Linked to U.S. Deaths Being Recalled
U.S. health officials may have solved the mystery of how four people in different states came down with a serious tropical disease even though none had traveled internationally: an aromatherapy spray imported from India. The Centers for Disease Control and …
Date: Tuesday, October 26, 2021

People Moves: New Hires at MEMIC Group, GCG Financial, NFP
The MEMIC Group Hires Pennsylvania’s Beswick, Delaware’s Grandrino Cindy Beswick of Pennsylvania and Angela Grandrino of Delaware have been appointed as senior production underwriter and production underwriter, respectively, by workers’ compensation specialist The MEMIC Group. Their appointments support MEMIC’s continued …
Date: Tuesday, October 26, 2021

Small Earthquake Confirmed in Southern California
A small earthquake near downtown Los Angeles on Sunday morning was felt widely across Southern California, the U.S. Geological Survey confirmed. The magnitude 3.6 quake hit just after 7 a.m. and was centered about a mile south-southeast of the Boyle …
Date: Tuesday, October 26, 2021

Hippo in California Hires Hiscox’s Hanson to Expand Claims Operations
This article originally appeared in Carrier Management. Digital home insurer Hippo hired a former Hiscox executive to be its first chief claims officer, with a mission to expand claims operations for the now publicly-traded California-based InsurTech as it grows nationally. …
Date: Tuesday, October 26, 2021

Insurer Responsible for Damages After Massachusetts Officer Injured During Training
Driving a truck too fast and injuring a fellow officer during a firearms training is not within the scope of employment duties for a Massachusetts police officer, the Massachusetts Supreme Judicial Court found. This means his insurer is on the …
Date: Tuesday, October 26, 2021

California City Pays $500K to Stroke Victim Arrested for DUI
A Southern California city will pay $500,000 to settle a lawsuit by a woman arrested for driving under the influence when she was actually having a stroke. The settlement ends a long legal battle over the arrest of Robin Winger, …
Date: Tuesday, October 26, 2021

Pounding Rain Raises Flash Flood Threat in New York, New England
The powerful storm battering the U.S. Northeast will inundate New York City with lashing rain and possible flash floods through Tuesday night, then unleash the worst of its fury on New England. As much as 4 inches (10 centimeters) could …
Date: Tuesday, October 26, 2021

Commercial Liability Insurers Face Growing Number of False Claims Act Cases
A growing number of False Claims Act investigations combined with recent court decisions that found insurers liable for the cost of settlements may spell trouble for commercial liability insurers. Policyholder attorney Geoffrey B. Fehling, with Hunton Andrews Kurth in Washington …
Date: Tuesday, October 26, 2021

Analysts Say U.S. Labor Shortage Could Last a While
Labor shortages may be the most intractable of the cost risks that U.S. companies faced in the latest quarter, and as the earnings season moves into its peak there are signs the problem will persist, some strategists say. Finding and …
Date: Tuesday, October 26, 2021

AIG Announces Senior Leadership Changes; Readies for Life & Retirement Unit Spinoff
Insurer American International Group announced senior leadership changes that it says strengthen the organization to deliver on its main priorities including the separation of the Life & Retirement business. AIG announced that effective January 1, 2022, Mark Lyons, currently executive …
Date: Tuesday, October 26, 2021

Safety Head Criticizes Tesla Over Its Release of New Self-Driving Software
The head of the U.S. National Transportation Safety Board on Monday criticized electric carmaker Tesla Inc.’s decision to provide new self-driving software to vehicle owners without addressing safety concerns that the agency raised after a series of fatal accidents. NTSB …
Date: Tuesday, October 26, 2021

Global Commercial Insurance Rates Rise 15% in Q3 as Moderation Continues: Marsh
Global commercial insurance prices increased 15% in the third quarter of 2021, which was the same rate of increase recorded in the previous quarter, according to the Global Insurance Market Index released by insurance broker Marsh. While this is the …
Date: Tuesday, October 26, 2021

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