Insurance Level News and Press

AM Best Rating Acitivity and News

CNA Estimates $143 Million of Third-Quarter Pretax Cat Losses
CNA Financial Corp. said it incurred an estimated $143 million of pretax, net catastrophe losses in the third quarter. It currently estimates an additional $25 million to $55 million of pretax ...
Date: Monday, October 21, 2024
Source: BestWire

W.R. Berkley Third-Quarter Net Income Rises to $365.6 Million
W.R. Berkley’s third-quarter net income to common stockholders increased to $365.6 million from $333.6 million a year earlier. Net premiums written rose to $3.06 billion from $2.85 billion. ...
Date: Monday, October 21, 2024
Source: BestWire

RLI Corp. Third-Quarter Net Earnings Up Sevenfold to $95 Million Despite Hurricane Losses
RLI Corp. net earnings increased in the third quarter to $95 million despite incurring an estimated $39 million of net losses related to storms and hurricanes Beryl and Helene. The company ...
Date: Monday, October 21, 2024
Source: BestWire

Verisk Anti-Fraud President: Insurers Grapple With Rise of Deep Fakes in Claims Process
Shane Riedman, president of anti-fraud analytics at Verisk, described an "arms race" between insurers and fraudsters. Advances in artificial intelligence-generated content require ongoing investment ...
Date: Monday, October 21, 2024
Source: BestWire

Rainbow CEO: AI Is Not a Shortcut to Insurance Innovation
Bobby Touran, chief executive officer and co-founder of Rainbow, said insurers must make foundational investments in software, data and personnel before leveraging AI most effectively. Touran spoke ...
Date: Monday, October 21, 2024
Source: BestWire

World Travel Protection Hires Two Executives as Zurich Unit Expands
Zurich Insurance unit World Travel Protection has appointed Jennifer Marsland as business development director and Mike Rideout as business development manager for its North American Midwest and ...
Date: Monday, October 21, 2024
Source: BestWire

Starr Wins South Korea Approval for Branch License
Starr Insurance said  South Korea’s Financial Services Commission has granted Starr International Insurance (Singapore) Pte. Ltd., Korea branch, a license to operate in Seoul and begin selling ...
Date: Monday, October 21, 2024
Source: BestWire

Tokio Marine Kiln Appoints Ex-Axis Lead to Head of Technology, Media Errors & Omissions
Tokio Marine Kiln has appointed Thomas McShane to the newly created role of head of technology and media errors and omissions, the company said in a statement. McShane will join Tokio Marine Kiln ...
Date: Monday, October 21, 2024
Source: BestWire

Beazley Launches Financial Lines/Cyber Consortium With $50 Million Limit
Beazley plc launched a combined financial lines and cyber consortium with a $50 million/€50 million ($54.3 million) limit that provides civil liability, crime/fraud and cyber cover for financial ...
Date: Monday, October 21, 2024
Source: BestWire

AM Best: FAIR Plan Policies Nearly Double in Five Years
AM Best Associate Director David Blades and Associate Analyst Bryan Raber outlined a new Best's Special Report that finds in certain Gulf states, FAIR Plan policies have grown by more than 200% since ...
Date: Monday, October 21, 2024
Source: BestWire

Best’s Special Report: Residual Market Policy Counts Double in Five Years Amid Weather-Related Challenges
Residual property insurance markets have experienced an influx of personal lines business that far exceeds its commercial lines counterpart, especially in states that are being more directly affected ...
Date: Monday, October 21, 2024
Source: BestWire

Best’s Special Report: Rating Downgrades in US Life/Health Insurance Segment Outnumber Upgrades in First-Half 2024
Credit Rating (rating) downgrades in the U.S. life/annuity and health insurance segments in first-half 2024 more than doubled compared with the same prior-year period, primarily due to deterioration ...
Date: Friday, October 18, 2024
Source: BestWire

AM Best Affirms Credit Ratings of State Farm Mutual Automobile Insurance Company and Core Subsidiaries
AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of State Farm Mutual Automobile Insurance ...
Date: Friday, October 18, 2024
Source: BestWire

Best's News: AM Best at ITC: Highly Innovative Insurers Gain Market Share, Pricing Flexibility
Some technology companies that initially aimed to provide solutions to carriers have evolved into managing general agents themselves, according to Andrea Keenan, executive vice president and chief ...
Date: Friday, October 18, 2024
Source: BestWire

NY Insurance Regulator's Guidance Highlights AI Cyberthreat, Mitigation Steps
Advances in artificial intelligence have opened new cyberrisks, while also enhancing digital defense strategies, prompting questions among businesses regulated by the New York Department of Financial ...
Date: Friday, October 18, 2024
Source: BestWire

Globe Life Gets Court Victory as Judge Dismisses Wrongful Termination Suit
A federal judge has dismissed a lawsuit brought by a former employee of a Globe Life Inc. subsidiary who said he was improperly terminated for exposing unethical business practices at the ...
Date: Friday, October 18, 2024
Source: BestWire

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Insurance Information Institute News (IIHS & HLDI)

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Insurance Journal News

SEC to Increase Scrutiny of AI Tools Used by Financial Brokers, Advisers
The US Securities and Exchange Commission’s examiners will step up scrutiny of financial firms’ use of artificial intelligence next year, the latest sign of regulators’ growing concerns about the emerging technologies. Investment advisers, brokers, clearing agencies and others can expect …
Date: Tuesday, October 22, 2024

State Residual Markets See Policy Count Double in 5 Years: AM Best
State-sponsored residual property markets have seen in influx of risks come in since 2018, with some states growing by more than 200%. According to insurance industry ratings firm AM Best, the policy counts of personal and commercial property Fair Access …
Date: Tuesday, October 22, 2024

W.R. Berkley Posts Record Q3 Net Income
Third quarter 2024 net income at W.R. Berkley Corp. increased to about $365.6 million compared to $333.6 million the same period the prior year on underwriting and investments. Net income was a record for the third quarter, the company said. …
Date: Tuesday, October 22, 2024

Centerbridge-Backed Lab Under Pressure After Chemical Fire
Weeks after a chemical warehouse fire in Rockdale County, Georgia, released plumes of toxic smoke, nearby residents can now leave their homes at night after officials lifted a shelter in place order. For the lab’s owner and investors, the trouble …
Date: Tuesday, October 22, 2024

Appeals Court Says Experts Must Show Causal Relationship in BP Oil Workers’ Suits
A federal appeals court has underscored the high bar that expert witnesses must meet before a court can connect the dots between exposure and illness, a ruling that could have an impact on insurance claims and toxic tort litigation. In …
Date: Tuesday, October 22, 2024

Claims from Hurricane Milton Continue to Rise in Florida
Almost two weeks after Hurricane Milton made landfall near Sarasota, Florida, as a Category 3 storm, claims and loss totals continue to rise. As of Oct. 21, the Florida Office of Insurance Regulation said carriers had reported more than 221,582 …
Date: Tuesday, October 22, 2024

Starr Insurance Receives License to Sell Commercial Insurance Across South Korea
Starr Insurance reported that South Korea’s Financial Services Commission has granted Starr International Insurance (Singapore) Pte. Ltd., Korea branch, a license to operate in Seoul and begin selling commercial property/casualty insurance throughout Korea. “Korea is one of the largest commercial …
Date: Tuesday, October 22, 2024

Hilcorp Fined $9.4 Million for New Mexico Methane Emissions
Hilcorp Energy Co., the privately held oil producer run by billionaire Jeff Hildebrand, will pay a $9.4 million civil penalty for failing to reduce emissions of methane and volatile gases in New Mexico. It’s the first settlement to address violations …
Date: Tuesday, October 22, 2024

Nearly $75M in Federal Grant Funds to Help Alaska Native Communities With Climate Impacts
Nearly $75 million in federal grant funds over the next five years will be aimed at helping Alaska Native communities as they grapple with the impacts of climate change. The Alaska Native Tribal Health Consortium is receiving the grant as …
Date: Tuesday, October 22, 2024

Town’s Highway Supervisor Not Exempt From Liability for Crash
A New York town’s highway superintendent is not protected from liability for a collision with another vehicle because he was not actually engaged in work on a highway at the time of the accident, New York’s highest court recently ruled, …
Date: Tuesday, October 22, 2024

California Department of Workers’ Comp Announces Temporary Total Disability Rates for 2025
California’s 2025 minimum and maximum temporary total disability rates will increase on Jan. 1, 2025, the Division of Workers’ Compensation announced. The minimum TTD rate will increase from $242.86 to $252.03, and the maximum TTD rate will increase from $1,619.15 …
Date: Tuesday, October 22, 2024

Manhattan’s The Vessel, Closed After Suicides, Reopens With New Safety Features
The Vessel, a towering, honeycomb-like sculpture in Manhattan that was popular with tourists before a series of suicides forced its closure in 2021, will reopen Monday with new safety features. The 150-foot (46-meter) structure opened in 2019 as the centerpiece …
Date: Tuesday, October 22, 2024

Former Iowa Insurance Producer Sentenced for Wire Fraud and Money Laundering
William Berg, an insurance producer and former financial advisor from Waukee, Iowa, was sentenced to nine years in prison on Friday after pleading guilty in federal court to wire fraud and money laundering charges. In addition to his prison sentence, …
Date: Monday, October 21, 2024

Texas Reaches $3.5M Settlement With Marriott Over Customer Data Breach
Texas Attorney General Ken Paxton announced the state has secured a settlement with Marriott International, Inc., that resolves an investigation into a breach of one of the company’s reservation databases. The breach exposed 131 million guest records pertaining to customers …
Date: Monday, October 21, 2024

Murdoch Firms Dow Jones and New York Post Sue Perplexity AI
Media baron Rupert Murdoch’s Dow Jones and New York Post filed a lawsuit against Perplexity AI on Monday, claiming the AI startup engages in a “massive amount of illegal copying” of their copyrighted work. Perplexity’s search tools enable users to …
Date: Monday, October 21, 2024

People Moves: Applied Underwriters Aerospace Names Parker Chairman
Applied Underwriters Aerospace, headquartered in Atlanta, has named Richard Parker as chairman of the Washington, D.C.-based group. Parker has over 35 years of experience in space insurance, satellite engineering and satellite and launch vehicle procurement. Before joining Applied Underwriters, he …
Date: Monday, October 21, 2024

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