Insurance Level News and Press

AM Best Rating Acitivity and News

Hartford Reaches $650 Million Settlement Over Boy Scout Claims
Hartford Financial Services has entered into a $650 million agreement with the Boy Scouts of America to help settle sexual abuse claims associated with policies mostly issued in the 1970s, it said in ...
Date: Friday, April 16, 2021
Source: BestWire

AM Best Affirms Credit Ratings of Industrial Alliance Insurance and Financial Services Inc. and Its Subsidiaries
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” of Industrial Alliance Insurance and Financial Services Inc. ...
Date: Friday, April 16, 2021
Source: BestWire

Atlas Financial Narrows Net Loss in 2020
Atlas Financial Holdings narrowed its 2020 net loss to $12.7 million from $20.4 million a year earlier as it transitioned to a managing general underwriter, according to a filing with the U.S. ...
Date: Friday, April 16, 2021
Source: BestWire

Kentucky Governor Lets COVID-19 Shield Bill Pass Into Law
Kentucky has become the latest state to write into law a COVID-19 liability shield that protects businesses from lawsuits by individuals claiming they got the virus at the workplace or most other ...
Date: Friday, April 16, 2021
Source: BestWire

Propeller Names Chief Executive Officer
Propeller Inc. has named Joseph J. Perschy as chief executive officer, and Taylor McBride as head of business development for the west territory. Perschy has almost 30 years of experience in the ...
Date: Friday, April 16, 2021
Source: BestWire

APCIA Warns Florida No-Fault Auto Repeal Bill Will Raise Rates
The Florida Senate has passed a bill to repeal the state’s no-fault automobile insurance system and mandate all drivers carry bodily injury coverage, but an insurance trade group warns it would just ...
Date: Friday, April 16, 2021
Source: BestWire

Deloitte Execs: Insurers Aren’t Investing Enough in Improving Underwriting
Insurers have incredible data, but underwriters need the right tools to analyze it, said Britton Van Dalen, principal, and Sam Friedman, insurance research leader, Deloitte. View the video ...
Date: Friday, April 16, 2021
Source: BestWire

AM Best Affirms Credit Ratings of Ameritas Life Insurance Corp. and Its Subsidiary
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” of Ameritas Life Insurance Corp. (Lincoln, NE) and Ameritas Life Insurance Corp. of ...
Date: Friday, April 16, 2021
Source: BestWire

Lloyd’s Seeks to Resolve European Operations Issues by Second Half
Lloyd’s said it continues to work with regulators to resolve remaining issues related to its European operation by the second half of this year. “Our regulatory engagement (in Belgium and with ...
Date: Friday, April 16, 2021
Source: BestWire

Chubb CEO Touts Improved Pricing and China Prospects, Warns of Climate, Litigation Risks
After what he called an “unprecedented year” in 2020 thanks to the COVID-19 pandemic, Chubb Ltd.’s chief executive officer said climate change and legal issues are also among a number of challenges ...
Date: Friday, April 16, 2021
Source: BestWire

NAIC Panel Posts Draft on Long-Term Care Multistate Rate Review
A panel of state regulators has posted for public comment a set of regulations to allow multiple states to review long-term care insurance rate requests. The National Association of Insurance ...
Date: Friday, April 16, 2021
Source: BestWire

BestWeek: Advocates, Insurance Regulators Seek More Scrutiny for Big Data
A reckoning over the fairness and reliability of big data and artificial intelligence in insurance may be stirring as state regulators key in on the issue following a year of racial justice movements ...
Date: Friday, April 16, 2021
Source: BestWire

AM Best Revises Issuer Credit Rating Outlook to Positive for EquiTrust Life Insurance Company
AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of ...
Date: Friday, April 16, 2021
Source: BestWire

Arch Capital First-Quarter Pretax Catastrophe Losses Could Hit $190 Million
Arch Capital Group Ltd. said its first-quarter results will be negatively impacted by estimated pretax catastrophe losses of $180 million to $190 million, primarily from severe storms in February in ...
Date: Friday, April 16, 2021
Source: BestWire

Home Depot: Insurers Owe Tens of Millions in Settlement Costs
Home Depot Inc. and Home Depot USA Inc. have filed suit against its commercial general liability insurers in Ohio federal court, alleging they failed to cover tens of millions in costs related to a ...
Date: Friday, April 16, 2021
Source: BestWire

Suncorp Gets Class-Action Notice From Australian Court
Suncorp Group Ltd. said it received a representative proceeding filed in the Supreme Court of Victoria against its subsidiary AAI Ltd. for the sale of add-on insurance through MTA ...
Date: Friday, April 16, 2021
Source: BestWire

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Insurance Information Institute News (IIHS & HLDI)

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Insurance Journal News

California Siblings Arraigned in $1.4M Workers’ Comp Scheme
California farm labor company owners and siblings Elias Perez, 40, of Greenfield, and Alejandra Perez, 37, of Soledad, were arraigned on over 20 felony counts of insurance and tax fraud after allegedly underreporting payroll by over $17 million resulting in …
Date: Friday, April 16, 2021

Tennessee Insurance Dept. Receives NAIC Accreditation
The Tennessee Department of Commerce and Insurance (TDCI) has received accreditation from the National Association of Insurance Commissioners (NAIC). The NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 …
Date: Friday, April 16, 2021

Mississippi Seeks Federal Disaster Aid After Winter Storms
Mississippi is asking President Joe Biden to approve a major disaster declaration to help local governments and nonprofit groups recover costs from responding to winter storms that brought large parts of the state to a standstill. Gov. Tate Reeves’ office …
Date: Friday, April 16, 2021

Texas Energy Companies Against Berkshire Hathaway’s $8B Backup Power Plan
An $8.3 billion idea by Warren Buffett’s Berkshire Hathaway Energy to build 10 new natural gas power plants across the state for emergency use turned into formal legislation on April 15, when the proposal was introduced during a state Senate …
Date: Friday, April 16, 2021

Louisiana Accuses Alabama Agency, Owner of Fraudulent Marketing, Submissions
The Louisiana Department of Insurance (LDI) has issued a cease and desist order to a Birmingham, Ala., insurance agency, Senior Care Services LLC, alleging the company uses false or misrepresentative facts and information such as submitting fraudulent applications for insurance …
Date: Friday, April 16, 2021

NICB Supporting Texas Bill Aimed at Curbing Catalytic Converter Thefts
The National Insurance Crime Bureau (NICB), is urging Texas legislators to take steps to address the significant increase in catalytic converter thefts across the state. Texas is in the top five of states with the most catalytic converter thefts, the …
Date: Friday, April 16, 2021

Deaths in Vehicle Crashes Up 38% in South Dakota in 2020
The number of traffic crash fatalities in South Dakota rose to 141 last year — an increase of 38% over the previous year. The South Dakota Department of Public Safety said in 2020, there were 132 crashes in which the …
Date: Friday, April 16, 2021

South Texas Officials Worried About Flooding Due to Border Levee Breaches
South Texas officials say they are worried about flooding during the hurricane season starting June 1 from breaches in a levee system that remain after border wall construction was halted. Hidalgo County Judge Richard Cortez told Border Report that there …
Date: Friday, April 16, 2021

Abry Partners Acquires Michigan’s High Street Insurance Partners
Abry Partners (Abry), a Boston-based private equity firm, has acquired High Street Insurance Partners (HSIP), a full-service insurance brokerage, located in Traverse City, Michigan. Abry is acquiring HSIP from Huron Capital (Huron), a Detroit-based lower middle-market private equity platform. HSIP …
Date: Friday, April 16, 2021

Auto Insurers Lead 2020 U.S. Property/Casualty Impairments: AM Best
Seven insurance company impairments were identified in the U.S. property/casualty industry in 2020, with five of the seven involving auto insurers, according to an AM Best special report. Last year’s number was an improvement over 2019 when 13 impairments were …
Date: Friday, April 16, 2021

Institute Analyzes Impact of California Medical Provider Network Option for Workers
Legislation intended to increase injured California workers’ access to medical care by requiring the state to create a medical provider network as an alternative to private networks that render 90% of California workers’ compensation treatment would significantly increase medical costs …
Date: Friday, April 16, 2021

California Legislature Votes Down Fracking Ban
California lawmakers rejected a bill that would have banned fracking in the state, succumbing to pressure from the powerful oil and gas industry and their labor union allies who warned the bill would have cost good-paying jobs. The bill was …
Date: Friday, April 16, 2021

California Toughens PG&E Wildfire Safety Oversight
California officials on Thursday voted to toughen oversight of Pacific Gas & Electric, saying the utility had largely failed to perform required tree-trimming work near power lines in areas with the highest risk of wildfires. The unanimous vote by the …
Date: Friday, April 16, 2021

Praedicat Launches Risk Scenario Platform to Widen Cross-Line Clash Analysis
Praedicat Inc., the Los Angeles-based liability emerging risk analytics company, announced the launch of its new Risk Scenario Analysis Platform, which widens the cross-line clash scope of its scenario suite. The platform also makes it easier for syndicates at Lloyd’s …
Date: Friday, April 16, 2021

Connecticut Reminds Insurers to Avoid Discriminatory Practices with Big Data
Connecticut Insurance Department (CID) Commissioner Andrew N. Mais issued a formal notice to insurers licensed by the department that their use of technology and big data must be in full compliance with federal and state anti-discrimination laws. The notice, issued …
Date: Friday, April 16, 2021

Massachusetts Regulators Seek to Revoke Robinhood’s License; Brokerage Sues
Massachusetts regulators on Thursday sought the revocation of Robinhood’s broker-dealer license after charging that it encourages inexperienced investors to place risky trades without limits, while the online brokerage sued to invalidate a new rule underlying the case. Massachusetts Secretary of …
Date: Friday, April 16, 2021

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