Insurance Level News and Press

AM Best Rating Acitivity and News

Chubb Launches Overland Water Coverage for Homeowners in Canada
Chubb is offering overland water coverage for homeowners policyholders in Canada. The add-on covers inland water flood and mud-flow losses, the company said in a statement. The coverage could be ...
Date: Monday, August 19, 2019
Source: BestWire

New Hampshire Governor Vetoes Auto Repair Insurance Bill
New Hampshire’s governor has vetoed an automobile repair insurance bill, which would have taken more of the decision-making authority in car repairs out of the hands of insurance companies and given ...
Date: Monday, August 19, 2019
Source: BestWire

Nsure CEO: Many Carriers Have Cumbersome Online Quoting, Binding Processes
Consumers are growing more comfortable with buying insurance online but too many carriers still have cumbersome quoting and binding processes, according to Nsure co-founder and Chief Executive ...
Date: Monday, August 19, 2019
Source: BestWire

Memic Hires Senior Production Underwriter for Georgia
Memic Group has appointed Kim Wilson to the role of senior production underwriter to support continued growth in the Georgia market. Wilson has more than 15 years of experience in the insurance ...
Date: Monday, August 19, 2019
Source: BestWire

McGill to Acquire Some Specialty Business From Marsh
Newly formed McGill and Partners, which describes itself as a “specialty risk solutions company,” said it will acquire some specialty operations from Marsh in London. London-based McGill said it ...
Date: Monday, August 19, 2019
Source: BestWire

Feds Approve Montana’s Waiver for Health Reinsurance Program
The U.S Departments of Health and Human Services and Treasury have approved Montana’s application for a state innovation waiver, allowing it to operate a reinsurance program. Health insurance ...
Date: Monday, August 19, 2019
Source: BestWire

Tokio Marine First-Quarter Net Income Increased 10.8%
Tokio Marine Holdings Inc. reported a 10.8% rise in net income attributable to shareholders to ¥112.7 billion (US$1.06 billion) on a consolidated basis in the first quarter of the fiscal year ended ...
Date: Monday, August 19, 2019
Source: BestWire

MS&AD Posts 14.5% Rise in First-Quarter Net Income
MS&AD Insurance Group Holdings Inc. posted a 14.5% rise in net income to ¥95.9 billion (US$901 million) on a consolidated basis for the first quarter of 2019 fiscal year ended June 30, according to ...
Date: Monday, August 19, 2019
Source: BestWire

Born as Innovations, Captives Find New Ways to Provide Coverage, Services
A panel of rating and industry executives reviewed AM Best’s approach to insurance innovation and how captive insurers are finding their own ways to innovate. The panel spoke with AM BestTV at the ...
Date: Monday, August 19, 2019
Source: BestWire

AM Best Places Credit Ratings of The Guarantee Company of North America and Subsidiary Under Review with Positive Implications
AM Best has placed under review with positive implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of The Guarantee Company of North America ...
Date: Friday, August 16, 2019
Source: BestWire

AM Best Comments on Credit Ratings of Intact Financial Corporation Group Members Following Acquisition Announcement
AM Best has commented that the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” for the members of Intact Financial Corporation (Intact) (Toronto, Ontario, ...
Date: Friday, August 16, 2019
Source: BestWire

Father, Son Sent to Prison in $27 Million Hearing Aid Fraud Scheme
A father and son who were convicted of submitting more than $27 million in fraudulent hearing aid claims to Blue Cross and Blue Shield of Texas will serve lengthy prison sentences and were ordered to ...
Date: Friday, August 16, 2019
Source: BestWire

Syncora to Sell Financial Guarantee Unit for $392.5 Million
Syncora Holdings Ltd. said it agreed to sell Syncora Guarantee Inc., its New York financial guarantee insurance subsidiary, to Star Insurance Holdings LLC, for $392.5 million in cash, subject to ...
Date: Friday, August 16, 2019
Source: BestWire

AM Best Assigns Issue Credit Rating to Pharmacists Mutual Insurance Company’s Newly Issued Surplus Notes
AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” to the newly issued $25 million, 7.375% surplus notes, due 2039, of Pharmacists Mutual Insurance Company (Pharmacists) ...
Date: Friday, August 16, 2019
Source: BestWire

Former Georgia Commissioner Facing Additional Federal Charges
Former Georgia Insurance Commissioner Jim C. Beck, who was indicted in May in an alleged $2 million fraud scheme, is facing additional charges. A federal grand jury has issued five additional ...
Date: Friday, August 16, 2019
Source: BestWire

California Lawmakers Push Pause on Disaster Insurance Bill
The California Assembly has slowed momentum on a bill supported by the insurance industry and Insurance Commissioner Ricardo Lara that would give the administration broad authority to purchase ...
Date: Friday, August 16, 2019
Source: BestWire

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Insurance Information Institute News (IIHS & HLDI)

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Insurance Journal News

Number of Wildfires Down in Louisiana Over 10-Year Period
The number of wildfires in Louisiana has dropped significantly over the past decade, agriculture and forestry officials say. According to records, Louisiana Department of Agriculture and Forestry (LDAF) firefighters battled and suppressed 1,638 wildfires in 2008. In 2018, LDAF firefighters …
Date: Tuesday, August 20, 2019

2019 Planting Season Is Ohio’s Worst Weather Weather-Wise, USDA Says
U.S. Department of Agriculture numbers show Ohio farmers have been hit with the state’s worst weather-prevented planting season on record. The Columbus Dispatch reports the data released this week shows Ohio had the highest rate nationally of acreage on which …
Date: Tuesday, August 20, 2019

West Bend Mutual Insurance Promotes Dunn, Ertmer, Jacques, Schwalen and Tighe
West Bend Mutual Insurance Co. in West Bend, Wisconsin, has promoted five company executives. Heather Dunn is now senior vice president, as well as chief financial officer, a position she’s held since 2017. Dunn joined West Bend in 2008 as …
Date: Tuesday, August 20, 2019

Michigan Manufacturing Facility Fined $32.5K After Worker’s Death
A suburban Detroit manufacturing facility has been fined after the death of an employee who fell into vat of sulfuric acid. The Detroit News reports the $32,500 fine was issued by the Michigan Occupational Safety and Health Administration, which completed …
Date: Tuesday, August 20, 2019

Lawsuit Accuses E-Cigarette Makers of Targeting Kids, Deceiving Consumers
E-cigarette maker Juul Labs Inc. and Philip Morris USA Inc. were sued for illegally marketing nicotine-delivery devices to minors and deceiving consumers about the risks of vaping. The lawsuit was filed on behalf of a 19-year-old, Christian Foss, who says …
Date: Tuesday, August 20, 2019

Putin Vows Russian Nuclear Accident That Killed 5 Scientists Poses No Further Risk
President Vladimir Putin said there’s no risk from the explosion at a Russian military facility that caused a radiation spike and killed at least five people. “There’s no threat there and no increase in the background” radiation following the blast, …
Date: Tuesday, August 20, 2019

Citing Wealth Gap, Environment, Business Roundtable CEOs Say Social Responsibility Matters
Corporate America is responsible for providing economic benefits to all, not just its investors, the Business Roundtable group said on Monday. The group’s “statement of corporate purpose” was signed by the heads of more than 180 U.S. companies, including the …
Date: Tuesday, August 20, 2019

Blank Rome Adds Calkins, Rylaarsdam and Edri in California
Blank Rome LLP has added Mary Craig Calkins, a partner, Daniel H. Rylaarsdam, of counsel, and Sarah L. Edri as an associate along with additional professional staff to the firm’s insurance recovery group. Calkins, Rylaarsdam and Edri are based in …
Date: Tuesday, August 20, 2019

IICF Awards $50K Grant to California Fire Foundation for Victims
The Insurance Industry Charitable Foundation’s Western Division presented a $50,000 grant to the California Fire Foundation’s Supplying Aid to Victims of Emergency program on Aug. 16. The grant is to support Californians in need in the immediate aftermath of natural …
Date: Monday, August 19, 2019

Abry Partners Agrees to Acquire Portfolio in California from Capital Z
Abry Partners has agreed to acquire Lake Forest, Calif.-based Portfolio Holding Inc. from Capital Z Partners LP. The deal is subject to normal and customary closing conditions. Terms were not disclosed. All of Portfolio’s current management team will remain in …
Date: Monday, August 19, 2019

Best Agencies to Work For Award Nominations Open. Submit Today!
Do you love your agency? Is your agency a Best Place to Work? Then don’t wait – nominate your agency today as a “Best Agency to Work For” in 2019. You must be a current employee of the agency you …
Date: Monday, August 19, 2019

PG&E Shares Dive on Risk of up to $18B in Wildfire Lawsuit Costs
PG&E Corp. shares plunged Monday after a judge ruled that a jury can determine whether it should pay as much as $18 billion in damages to wildfire victims. The California utility giant fell as much 28%, to $10.22, at 9:35 …
Date: Monday, August 19, 2019

Underwriters Get Picky and Other Trends in Construction Insurance
Construction insurance specialists say their insurance market is strong with plenty of capacity and underwriters competing for the best accounts. According to specialists interviewed by Insurance Journal for their assessment of the market, the boom in the construction business has …
Date: Monday, August 19, 2019

AI-Underwritten Insurance Premiums to Go From $1.3B to $20B Globally by 2024: Juniper
The value of global insurance premiums underwritten by artificial intelligence will exceed $20 billion by 2024, up from an estimated $1.3 billion in 2019, according to new data from Juniper Research. This growth will be driven by streamlined underwriting processes, …
Date: Monday, August 19, 2019

Arch Insurance to Buy Coastal Commercial Property MGU Ventus Risk Management
Arch Insurance North America has agreed to acquire Ventus Risk Management, a technology and analytics-driven managing general underwriter that specializes in providing coastal commercial property insurance solutions to small and mid-sized enterprises. Ventis, founded in 2016, has 30 employees and …
Date: Monday, August 19, 2019

Court Says PG&E Has Sole Right to Submit Bankruptcy Plan
A federal judge has allowed PG&E Corp. to retain the sole rights to propose a plan to exit bankruptcy, as he rejected efforts by investors to put forward competing plans, according to court documents. Judge Dennis Montali of the U.S. …
Date: Monday, August 19, 2019

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