Insurance Level News and Press

AM Best Rating Acitivity and News

Chubb Launches Aviation Hub in Singapore
Chubb Ltd. launched an aviation hub in Singapore to develop its general aviation and aerospace business. The Singapore hub involves a strategic regional effort for the aviation team by Chubb ...
Date: Monday, June 5, 2023
Source: BestWire

Australian Cyber Specialist MGA Emergence Launches New Zealand Operation
Emergence Ltd. said it launched New Zealand cyber specialist Emergence NZ Ltd. for commercial clients. The Australia-based cyber managing general agent will initially offer cyber event protection ...
Date: Monday, June 5, 2023
Source: BestWire

AM Best Comments on Credit Ratings of UnipolRe Designated Activity Company
AM Best has commented that the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of UnipolRe Designated Activity Company ...
Date: Monday, June 5, 2023
Source: BestWire

States and Louisiana Local Governments Sue Feds Over ‘Cruel’ Risk Rating 2.0
Ten states and dozens of Louisiana parishes and local governments have filed suit against federal flood insurance regulators, saying the new rates produced by Risk Rating 2.0 are driving homeowners ...
Date: Friday, June 2, 2023
Source: BestWire

Acrisure Re Forecasts Near-Normal, but Uncertain Hurricane Season
Acrisure Re is forecasting a “close to normal” 2023 hurricane season reinsurance broker’s preseason hurricane outlook. But the broker sees greater uncertainty than in most years due to both ...
Date: Friday, June 2, 2023
Source: BestWire

AM Best Takes Various Credit Rating Actions on Certain Insurance Companies Managed by Privilege Underwriters, Inc.
AM Best has downgraded the Financial Strength Rating (FSR) to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” (Excellent) from “aa-” (Superior) of ...
Date: Friday, June 2, 2023
Source: BestWire

Best’s News: Florida Citizens to Pay $4.8 Million to Open Line of Credit
Citizens Property Insurance Corp. in Florida will pay nearly $5 million to open the $1.25 billion line of credit for expedited payment of future claims if a big storm hits the state this hurricane ...
Date: Friday, June 2, 2023
Source: BestWire

Friday Health Plans Going Under After States Take Regulatory Control
Friday Health Plans is winding down business operations after regulators in Georgia and Nevada said they were stepping up control over their divisions of the troubled company. In a statement on ...
Date: Friday, June 2, 2023
Source: BestWire

New Zealand Places Record $5 Billion Quake Reinsurance Program With First-Time Cat Bond Cover
The New Zealand Earthquake Commission said it secured a record amount of reinsurance totaling nearly NZ$8.2 billion ($4.84 billion) with a portfolio that includes catastrophe bonds, a first for the ...
Date: Friday, June 2, 2023
Source: BestWire

Insurtech Evertas Expands Capacity in Crypto Space
Insurtech Evertas Inc. plans to nearly triple coverage limits on some cryptoassets in a move it said would fill a gap in digital asset insurance. Per-policy coverage limits on custodial ...
Date: Friday, June 2, 2023
Source: BestWire

Insurance Jobs Grow by 7,200 as Hiring Nationwide Remains Strong
Insurance companies and related businesses added 7,200 jobs in May, building on a nationwide employment surge that has continued for months. While the May numbers do not reach the levels of April ...
Date: Friday, June 2, 2023
Source: BestWire

SiriusPoint Names Insurance Industry Veteran as Chairman
SiriusPoint Ltd., a global specialty insurer and reinsurer, has announced the appointment of Bronek Masojada as chair of the company’s board of directors, effective immediately. Masojada, who ...
Date: Friday, June 2, 2023
Source: BestWire

Alliant Insurance Services Names VP for Alliant Americas Division
Alliant Insurance Services has named Matt McGrath vice president, Alliant Americas division. Based in Chicago, McGrath will focus on designing, implementing and managing comprehensive risk and ...
Date: Friday, June 2, 2023
Source: BestWire

Hippo Debuts $110 Million Catastrophe Bond Covering Multiple Natural Perils
Hippo Holdings Inc. said a subsidiary sponsored its debut catastrophe bond, a $110 million insurance-linked securities vehicle covering a number of events. Spinnaker Insurance Co. sponsored the ...
Date: Friday, June 2, 2023
Source: BestWire

Canada’s Westland Insurance Group Names Chief Information Officer
Westland Insurance Group, an independent property/casualty insurance broker in Canada, has named Milan Zivkovic as the company’s chief information officer. Zivkovic will lead the information ...
Date: Friday, June 2, 2023
Source: BestWire

Allianz Commercial CEO to Step Down July 1
Allianz Commercial Chief Executive Officer Simon McGinn will step down effective July 1, Allianz Holdings has announced. McGinn joined Allianz in 2004 as a trading director before moving into the ...
Date: Friday, June 2, 2023
Source: BestWire

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Insurance Information Institute News (IIHS & HLDI)

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Insurance Journal News

Texas Insurance Carriers Reported Nearly 100K COVID Claims: DWC Factsheet
Texas insurance carriers reported nearly 100,000 COVID-19 claims and 472 fatalities to the Texas Department of Insurance, Division of Workers’ Compensation (DWC), according to a factsheet released this week by DWC. More than two-thirds of all COVID-19 claims (72%) involved …
Date: Monday, June 5, 2023

Lightning Suspected Cause in Louisiana Tank Fire
LAKE CHARLES, La. (AP) – An evacuation order was lifted early Sunday for residents near a southwest Louisiana refining company where lighting is believed to have sparked a fire at a chemical storage tank. The fire at Calcasieu Refining in …
Date: Monday, June 5, 2023

Michigan Wildfire Sparked by Campfire on Private Land
GRAYLING TOWNSHIP, Mich. (AP) – A Michigan wildfire that’s burned more than 3 square miles (7.7 square km) amid hot, dry conditions was sparked by a campfire, the state Department of Natural Resources said Sunday. The Wilderness Trail Fire in …
Date: Monday, June 5, 2023

Body of Missing Man Recovered at Iowa Apartment Collapse Site; Two Others Still Missing
DAVENPORT, Iowa (AP) – The body of one of three men who had been missing after the partial collapse of an apartment building in Davenport, Iowa, has been found, a city official confirmed Sunday. Branden Colvin Sr.’s body was recovered …
Date: Monday, June 5, 2023

Signaling System Error Caused India’s Worst Train Crash in Decades: Railways Minister
The train derailment in eastern India that killed more than 300 people and injured hundreds more was caused by an error in the electronic signaling system that led a train to wrongly change tracks, India’s railways minister said Sunday. ”Who …
Date: Monday, June 5, 2023

UK Widens Lead as Europe’s Top Draw for Financial Services Investors
For all the gloom around the impact of Brexit on the City of London, the latest survey of Europe’s top destinations for foreign direct investment in financial services is a reminder of the UK’s continuing heft in the sector. Britain …
Date: Monday, June 5, 2023

Stellantis, GM Pay $363M in Fuel Economy Penalties
Chrysler parent Stellantis and General Motors paid a total of $363 million in civil penalties for failing to meet U.S. fuel economy requirements for prior model years, documents seen on Friday by Reuters show. The record-setting penalties include $235.5 million …
Date: Monday, June 5, 2023

Reports Says NHTSA Fails to Meet Internal Timelines in Defect Probes
The U.S. auto safety regulator routinely fails to meet its internal timelines for completing auto safety defect investigations, a government report released on Thursday found, hindering its ability to quickly respond to severe safety risks. The Transportation Department’s Office of …
Date: Monday, June 5, 2023

People Moves: Everest Insurance Names Chubb’s Browne Head of Int’l Corporate Strategy; Hub Hires Del Rio in Puerto Rico; Canopius Taps Coverys’ Moulton for MedMal
This edition of International People Moves details appointments at Everest Insurance, Hub International and Canopius. A summary of these new hires follows here. Everest Insurance Names Chubb’s Browne Head of International Corporate Strategy Everest Insurance, the insurance division of Everest …
Date: Monday, June 5, 2023

Freshpet Board Accused in Suit by Activist Jana of Breaching Duty
Freshpet Inc.’s board members were sued by activist shareholder Jana Partners over claims they breached their fiduciary duty by changing the number of directors up for election and accelerating its annual shareholder meeting. Jana Partners, which has declared a proxy …
Date: Monday, June 5, 2023

Wells Fargo Seeks to Settle ‘Banking While Black’ Mortgage Case
Wells Fargo & Co. is pursuing private mediation to settle claims of widespread discrimination against Black homeowners by denying them lower interest rates through refinancing and forcing them to pay more for loans. Lawyers for the bank and borrowers said …
Date: Monday, June 5, 2023

Connecticut Lawmakers Vote to Allow Use of Deadly Force Against Bears
Connecticut lawmakers voted Friday to take steps to protect people from the state’s growing bear population. But they stopped far short of a bear hunt and restrictions on people unintentionally feeding the hungry animals. The legislation, which cleared the House …
Date: Monday, June 5, 2023

3M Granted Delay in ‘Forever Chemicals’ Trial to Negotiate Settlement
The judge overseeing 4,000 lawsuits involving 3M Co. “forever chemicals” agreed to delay the first trial for three weeks so the company can work out a settlement over pollution claims by water providers. US District Judge Mark Gergel said 3M …
Date: Monday, June 5, 2023

Kentucky Tobacco Crop Insurance Fraud Ring Results in Two More Guilty Pleas
A Kentucky farmer and his sister-in-law have pleaded guilty to a multi-year scheme to defraud the Federal Crop Insurance Corp. and companies the FCIC reinsures. ARMTech Insurance Services, now part of AgriSompo North America, paid out on some of the …
Date: Monday, June 5, 2023

Washington Lawsuit Alleging Falsified Arrest Report Settled For $250K
A lawsuit filed by a Washington oyster farmer accusing a former county deputy of falsifying an arrest report and urging a person to lie during a domestic-violence investigation has been settled for $250, 000. Gerardo Rodarte, the owner of Samish …
Date: Monday, June 5, 2023

Tokio Marine Kiln Sets Up Cyber & Enterprise Risk Division
Specialist insurer Tokio Marine Kiln (TMK) has established a standalone Cyber & Enterprise Risk division as part of its effort to expand its presence in the cyber market. Led by Laila Khudairi, the Cyber & Enterprise Risk division comprises cyber, …
Date: Monday, June 5, 2023

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