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California FAIR Plan Assessment: Insurers to Recover Costs Through Policyholder Fees

California FAIR Plan Assessment: Insurers to Recover Costs Through Policyholder Fees

The California property and casualty insurance market is facing significant financial adjustments as insurers prepare to recover up to half of a $1 billion assessment imposed by the California FAIR Plan. This temporary measure, approved by Insurance Commissioner Ricardo Lara, aims to stabilize the market and ensure continued coverage availability.

Insurers' Recovery Strategy

A report from AM Best indicates that insurers will recoup part of the FAIR Plan assessment through supplemental policyholder fees. If additional assessments are required due to wildfire-related losses, insurers will be allowed to recover the full amount from policyholders in the same line of business, though reinsurance and other reimbursements will take precedence. The FAIR Plan assessment, which was approved on February 11, 2025, requires insurers to pay within 30 days of receiving notice. These assessments are allocated based on an insurer’s market share of dwelling and commercial policies from two years prior, spreading the financial burden across multiple insurers.

Market Stability and Legislative Concerns

Industry representatives emphasize the necessity of distributing the cost across a broad pool of insureds to prevent market destabilization. Mark Sektnan, vice president of State Government Relations at the American Property Casualty Insurance Association, stressed that this approach is crucial in avoiding widespread policy cancellations. Paul Martin, vice president of State Affairs at the National Association of Mutual Insurance Companies, described the assessment as an unfortunate but essential step in meeting consumer needs. While acknowledging insurers’ readiness to meet their obligations, he underscored the importance of regulatory reform to sustain California’s insurance market in the long term. Both Sektnan and Martin support broader funding mechanisms for the FAIR Plan, including catastrophe bonds and credit lines, along with actuarially sound rate adjustments to enhance financial stability.

The Financial Impact of Recent Wildfires

The FAIR Plan has been significantly impacted by catastrophic wildfires, reporting $914 million in paid claims and $3.25 billion in reserves for outstanding claims from the Palisades and Eaton fires. Commissioner Lara’s order approving the assessment acknowledged that the FAIR Plan’s retained earnings, which stood at $510 million at the end of 2024, have been depleted. To offset these losses, the FAIR Plan triggered multiple layers of its reinsurance tower, securing a net reinsurance recovery of $1.45 billion. However, total estimated losses from the Palisades and Eaton fires are projected at $4 billion. The FAIR Plan anticipates disbursing 75% of its reserved $3.2 billion in unpaid losses by May, along with additional claims beyond reinsurance coverage.

The Road Ahead

As California’s insurance market grapples with increasing wildfire risks, stakeholders continue to push for policy reforms to ensure long-term market stability. The implementation of the temporary policyholder fee highlights the ongoing challenge of balancing financial viability with consumer protection. While insurers are positioned to meet their obligations, industry leaders stress the necessity of proactive government action and strategic financial mechanisms to support the state’s evolving risk landscape. Regulatory adjustments and diversified funding solutions will be crucial in sustaining the FAIR Plan’s ability to provide essential coverage in the future.
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California Insurance Commissioner Denies State Farm’s Emergency Rate Increase Request

California Insurance Commissioner Denies State Farm’s Emergency Rate Increase Request

California Insurance Commissioner Ricardo Lara has rejected State Farm General’s request for an emergency 22% increase in home insurance rates. The insurer, which is the largest provider of homeowners insurance in the state, sought the rate hike following the financial impact of the recent Los Angeles wildfires. Commissioner Lara determined that the company had not sufficiently justified the need for the increase, nor had it explained how the additional funds would influence its prior decisions to limit new policies and non-renew existing ones.

State Farm’s Request and Rationale

State Farm General filed the emergency request earlier this month, proposing a 22% rate increase for homeowners, a 38% increase for rental dwellings, and a 15% increase for renters and condominium owners. The proposed changes were slated to take effect on May 1. The company argued that the increases were necessary to rebuild its capital base, given the financial burden of the Los Angeles wildfires and delays in approval of prior rate hike requests. According to State Farm, the insurer has already processed 8,700 claims and disbursed over $1 billion in payments related to the fires. Industry estimates project total losses could reach $6.5 billion before reinsurance payments. State Farm stated that without the emergency rate adjustment, it might have to further restrict its participation in the California home insurance market.

Regulatory Response

In his response, Commissioner Lara emphasized that policyholders should not bear excessive financial burdens without clear justification. He noted that State Farm had not provided adequate documentation to support its claim of financial distress. Additionally, he requested further details on why State Farm Mutual, the insurer’s parent company, could not provide financial support to its California subsidiary. Lara also scheduled a meeting with State Farm representatives for February 26 to further examine the request. Consumer advocacy group Consumer Watchdog, which has actively opposed the rate increase, called for a formal hearing where it could review State Farm’s financial records and testimony from experts.

State Farm’s Market Challenges in California

State Farm General has faced ongoing financial and regulatory challenges in California. In 2023, the insurer stopped accepting new homeowner and personal property policies due to wildfire risks. Last year, it also announced plans not to renew 72,000 policies statewide. In June, the company requested a 30% rate hike for homeowners’ insurance, which remains under review. The company has cited cumulative financial losses, amounting to $2.8 billion over the last nine years, as a factor in its need for higher premiums. In response to these challenges, its financial rating was downgraded by AM Best. However, State Farm’s parent company, State Farm Group, maintained a superior financial rating in December 2024.

Impact on Policyholders and the Broader Insurance Market

The recent Los Angeles wildfires have intensified concerns about the viability of California’s insurance market. With projected insurance losses from the fires reaching as high as $45 billion, insurers across the state are expected to seek rate increases. Additionally, California legislators have introduced new fire-related legislation, including measures to cap fees for public adjusters, streamline fire claims processing, and provide tax-free grants for homeowners to implement fire-resistant upgrades. One proposed bill would also expand the insurance commissioner’s authority to impose moratoriums on policy cancellations and non-renewals for businesses and policyholders after major wildfires. This authority currently applies only to homeowners and has been exercised following the January fires.

Future Considerations

State Farm has stated it remains committed to the California market but must evaluate its options in light of financial and regulatory pressures. The insurer has indicated it would refund policyholders if an interim rate increase is granted but later adjusted downward. With the commissioner’s rejection of the emergency request, attention now shifts to State Farm’s pending request for a 30% rate increase, as well as broader discussions about wildfire risk mitigation and the sustainability of homeowners insurance in California.
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Origin Specialty Expands into Captive Insurance With New Middle-Market Division

Origin Specialty Expands into Captive Insurance With New Middle-Market Division

Origin Specialty Underwriters Agency, LLC, a national managing general agent (MGA) specializing in hospitality, construction, and related sectors, has launched Origin Captive Solutions, a new division focused on offering captive insurance options for middle-market businesses.

The initiative, developed in collaboration with GPW & Associates, Inc., aims to provide customized risk management solutions by structuring and managing captive insurance programs. The division will be supported by a team of industry professionals, including underwriters, actuaries, certified public accountants, and captive insurance specialists.

Strategic Leadership and Market Focus

Daniel Rossen has been appointed as the managing director of Origin Captive Solutions. The division will initially concentrate on property insurance solutions backed by AM Best-rated paper, allowing captives to assume risk while complying with lender requirements.

The expansion reflects a broader trend in the U.S. insurance industry, where captive insurance—once primarily used by large corporations—is becoming increasingly viable for mid-market businesses. Experts, including Alera Group SVP and national practice leader Prabal Lakhanpal, have noted that economic shifts and rising market pressures are driving interest in captives as a strategic risk management tool.

A Growing Market for Captives

Captive insurance, which allows businesses to self-insure by creating their own insurance companies, has evolved significantly in recent years. Traditionally used by large organizations, new captive structures—including group captives and cell captives—have made these solutions accessible to a wider range of businesses, including mid-sized and smaller enterprises.

Beyond its expansion into captive insurance, Origin Specialty has also strengthened its presence in agribusiness. The company recently acquired Agricultural Insurance Management Services (AIMS), a managing general underwriter specializing in agribusiness coverage. Founded by industry veteran Clark Lindley in 2000, AIMS has been underwriting policies for nearly 25 years.

With the addition of Origin Captive Solutions and its ongoing expansion into new sectors, Origin Specialty is positioning itself as a key player in providing innovative risk management solutions for middle-market businesses.

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Liberty Company Secures Strategic $100 Million Funding to Propel Future Growth and Innovation

Liberty Company Secures Strategic $100 Million Funding to Propel Future Growth and Innovation

Liberty Company Insurance Brokers (Liberty), one of America's fastest-growing privately held insurance brokerages, has announced the $100 million upsizing of its syndicated credit facility, led by JPMorgan Chase. This capital infusion marks another significant step in Liberty's ongoing growth, building on the momentum of its August 2023 $340 million credit facility offering.

Strategic Growth and Continued Confidence

This capital will enable Liberty to continue to accelerate its strategic initiatives, particularly in mergers and acquisitions and the expansion of specialized industry services. Bill Johnson, CEO of Liberty, reflected on the significance of the ongoing relationship with JPMorganChase:

"We are grateful for the tremendous and ongoing support extended by our lending group to our business,” Johnson said. “This funding enhances our capability to continue to invest in our infrastructure, new partnerships, and most importantly, hiring and developing great people to fuel our growth."

Insurance Industry Impact and Market Reach

The new funding will primarily be channeled into expanding Liberty’s footprint through targeted mergers and acquisitions, and enhancing the company's ability to offer tailored, innovative solutions across various sectors. Furthermore, Liberty will continue to invest in the development of cutting-edge insurance products and services that meet the evolving needs of its diverse client base.

Responsible Financial Management and Future Success

The additional $100 million funding is poised to impact Liberty’s strategic trajectory significantly. CFO Bernadetta Scholz highlights how this capital will underpin key growth initiatives and strengthen financial stability.

"This pivotal funding not only supports our strategic acquisitions but also fortifies our market presence," said Scholz. "It reflects our strong financial health and the strategic foresight that Liberty maintains in a dynamic economic landscape. We are strategically positioning ourselves to take full advantage of growth opportunities that will enhance our competitive edge and deliver substantial value to our stakeholders."

Empowering the Team for Future Challenges

The $100 million infusion is also a commitment to the employees, ensuring they have ample opportunities for professional growth and development. This investment supports our goal of being an employer of choice in the industry, where innovation and personal advancement go hand in hand with the company's growth.

Reinforced Commitment to Innovation and Client Service

As Liberty continues to grow, its focus remains steadfast on innovation and excellence in client service. The additional funding will enable the company to enhance its product offerings and client engagements further, ensuring that Liberty remains at the forefront of the insurance industry. About The Liberty Company Insurance Brokers The Liberty Company Insurance Brokers is among America's fastest-growing privately-held insurance brokerages. With a commitment to integrity, excellence, and client service, Liberty provides a dynamic platform for entrepreneurial producers and agency leaders. For more information about Liberty and its innovative approach to the insurance business, connect with us on LinkedIn.
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