With the Vesttoo fallout as a backdrop, a new AM Best commentary details leading bank issuers of collateral letters of credit (LOC) to (re)insurance companies, as well as companies with LOC exposures to China Construction Bank Corp., which has been linked to the ongoing situation.
Author: Annie George
Allstate Announces July Catastrophe Losses of $313M and Implemented Rates
The Allstate Corporation announced on Thursday estimated catastrophe losses for the month of July of $313 million or $247 million, after-tax.
This Gen-Z Lemonade Might Sour
Shares in New York-based insurer Lemonade are trading around $14 after it reported a second-quarter net loss of $67 million earlier this month. Two years ago, they were briefly above $180. The company went public at $29 in 2020.
Major Hurricane Hilary Reaches Category 4 Intensity, Heading for Southern California
Hurricane Hilary rapidly strengthened into a Category 4 hurricane Friday morning, and it’s poised to bring an array of life-threatening hazards to California and neighboring states beginning this weekend.
“Average” Nat Cat Losses in Q3 Are Likely to Keep Rates High: Berenberg
While a super-clean wind season is more likely than not to put pressure on rates in 2024 renewals, a hurricane making landfall will likely have profound implications for the industry, according to Berenberg analysts.
Homeowners Putting Off Home Upkeep, Risking Damage
New Agency Forward survey suggests many U.S. homeowners are not prioritizing maintenance, even if it jeopardizes their property.
P/C Market Survey Reveals Growing Fatigue Among Insureds Due to High Rate Increases, Demanding Renewals
Premium increases remained stable in Q2 2023, with an average increase of 8.9% across all account sizes, up slightly from the previous quarter’s 8.8%. This marked the 23rd consecutive quarter of increases.
More than 50,000 to Lose Homeowners Insurance as Two More Insurers Exit California
AmGUARD Insurance—a subsidiary of Berkshire Hathaway GUARD Insurance Companies—will withdraw its homeowners and personal umbrella programs in California, while Falls Lake Insurance will also end its homeowners program.
Insurers Fume at NAIC Proposal that May Crimp Private Investments
A proposal by a unit of the National Association of Insurance Commissioners (NAIC), a consortium of state regulators that sets standards for the industry, would allow the group to override credit ratings assigned to some deals, in turn affecting how much money insurance companies could allocate to those deals.
A Big Health Insurer Is Ripping Up the Playbook on Drug Pricing
A major health insurer says it will jettison the complicated system that Americans use to pay for drugs, and create something that aims to be better, with partners including Amazon.com and the entrepreneur Mark Cuban.