Gallagher Re’s comprehensive analysis focuses on key highlights regarding AM Best rating changes in the US and the financial thresholds associated with the changes.
Author: Annie George
Maryland Announces $238M in New Opioid Settlements
Maryland has reached settlements with Walgreens, Walmart and two opioid manufacturers that are expected to add $238 million to its efforts to fight the opioid crisis over the course of 15 years.
Amwins Purchases Wholesale Business from BRP Group, Inc.
Amwins, a global distributor of specialty insurance products and services, announced it signed a definitive agreement to acquire Connected Risk Solutions, LLC, the wholesale E&S insurance brokerage operated by publicly traded insurance distribution firm BRP Group, Inc.
State Farm Suffers $6.3B Net Loss in 2023 Amid ‘Significant’ Boost in Catastrophic Claims
State Farm recorded a net loss of $6.3 billion in 2023 due in part to what the company said was a ‘significant” increase in the severity of damage claims from homeowners’ insurance policyholders.
Distinguished Programs Partners with HUB as Preferred Insurance Provider for the Association of Midwest Museums
Distinguished Programs, a leading insurance program manager, is excited to announce a new partnership agreement with HUB International to act as the preferred provider for the Association of Midwest Museums (“AMM”).
Report: U.S. Health Insurers Expected to Remain Resilient Amid Challenges in 2024
Capitalization levels for U.S. health insurers will continue to grow this year, but earnings are expected to narrow as profitability from government programs such as Medicaid managed care and Medicare Advantage return to more normal levels, according to a new AM Best report.
Verita Announces Two Strategic Hires
Verita, a visionary Managing General Underwriting (MGU) company, announced today that Victor Sordillo and Glen O’Connor have joined the organization.
Auto Insurance Spike Hampers the Inflation Fight
Job growth, wage growth and business growth are all lively, and inflation has steeply fallen from its 2022 highs. But consumer sentiment, while improving, is still sour. One reason may be sticker shock from some highly visible prices — even as overall inflation has calmed. The cost of car insurance is a key example.
Nationwide Pulling Back on High Net Worth Business, an Evolving Niche
Nationwide is narrowing its high net worth offering, the first step in a plan to migrate all of its personal lines business to a single operating model and platform, according to a spokesperson.
Gov. Ron DeSantis Calls Citizens Property Insurance ‘Not Solvent’ in CNBC Interview
In an interview with CNBC, Gov. Ron DeSantis raised more concern about Citizens Property Insurance ahead of a potentially active storm season and amid a federal investigation into whether the state insurer has enough money in the bank for a future natural disaster.