The Hartford Financial Services Group, a major provider of business, home and automotive insurance, will no longer write new policies for California homeowners starting on Feb. 1.
Author: Annie George
Florida to Borrow Billions to Backstop Insurers After Hurricanes
The state corporation that oversees the Florida Cat Fund is planning to borrow as much as $3.8 billion to ensure the fund has plenty of money on hand to reimburse property insurers for losses when homes are damaged or destroyed by hurricanes.
Reinsurers’ Underwriting Margins to Peak in 2024
Reinsurers’ underwriting margins are likely to peak in 2024 on significant price rises and tighter terms and conditions achieved in 2023 and in early January 2024 renewals, Fitch Ratings says in a new report.
Five Elite Universities Pay $104.5 Million to Settle Price-Fixing Suit
Duke and Columbia universities each agreed to pay $24 million, Yale and Emory will pay $18.5 million each and Brown University agreed to pay $19.5 million, according to court filings on Tuesday.
Nat Cat Insured Losses Reach $118 Billion, Protection Gap Widens in 2023
Global economic losses from natural catastrophes hit $380 billion in 2023, with insured losses coming in at $118 billion, according to a new report from Aon. The protection gap – the difference between insured and economic losses — reached 69% in 2023, up from 59% in 2022.
Florida Homeowners Policies Renewing with Higher Deductibles
As new insurance renewals reach homeowners in Florida, some are getting a surprise and it’s not the premium.
North Carolina Residents Call Proposed Homeowners Rates ‘Insane’ and ‘Outrageous’
Residents and local politicians from throughout North Carolina begged the Department of Insurance and Commissioner Mike Causey to reject an average statewide 42.2% homeowners rate increase proposed by the North Carolina Rate Bureau during the beginning of a public hearing.
New Rules Aim to Keep SPACs in Line with Traditional IPOs
The speculative bonanza in special-purpose acquisition companies, better known as SPACs, appears to be dead. Gary Gensler wants to make sure it doesn’t come back to life.
INSTANDA Taps New VP to Oversee Client Relationships & Success for North America
INSTANDA, a no-code, digital platform for insurance carriers and managing general agents, announces today the promotion of Katy Murray to vice president of client success where she will oversee all client relationships in North America.
The P&C Distribution Tech Landscape: Opportunities for Agent-Carrier Connectivity
hile carriers have benefited from increased automation and efficiency gains in recent years, processes for distributors have remained largely manual. The tide is beginning to change as solutions emerge specifically for distributors.