Citizens Property Insurance Corp., a state-owned corporation, has agreed to a $1 million settlement with the Coral Gables-based The Strems Law Firm, P.A. Insurers claim Strems was a major driver of excessive litigation, which drives up homeowner premiums. Scot Strems and his firm filed 8,756 lawsuits against property insurers, mostly in South Florida, between May… Continue reading Florida’s Citizens Insurance Settles Fraud Case Against Law Firm
Author: Farkas Laura
Ryan Specialty Reports 20% Organic Growth in First Quarter 2022
Ryan Specialty Group Holdings, Inc., a leading international specialty insurance firm, today announced results for the first quarter ended March 31, 2022. First Quarter 2022 Highlights Q1 Revenue grew 24.2% year-over-year to $386.9 million, compared to $311.5 million in the prior-year period Organic Revenue Growth Rate* was 20.1% for the quarter, compared to 18.4% for… Continue reading Ryan Specialty Reports 20% Organic Growth in First Quarter 2022
Zurich Expects to Exceed All 2022 Financial Targets
Zurich Insurance said on Thursday it expects to exceed all its 2022 financial targets, as it reported a double-digit first-quarter rise in premiums and said its losses from the Ukraine conflict were likely to be immaterial. Zurich, Europe’s fifth-largest insurer, set out three-year targets in Nov 2019, including raising its target for business operating profit… Continue reading Zurich Expects to Exceed All 2022 Financial Targets
WTW Strengthens Broker Relations Team with Three Senior Appointments in North America
WTW, a leading global advisory, broking and solutions company, today announced three major appointments: Joe LaRocco has been appointed Head of Industry – Broking, North America, to lead the recently established industry broking segment; Krista Cinotti has been appointed Head of Middle Market Broking, North America; and James O’Connor has been appointed Head of Carrier… Continue reading WTW Strengthens Broker Relations Team with Three Senior Appointments in North America
Truist Financial Purchases Gamified Fintech Startup Long Game
Truist Financial Corp., operator of one of the nation’s largest commercial banks, has made a bet on game technology by acquiring Long Game Savings Inc., the developer of a mobile app that rewards users for saving money. The deal, led by Truist Ventures, the bank’s venture-capital arm based in Charlotte, N.C., includes Long Game’s team… Continue reading Truist Financial Purchases Gamified Fintech Startup Long Game
Allstate CEO Says Insurance Premiums Will Have to Rise Further
Premiums will have to climb further for insurers to recoup some of the expenses lost to inflation, Allstate Corp. Chief Executive Officer Tom Wilson said. “We have to raise our prices,” Wilson said Monday in a Bloomberg Television interview. Premiums have already increased 6.5% in the past six months, “and we think we’ll have to… Continue reading Allstate CEO Says Insurance Premiums Will Have to Rise Further
Additional Auto Insurance Refunds Possible for Michigan Drivers, State Says
Michigan auto insurance companies reached their deadline to issue $400 refund checks this week. However, it might not be the end of money that drivers could receive. According to Anita Fox, the director of the agency that oversaw the dispersal of $3 billion in refunds, her team will continue to audit funds held by the… Continue reading Additional Auto Insurance Refunds Possible for Michigan Drivers, State Says
Florida Regulators Weigh Property Insurance Rate Hikes
Florida regulators have scheduled three hearings next week on property insurers’ proposals to raise homeowners’ rates by more than 20%, while the state considers another insurer’s plan to shed policies due to financial losses. The Florida Office of Insurance Regulation will hold public hearings on proposed rate increases by First Floridian Auto and Home Insurance… Continue reading Florida Regulators Weigh Property Insurance Rate Hikes
RPS LPL Program Available to Quote and Bind Online
RPS Signature Programs, Risk Placement Services’ program administration division, has announced that its lawyers professional liability program (LPL) is now available through its Small Business Platform. LPL coverage can be quoted, bound, and issued online in minutes on the platform, with limits of up to $5 million for qualified firms. “Our online platform allows us… Continue reading RPS LPL Program Available to Quote and Bind Online
Surfside Condo Collapse Victims Reach $997 Million Settlement
Families of those killed in last year’s collapse of the Champlain Towers South condominium in Surfside, Fla., have reached a $997 million settlement to compensate them for their tragic losses. The settlement, which was announced at a court hearing on Wednesday and is still subject to final approval, includes insurance companies, developers of an adjacent… Continue reading Surfside Condo Collapse Victims Reach $997 Million Settlement