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.
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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.
MGU Rainbow Sees Opportunity in Launching California Restaurant Coverage
Managing general underwriter Rainbow said it has launched an admitted restaurant insurance program in California as its sees opportunity in decisions by other carriers to scale back their presence in the market.
Lemonade Narrows Quarterly Net Loss by 33%
Lemonade Inc. narrowed its fourth-quarter net income loss to $42.4 million from a net loss of $63.7 million a year earlier, the company said in a letter to shareholders.
UnitedHealth Confirms Ransomware Gang Behind Change Healthcare Hack
American health insurance giant UnitedHealth Group has confirmed a ransomware attack on its health tech subsidiary Change Healthcare, which continues to disrupt hospitals and pharmacies across the United States.
Chubb Outlook: Middle Market Companies Set Financial Growth Records, Yet Remain Cautiously Optimistic Amid Emerging Risks
Chubb and the National Center for the Middle Market (NCMM) released today new data that reveals middle market companies demonstrated continued robust growth against the backdrop of inflationary pressures, cybersecurity threats, natural catastrophes and insurance coverage gaps. These findings are the centerpiece of the 2023 Year-End Middle Market Indicator (MMI).
Morgan Stanley Cuts Earnings Expectations for Transportation Companies Amid Surging Insurance Costs
Morgan Stanley cut earnings estimates for all the transportation companies it covers on Tuesday, citing rising insurance costs. It continues to believe the truckload space will be the most impacted as large jury verdicts remain a threat.
Munich Re CFO: Claims Uncertainty Prompts $976.2M in Reserve Strengthening
Munich Re posted strong operating income in the fourth quarter and for 2023 but its net result fell as the group sought to strengthen its position amid uncertainty, said its chief executive officer.
Ryan Specialty’s Revenue Climbs 22.5% in Q4
Ryan Specialty Holdings, Inc. reported that its total revenue in the fourth quarter of 2023 grew 22.5% to $532.9 million, compared to $435 million in the prior-year quarter.