A sizable supply and demand gap lingers and pent-up demand from cedents continues to grow, which could result in terms and conditions remaining tight, said Everest Group President and Chief Executive Officer Juan Andrade.
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Homeowners Stressors Expand Beyond Coasts as Storms, Wildfire Risk Intensify
Nine of the 10 states with the worst 2012-2022 median direct combined ratio for U.S. homeowners/farmowners are landlocked, according to a Best’s Market Segment Report. Only No. 9 Georgia, with a 94.7 combined ratio for the period, is a coastal state.
California Threatens Penalties Over Insurers’ Stalling Tactics Against Auto Insurance Buyers
California’s insurance commissioner is warning of a possible crackdown against insurers that fail to offer and sell auto insurance to the state’s good drivers.
McGriff Realigns Its Regional Organization, Appoints Four Company Execs to New Roles
U.S. retail insurance broker McGriff has realigned the business’s organization into three distinct geographic regions, as well as appointing four company executives to new leadership roles.
Ryan Specialty Expands European MGU Reach with London-Based Castel Purchase
Ryan Specialty agreed to acquire managing general underwriting platform Castel Underwriting Agencies Ltd. from Arch Financial Holdings (UK) Ltd., expanding Ryan’s MGU capabilities in London and Europe.
Bills to Eliminate No-Fault Auto Coverage in Florida Teed Up Again
Bills seeking to repeal Florida’s no-fault automobile insurance system and its requirement that motorists carry $10,000 in personal-injury protection coverage have been filed again in the state legislature.
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Bain Capital Insurance Invests $200 Million Into GuideOne Insurance Company
The Mutual Group, an innovative new insurance platform serving the mutual industry, today announced its plans to launch with support from Bain Capital Insurance, the dedicated insurance investing unit of Bain Capital.
CA Commissioner Lara Gives Progress Report on Sustainable Insurance Strategy
Insurance Commissioner Ricardo Lara told California Assembly members at a legislative oversight hearing that “California is at an insurance crossroads and for many Californians this is an insurance emergency.”
Vesttoo Creditors’ Plan Outlines Payout of Up to $2.8 Billion
A proposed liquidation plan could see creditors of troubled insurtech Vesttoo Ltd. collect an aggregate of up to $2.8 billion, according to court documents.