Citizens board members approved a recommended statewide average increase of 14.2% for all Personal Lines policies – homeowners, condominium unit owners, dwellings, renters and mobile homes.
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M&A Buyers Defy Uncertainty with Bullish Optimism for 2023
Global dealmakers achieved a third consecutive quarter of market outperformance in the first three months of 2023.
AI Leaders Urge Labs to Halt Training Models More Powerful Than ChatGPT-4
Artificial intelligence experts and industry leaders are calling on developers to hit the pause button on training powerful AI models.
California’s Winter Storms Bring Billions in Damages
Severe weather and flooding in California since Dec. 26, 2022, has led to $5 billion to $7 billion in damages, according to a Moody’s report from late January.
Fed Official Tells Congress Many to Blame for Silicon Valley Bank Failure
The scope of blame for Silicon Valley Bank’s failure stretches across bank executives, according to Federal Reserve supervisors and other regulators.
Florida Citizens Targets Extra $4.2B of Risk Transfer for 2023
Florida’s Citizens Property Insurance Corporation has disclosed details of its proposed risk transfer program for the coming year, which includes a budget of $725 million to fund an additional $4.2 billion of protection.
P/C Insurers Facing Hardest Market in a Generation: APCIA
The APCIA and University of South Carolina Associate Professor Robert Hartwig examine the top inflation trends, natural disaster losses and financial impacts resulting in significant pressure for property insurers, reinsurers, and consumers.
Underwriting Losses Soar, Net Income Shrinks for P&C Insurers in 2022
The P&C industry experienced a $26.9 billion net underwriting loss in 2022, more than six times the $3.8 billion underwriting loss in 2021.
Alera Group Bolsters Transportation Insurance Offerings with Acquisition of Capstone
Alera Group announced the acquisition of Capstone Insurance Services, an independent insurance agency that offers personalized programs to simplify insurance solutions for the transportation industry.
Boy Scouts’ $2.4B Bankruptcy Plan Upheld by Judge
A $2.4 billion bankruptcy plan for the Boy Scouts of America has been upheld by a federal judge.