Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has fined Arch Insurance Company (Arch) and National Union Fire Insurance Company of Pittsburgh, PA (National Union Fire) a combined total of $2.2 million in fines and ordered the insurers to provide a combined $8 million in retroactive rebates for… Continue reading DFS Fines Two Insurers $2.2M Over Law Violations
Tag: commercial insurance
As Fires Ravaged California, Utilities Lobbied Lawmakers for Protection
As California’s deadliest wildfire was consuming the town of Paradise in November, some of the state’s top power company officials and a dozen legislators were at an annual retreat at the Fairmont Kea Lani resort on Maui. In the course of four days, they discussed wildfires — and how much responsibility the utilities deserve for… Continue reading As Fires Ravaged California, Utilities Lobbied Lawmakers for Protection
U.S. Commercial Rates Up 2% in 2018
The U.S. commercial insurance composite rate increased on average 2 percent over the course of 2018, according to MarketScout. In its latest report, the Lloyd’s Coverholder and MGA for U.S. insurers said the composite rate for the U.S. commercial market also nudged up 2 percent in the fourth quarter. MarketScout said quarter-by-quarter the composite rate… Continue reading U.S. Commercial Rates Up 2% in 2018
Arthur J. Gallagher & Co. Acquires R.T. Beers & Company Insurance Services, Inc.
Arthur J. Gallagher & Co. announced the acquisition of Long Beach, California-based R.T. Beers & Company Insurance Services, Inc. Terms of the transaction were not disclosed. R.T. Beers & Company is a retail property/casualty broker serving clients throughout the United States, with a strong focus on risk identification and mitigation. They offer an exclusive group… Continue reading Arthur J. Gallagher & Co. Acquires R.T. Beers & Company Insurance Services, Inc.
Premium Pricing Experienced Slight Increases Across Most Insurance Lines: CIAB
Premium pricing across all sized accounts saw similar increases to Q3 2018, according to The Council of Insurance Agents & Brokers’ quarterly Commercial Property/Casualty Market Index Survey, with an average premium increase of 1.6 percent. Similarly, the average premium increase across all lines of business was 1.9 percent, in line with Q2’s average increase of… Continue reading Premium Pricing Experienced Slight Increases Across Most Insurance Lines: CIAB
Cincinnati Financial to Acquire MSP Underwriting Limited from Munich Re
Cincinnati Financial Corporation announced that it has signed a definitive agreement to acquire MSP Underwriting Limited, a global specialty underwriter and Munich Re subsidiary, in an all-cash transaction for £102 million, based on MSP Underwriting’s projected net asset value at closing. The transaction has been approved by Cincinnati’s board of directors and is expected to… Continue reading Cincinnati Financial to Acquire MSP Underwriting Limited from Munich Re
Alliant Acquires Zande Group
Alliant continues to strengthen its presence in the Midwest region with its acquisition of Zande Group. The Des Plaines, IL-based property and casualty insurance leader joins Alliant with a proven track record of success delivering customized risk and insurance solutions to businesses and individuals throughout the region. “Zande Group has a strong reputation throughout Northern… Continue reading Alliant Acquires Zande Group
Chubb Appoints Tim Barziza to Lead North American Property Claims
Chubb has appointed Tim Barziza as Head of its North American Property Claims, effective immediately. In this role, Mr. Barziza will be responsible for leading the technical and administrative execution of the Property Claim Service, including the Recovery and the Special Investigations Units across North America for both personal and commercial claims. He will be… Continue reading Chubb Appoints Tim Barziza to Lead North American Property Claims
Zurich CEO Says Insurer May Exceed Its 2019 Goals
Zurich Insurance will meet all the targets laid out in its business plan to 2019 and could even beat them, Chief Executive Mario Greco said in an interview published in an Italian newspaper on Monday. In the 2017-2019 period Zurich, Europe’s fifth-largest insurer, plans to cut costs for a cumulative amount of $1.5 billion (1.1… Continue reading Zurich CEO Says Insurer May Exceed Its 2019 Goals
Marsh to Acquire Jardine Lloyd Thompson Group Plc for $5.6B
Marsh & McLennan Companies, Inc., a global professional services firm offering clients advice and solutions in risk, strategy and people, today announced that it has reached an agreement to acquire Jardine Lloyd Thompson Group plc, a leading provider of insurance, reinsurance and employee benefits related advice, brokerage and associated services. The transaction has been approved… Continue reading Marsh to Acquire Jardine Lloyd Thompson Group Plc for $5.6B