Month: March 2021

March 31, 2021

Formerly licensed insurance agent, Mandy Pruitt, 42, of Visalia, Calif., was arraigned today on one count of grand theft after she allegedly stole more than $4,400 from a client and used the money to pay for personal expenses. The alleged […]

March 31, 2021

The Lloyd’s of London insurance and reinsurance market reported a £0.9bn loss for 2020 after significant impacts from the COVID-19 pandemic dented performance, despite significant reinsurance recoveries. In total, Lloyd’s reported an aggregated market loss of £0.9bn for 2020, down […]

March 30, 2021

Fitch Ratings has warned the reinsurance industry faces a “large loss event” from the blockage in the Suez Canal after the colossal Ever Given container ship ran aground about a week ago, closing access to one of the world’s most […]

March 30, 2021

Overall insured loss estimates from global natural catastrophes in 2020 totalled $78 billion, significantly higher than the $53 billion in 2019, according to a Willis Re report. In the US, there were 22 events in 2020 that exceeded $1 billion, […]

March 29, 2021

The lawsuit from a 2017 crash of an airplane on 1900 West in Roy lingers on, more than three years after it was filed. The pilot, apparently, was not insured, leaving Samantha Sandoval – hit in her car in the […]

March 29, 2021

At the upcoming mid-year reinsurance renewals our sources suggest there could be increased demand for reinsurance protection coming out of Florida, despite the delicate financial position of many insurance carriers focused on the state. The twin effects of another year […]

March 26, 2021

A bill that addresses the drivers of litigation cost in the property insurance market has passed the Florida Senate Rules Committee and will now head to the Senate floor. Florida Senate Bill 76 includes provisions designed to reduce the cost […]

March 26, 2021

There have been two notable funding rounds by insurtechs this week. Workers’ compensation provider Pie Insurance has raised $118 million in new funding, including financing from Allianz and others. Snapsheet, a claims management platform insurtech, raised $30 million in new […]

March 25, 2021

A Houston man could face a federal prison sentence of up to 10 years after pleading guilty to insurance fraud. Earlier this week, Robert Lance Kuperman pleaded guilty to interstate transportation of money by fraud in the Eastern District of […]

March 25, 2021

Analysts at specialist broker McGill and Partners believe that the re/insurance industry could be looking at costs in excess of $100 million due to the ongoing obstruction in the Suez Canal. The vital trade waterway through Egypt has been blocked […]

March 24, 2021

Rep. Emanuel Cleaver, D-Missouri, chair of the House Financial Services Subcommittee on Housing, Community Development and Insurance on Wednesday played down the likelihood of a government backstop for pandemic risk. “It’s going to be very difficult for me to get […]

March 24, 2021

Fast-growing global insurance brokerage Acrisure announced it has closed on two transactions representing a significant capital raise of $3.45 billion. BDT Capital Partners, a merchant bank, led a $3 billion investment through its affiliated investment funds into Acrisure’s senior preferred […]

March 24, 2021

Texas’ wind and hail insurer of last resort for properties in the state’s coastal counties has determined it needs $4.03 billion in funding to prepare for this year’s hurricane season. The board of directors of the Texas Windstorm Insurance Association […]

March 23, 2021

The COVID-19 pandemic has so far not had any notable impact on the workers compensation residual market, according to research released Monday by the National Council on Compensation Insurance. Boca Raton, Florida-based NCCI compared the current residual market with 2019, […]

March 23, 2021

A number of the world’s biggest players in re/insurance have committed additional funds to support the development of open source catastrophe modelling platform Oasis. Companies include Aon, Allianz, AXA, Chubb, Guy Carpenter, Hannover Re, Lloyd’s, RenaissanceRe, Swiss Re, SCOR, Willis […]

March 22, 2021

USAA has announced that due to increased customer interest in telematics and behavior-based insurance, it will launch its SafePilot program in the majority of states throughout 2021. USAA launched the program in South Dakota last week. The SafePilot program rewards […]

March 19, 2021

SACRAMENTO, Calif. (AP) — California’s attorney general is challenging some of the state’s largest suburban development projects as local officials weigh the risk of increasingly devastating wildfires against the state’s dire need for more housing. Attorney General Xavier Becerra on […]

March 19, 2021

Florida’s insurer of last resort, Citizens Property Insurance Corp., has become the insurer of first resort as thousands of new policies flood into it each week and the private homeowners insurance market continues its downward spiral. “The reality is the […]

March 18, 2021

A North Carolina man was arrested in connection with an insurance fraud scheme involving roadside cleanup after a car crash, insurance officials said. A news release from the Department of Insurance said Garrett Scarlette, 26, of Thomasville, was charged with […]

March 18, 2021

US primary insurer Allstate has revealed a significant approximately $1.3 billion gross loss from the winter storms and severe winter freeze, primarily impacting Texas, which it warns mean its aggregate reinsurance will trigger, which is provided by its Sanders Re […]