Farmers Insurance
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Wildfire risk destabilized the state’s market, spurring regulator attention. -
The suit also charges the agents with unjust enrichment and contract breach.
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Those affected have been invited to interview for open positions with Farmers.
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Farmers cited “positive changes” in the state's commercial insurance market.
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Ahead of third quarter earnings, many personal lines insurers are pulling several levers to right-size their operations, including conducting layoffs and reducing exposure.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The rate cuts will affect both new and renewal business across most products, with the biggest reductions affecting new business.
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These measures are intended to create a more efficient organization, and they follow a thorough evaluation and reduction of operational expenses across Farmers, the announcement noted.
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The review reflects Moody's concerns around Farmers' underwriting results in its core personal lines and its capital adequacy.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The non-renewals would have impacted Georgia homeowners with roofs over 15 years old, said Insurance Commissioner John King, calling it a “blatant violation of Georgia law”.
