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Sources said that the transaction valued the Californian auto F&I business at over $1bn. -
Exposure for California’s Fair plan has jumped, as insurers drop policyholders.
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The regulations are designed to address long-term solvency concerns.
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The LA fires were a microcosm of “everything we do well when things go bad”.
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The bill includes provisions to encourage retrofitting homes in high-risk areas.
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Sources said the PE-backed platform retained IAP to advise on the process.
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SageSure’s recent M&A in Florida was driven by being selective with policies and smart about claims costs.
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The governor has yet to sign a pending bill to create a public cat model.
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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
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JP Morgan and RBC are advising the brokerage on its options ahead of an eventual IPO.
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Alliant is in the process of moving the ~$1bn of business it places with Howden to other wholesalers.
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The charges allege “egregious delays” and “unreasonable denials” in claims.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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The request cites use of Verisk’s forward-looking wildfire model.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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The business has been ~70% owned by White Mountains since January 2024.
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California’s insurance regulator has Fair Plan depopulation, cat models on his mind.
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The proposed changes aim to establish clear guidelines for intervenors.
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The measures also seek to encourage greater wildfire mitigation efforts.
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The specialty MGA said it didn’t experience direct losses from the LA wildfires.
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IBHS CEO Roy Wright says insurers need a comprehensive approach to resilience.
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The annual meeting took place in Pasadena, California, miles from the site of LA wildfires.
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The wildfire MGA is expecting to write higher value homes soon and may expand into new states.
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The carrier notified California regulators that it would stop renewing plans starting last month.
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The bi-partisan legislation would make FEMA a cabinet-level agency.
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The program is aimed at affluent homes valued between $1mn and $6mn.
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This is the first rate filing to use the recently approved Verisk model.
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In an interview, the firm’s CEO spoke about the CV deal, growth and its M&A pipeline.
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The company plans to launch in New York and New Jersey next year.
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A shift to back to the admitted property space and MGAs choosing ignorance are other possible scenarios.
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California posted a 47% jump YoY, from a 28.4% rise in June.
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The model becomes the second in the state to get approval to affect ratemaking applications.
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Roughly half a year since the LA fires, brokers said there’s hope things are turning around.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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New business written premiums were up in the commercial and E&S segments, but decreased in personal lines.
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The company adjusts its rate options to expand California business under the new cat model.
