-
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.
-
The regulations are designed to address long-term solvency concerns.
-
The LA fires were a microcosm of “everything we do well when things go bad”.
-
The bill includes provisions to encourage retrofitting homes in high-risk areas.
-
Sources said the PE-backed platform retained IAP to advise on the process.
-
SageSure’s recent M&A in Florida was driven by being selective with policies and smart about claims costs.
-
The governor has yet to sign a pending bill to create a public cat model.
-
Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
-
JP Morgan and RBC are advising the brokerage on its options ahead of an eventual IPO.
-
Alliant is in the process of moving the ~$1bn of business it places with Howden to other wholesalers.
-
The charges allege “egregious delays” and “unreasonable denials” in claims.
-
The Insurance Insider US news team runs you through this week’s key agency M&A.
-
The request cites use of Verisk’s forward-looking wildfire model.
-
Seller White Mountains will retain a roughly 15% fully diluted equity stake.
-
The business has been ~70% owned by White Mountains since January 2024.
-
California’s insurance regulator has Fair Plan depopulation, cat models on his mind.
-
The proposed changes aim to establish clear guidelines for intervenors.
-
The measures also seek to encourage greater wildfire mitigation efforts.
-
The specialty MGA said it didn’t experience direct losses from the LA wildfires.
-
IBHS CEO Roy Wright says insurers need a comprehensive approach to resilience.
-
The annual meeting took place in Pasadena, California, miles from the site of LA wildfires.
-
The wildfire MGA is expecting to write higher value homes soon and may expand into new states.
-
The carrier notified California regulators that it would stop renewing plans starting last month.
-
The bi-partisan legislation would make FEMA a cabinet-level agency.
-
The program is aimed at affluent homes valued between $1mn and $6mn.
-
This is the first rate filing to use the recently approved Verisk model.
-
In an interview, the firm’s CEO spoke about the CV deal, growth and its M&A pipeline.
-
The company plans to launch in New York and New Jersey next year.
-
A shift to back to the admitted property space and MGAs choosing ignorance are other possible scenarios.
-
California posted a 47% jump YoY, from a 28.4% rise in June.
-
The model becomes the second in the state to get approval to affect ratemaking applications.
-
Roughly half a year since the LA fires, brokers said there’s hope things are turning around.
-
Mercury’s recovery from the guaranteed percentage of losses is $47mn.
-
New business written premiums were up in the commercial and E&S segments, but decreased in personal lines.
-
The company adjusts its rate options to expand California business under the new cat model.
-
Insurers must write policies in high-risk areas in order to incorporate the model.
-
The automaker’s insurance arm wrote over $300mn in premium last year.
-
Litigation seeks to block insurers from passing assessment costs to consumers.
-
The insurer denies it is responsible for the actor’s legal fees.
-
The class can collectively challenge State Farm’s property claims calculations.
-
But June was the busiest month of the year on the back of recent broker churn.
-
Florida recorded premium growth in June after declines in May and April.
-
The transition will be implemented starting October 15.
-
The ruling comes as insurers face growing legal pressures following the January blazes.
-
Few claims have been filed thus far, as damages have been highly localized.
-
The ongoing demonstrations could have law enforcement liability implications.
-
Lara approved an interim rate increase for the company just weeks ago.
-
GCP retains a controlling interest in the Californian retail brokerage.
-
Up to nine million acres of US land are considered likely to burn.
-
The company seeks the full 30% homeowners’ rate request it made last June.
-
"Smoke damage is real damage," Commissioner Lara said.
-
Lloyd’s traditionally avoided US middle market property, but head of P&C Matt Keeping says times have changed.
-
Rates have fallen an average of 10%, though changes can be highly specific to each property.
-
Modeling wildfires is particularly challenging compared to primary perils like hurricanes.
-
State Farm will need to provide its CA subsidiary with a $400mn surplus note.
-
Insurance Insider US revealed last year that Intercare had retained MarshBerry to explore strategic options.
-
The insurer has not decided whether to sell its Eaton subrogation rights.
-
The LA wildfires, however, will be the firm’s largest event to date.
-
Sources said JP Morgan and RBC are advising the brokerage.
Most Recent
