Property and Casualty News

Following two years of unprofitable but improving results, the U.S. nonstandard auto insurance segment has notched a slight profit for the first half of 2024, according to a new AM Best report. AM Best recently revised its outlook for the U.S. personal auto insurance segment to stable from negative. The key drivers of the outlook change were the segment’ s…

COLUMBIA, Mo.& SAN MATEO, Calif.—- Shelter Insurance ®, a property and casualty insurance company offering insurance sold by agents in 21 states, and Guidewire announced that Shelter selected Guidewire InsuranceSuite to power the company’ s core business, simplify its IT operations and help deliver additional value to agents, policyholders and employees.

NEW YORK& LONDON& MUMBAI, India—- WNS Limited, a digital-led business transformation and services partner, today announced that it has extended its transformation-led strategic engagement with Canopius Group, a leading global specialty and P&C lines insurer. Canopius is a global specialty and P&C insurer with underwriting operations in Australia, Bermuda,…

Many homeowners in Texas get their tax bills from local officials around this time of year. A new analysis by the Houston Chronicle finds home insurance in Texas among the most expensive in the country. Megan Kimble, the Texas political economy reporter for the Chronicle, said the Texas Department of Insurance reported home insurance rates rose 21% on average…

Whitt and family members operated trucking companies under the names Silver Eagle Express LLC, Pure Gold LLC, and The Silverado Group, LLC, according to the indictment. One of the company’ s trailers was badly damaged in a fire while traveling through Woodford County in June 2018, but the company only had liability insurance on it so the policy didn’ t cover the…

Florida lawmakers, led by Senate President Ben Albritton, are stepping up to make sure property insurance companies pay what they owe. A good place to start would be with the state's own insurer, Citizens Property Insurance Corporation. A recent report from the Tampa Bay Times/Miami Herald revealed something shocking: Citizens denied more than half of the…

Louisiana has some of the highest home insurance rates in the country, but state leaders want to expand a plan to strengthen homes against storm damage to help some lessen the burden. The Louisiana Department of Insurance launched the program in 2023 with $30 million in funding. The legislature funded the program again in 2024, and the Louisiana Department of…

US Bank National Association v. Allstate Vehicle and Property Insurance Company, et al.. v. Cavalry Construction Company LLC: Complaint for Debt and Money Due, Breach of Contract.

COEUR d’ALENE— Line items labeled "judgement" and "tort" that appear on property tax notices this year aren’t related to any lawsuits at North Idaho College, officials confirmed Wednesday. The next line item, labeled " North Idaho College tort," represents the cost of NIC’s liability insurance. The final line item, labeled " North Idaho College judgement," does not refer…

AM Best has downgraded the Long-Term Issuer Credit Rating to“ bbb” from“ bbb+” and affirmed the Financial Strength Rating of B++ of Independent Mutual Fire Insurance Company. The outlook of the Long-Term ICR has been revised to stable from negative, while the outlook of the FSR is stable. During 2021, IMFCO reported a combined ratio of 163.5% and underwriting losses…

Florida lawmakers— especially Senate President Ben Albritton— want to make sure property insurance companies are paying their claims. He— and all lawmakers— may want to start with their own state-run insurance company of last resort— Citizens Property Insurance. That data, according to a South Florida Sun Sentinel story, came from the firm's own annual report.

The proposal floated by Florida Senate Banking and Insurance Chairman Blaise Ingoglia comes as lawmakers in recent years have passed a series of measures aimed at trying to stabilize the state's property insurance market. "If we can get those older homes to be more resilient, it will save local governments a lot of money," Ingoglia said during an appearance at…

Here "s what Florida insurance officials want the Legislature to do next year about the state" s troubled property insurance market:. Major litigation reforms enacted in 2022 and 2023 are strengthening the industry by reducing lawsuits, which has helped private market companies return to profitability following five straight years of underwriting losses,…

MANTENO— Manteno tweaked its tax levy from the previous year, but residents will see a minimal increase on the village's portion of their property tax bill. In the breakdown of the tax levy, the biggest expenses are $525,000 for police pension and $512,000 for police protection. There's $460,000 expense for corporate and $154,000 for liability insurance.

The U.S. property/casualty industry recorded a $4.1 billion net underwriting gain in the first nine months of 2024, a significant improvement from the $32.1 billion loss recorded in the same prior-year period, according to a new AM Best report. A combined $21.2 billion change in net realized capital gains at three Berkshire Hathaway Insurance Group…

ATLANTA& CHARLOTTE, N.C.—- Kian Capital-backed Sdii Global, LLC, a forensic engineering and consulting firm primarily supporting claim resolution for the property and casualty insurance industry, completed the acquisition of Roar Engineering Inc.. The acquisition expands the platform into Canada, and the team will continue to deepen its North American…

Dec. 2— A Bay St. Louis couple was shocked to learn from their mortgage company in August 2023 that they had been without flood insurance for a year while living in a special flood hazard area near the intersection of Bayou LaCroix and the Jourdan River. Less than two months later, their mortgage company, Flagstar Bank, National Association acquired a flood policy…

Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced Across America Insurance Services has been awarded the Claims Champion of the Year at the 2024 Excellence in Insurance conference. The event, held in Amelia Island, Florida, celebrates the exceptional achievements of property and casualty…

Communities in the state of Louisiana have a high rate of participation in the NFIP compared to other states. It's this participation, while voluntary, that could be a valuable safety line when the next storm strikes Louisiana. FEMA oversees the NFIP, which makes flood insurance available directly and through more than 50 insurance companies.

Porch Group, Inc., a homeowners insurance and vertical software platform, today shared details about its upcoming in-person Investor Day, scheduled for December 5, 2024 starting at 9 am Eastern in New York and virtually. The Investor Day marks a milestone for Porch as we share our roadmap we believe will lead to sustained growth, increased profits, and value…