Property and Casualty News

PEMBROKE, Bermuda—- Arch Capital Group Ltd. today announced that Nicolas Papadopoulo has been named Chief Executive Officer and is joining the Board of Directors effective immediately. Papadopoulo has been the President and Chief Underwriting Officer of Arch and Chief Executive Officer of Arch Worldwide Insurance Group since January 1, 2021.

First American Title Insurance Company, a leading provider of title insurance and settlement services and the largest subsidiary of First American Financial Corporation, today announced the launch of a reimagined AgentNet ®, a technology platform that delivers the products and services First American title agents value most in a single, easy-to-use…

Hurricane Milton slammed into the state late Wednesday near Sarasota and maintained hurricane-force winds all the way across the Florida peninsula before entering the Atlantic Ocean. This is now the third hurricane to make landfall in Florida this year and storm season doesn't end until Nov. 30. A.M. Best, an insurance rating agency, put out a commentary ahead…

Until late last month, there was optimism in the insurance industry. Total economic losses from Hurricane Milton and Hurricane Helene could soar over $200 billion, according to early estimates. Hurricane Milton, which hit Florida's west coast as a Category 3 storm Wednesday, did not ultimately cause the catastrophe that had been predicted for the Tampa Bay…

Oct. 12— MORGANTOWN— The West Virginia Board of Risk and Insurance Management has notified Mountain Line that it is canceling the transit authority's insurance. BRIM is a state agency that provides property and liability insurance to governmental entities within West Virginia. So, we are in that basket, "Mountain Line General Manager Maria Smith explained…

Democrat Logan Johnson of Menlo filed paperwork in April to challenge Republican Eddie Lumsden for the state House District 12 seat in Floyd and Chattooga counties. The chair of the House Insurance Committee's biggest contribution, $2,500, came from the bipartisan American Council of Life Insurers in Washington, D.C.. Other major donors, at the $1,000 level,…

AM Best and Fitch Ratings each issued reports last week warning that Milton could stretch liquidity of Florida- based insurers that are primarily focused on protecting in-state homeowners. "Hurricane Milton poses a significant threat to the Florida property insurers concentrated in the state that lack diversification and therefore are acutely…

The Federal Emergency Management Agency said late Thursday that certain policyholders in seven states affected by Hurricane Helene whose insurance lapsed now have extra time to renew their coverage. For example, if someone's policy ended on Aug. 28, they normally would have had until Sept. 26 to renew it without risking a lapse in coverage.

Chris England, D- Tuscaloosa, reintroduced a bill to reform Alabama's cash bail system, which he says has benefitted the bail bondsman industry at the expense of "judges, prosecutors, defendants and the accused." It saw opposition from the bail bondsman industry, with Chris McNeil, president of the Alabama Bail Bond Association and owner of Outlaw Bail Bonds in…

Hurricane Milton is the latest sign that Florida lawmakers need to do much more to shore up the rickety property insurance market and keep the state viable for homeowners. "They are in a strong financial position to act as financial first responders to Hurricane Milton," Mark Friedlander, spokesman for the Insurance Information Institute, an industry group,…

Milton spawned high winds, substantial storm surge, heavy rain, tornadoes and flooding as it barreled into the state on Wednesday night. Fitch "s report estimated that Milton caused $30 billion to $50 billion in insured losses, making it the most expensive for insurers since 2022" s Hurricane Ian, which caused $60 billion in losses. Combined with 2024 "s previous…

The market is expected to increase from USD 267.29 billion in 2023 to approximately USD 460.7 billion by 2032, growing at a Compound Annual Growth Rate of 6.23% during the forecast period from 2024 to 2032.. State Farm Liberty Mutual AXA XL Allianz Zurich Insurance Group MS Insurance Group Holdings Farmers Insurance Chubb Berkshire Hathaway Allstate…

At press time, AM Best’ s outlook for the U.S. personal auto segment remains at Negative. Learn more about them in our recent article,“ Finding the Fast Lane: Pricing Helps Auto Insurers Navigate Roadblocks to Profitability in Difficult Market.”. Headquartered in the United States, the company does business in over 100 countries with regional offices in London,…

First-half economic and underwriting results for the U.S. property/casualty industry were better than expected, according to the latest forecasting report– Insurance Economics and Underwriting Projections: A Forward View– from the Insurance Information Institute and Milliman, a collaborating partner. Highlights of the Triple-I/ Milliman report…

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, is pleased to announce its acquisition of San Antonio Insurance Services, a respected Texas- based agency known for its strong focus on trucking insurance and a broad array of property and casualty solutions. Founded in 2012 as a mother-daughter…

AM Best has affirmed the Financial Strength Rating of A++ and the Long-Term Issuer Credit Ratings of“ aa+” of Samsung Fire& Marine Insurance Co., Ltd. and its subsidiaries, Samsung Fire& Marine Insurance Company of Europe Limited, Samsung Vina Insurance Co., Ltd., and Samsung Reinsurance Pte. Ltd.. SFM’ s risk-adjusted capitalisation is expected to remain comfortably…