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The insurer reached a high of over 1.4 million policies in September 2023. -
Fears of the oncoming soft market are causing a sector rotation away from P&C.
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Both the primary and reinsurance segments benefitted from a light cat year.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Many commercial risks will have London coverage, but insured values are relatively low.
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The NFIP expiration and a successful Neptune IPO got attention, but some reinsurers moved earlier.
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The FIO said it will work with regulators on coverage for digital assets.
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The CEO said the carrier is seeing sequential PIF growth in several states.
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Sources said that the transaction valued the Californian auto F&I business at over $1bn.
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Exposure for California’s Fair plan has jumped, as insurers drop policyholders.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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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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Opportunities for growth remain in small and medium commercial accounts.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The executive’s exit follows CEO Joseph Lacher’s resignation last week.
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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 bill includes provisions to encourage retrofitting homes in high-risk areas.
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The company sees itself in a “very strong position” in the state.
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September’s medical care index increase follows a 0.2% drop in August.
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By line of business, $35mn of the charge relates to commercial auto and $5mn to personal auto.
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A former NOAA climatologist who left the agency is running the new operation.
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Cat losses in Q3 were light as peak hurricane season passes without incident.
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A quiet wind season is also expected to further soften the property market.
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Early Q3 earnings reports point to worsening market conditions.
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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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Critics claim the dispute system denies consumers' key legal rights.
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The selloff may hint at headwinds for equity investors.
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The firm also expects to increase share repurchases in Q4 to roughly $1.3bn.
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The tech subsidiary applied to list its common stock on the New York Stock Exchange under the ticker symbol “XZO”.
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Dale Krupowicz was also named head of operations for the segment.
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The insurer booked a $950mn policyholder credit expense in September.
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State Farm is under investigation as its premiums have been rising “drastically".
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Joseph Lacher will step down as president and CEO and resign from the board.
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Activists from the left and the right are focusing on insurance, often on the same issues.
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Though wildfire losses are up, total losses are the lowest since 2015.
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A US district judge ruled a delay could put human life and property at risk.
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The governor has yet to sign a pending bill to create a public cat model.
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Lighter cat losses a plus, while top-line, organic growth and reserving concerns persist.
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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
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The charges allege “egregious delays” and “unreasonable denials” in claims.
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The broker will now have access to an M&A war chest for inorganic growth.
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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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New home sales could be impacted by a prolonged stalemate.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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Proceeds will be used to pay off debt maturing at the end of the year and to support new market growth.
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The business has been ~70% owned by White Mountains since January 2024.
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The promotions are part of the carrier's strategy to increase property-liability market share.
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Industry stocks were firmly behind the S&P 500 in Q3.
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Neptune’s stock price jumped 25% on the first day of trading.
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Superintendent Harris is stepping down this month after four years of service.
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Home buyers looking to close on a mortgage could find the private market an attractive alternative.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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The jump in the latest estimate could be due to damage to seasonal properties only being recently discovered.
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The NHC also warned that a hurricane watch could be required in Bermuda as early as Monday afternoon.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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California’s insurance regulator has Fair Plan depopulation, cat models on his mind.
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Sources said momentum around resiliency laws is growing at the state and local level.
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Economic volatility, including from tariffs and rising interest rates, is reshaping risk profiles for specialty insurers.
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Sources said that the carrier’s listing is expected to raise around ~$100mn.
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The proposed changes aim to establish clear guidelines for intervenors.
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Cat losses in August were below historical trends, but we are not in the clear just yet.
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The measures also seek to encourage greater wildfire mitigation efforts.
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While the Fed is more concerned with jobs, other macroeconomic concerns trouble the industry.
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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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A report by the ratings agency challenges current industry wisdom.
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The annual meeting took place in Pasadena, California, miles from the site of LA wildfires.
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Models anticipate a busier second half, particularly in the next few weeks.
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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 fundraising round brought in $50mn for the insurer.
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The carrier notified California regulators that it would stop renewing plans starting last month.
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The ratings outlook has also been revised to stable from negative.
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The company generated $71.4mn in revenue for H1 2025.
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The bi-partisan legislation would make FEMA a cabinet-level agency.
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P&C stocks recovered faster than the S&P 500 following a late July dip, but a gap remains.
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The PE-backed MGA has Morgan Stanley, Bank of America and JPMorgan advising.
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The rest of 2025 appears poised to remain favorable for insureds, however.
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California, Florida and Texas all saw decreases in monthly premium growth.
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The data modeling firm said losses previously averaged $132bn annually.
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The violations included not using properly appointed adjusters and failing to pay claims.
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After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.
