Personal auto
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Sources said Jefferies and RBC have been retained to advise on the sale process. -
Casualty and auto loss costs continue to rise due to inflation as we head into 2026.
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Insurance has been an increasingly salient issue among politicians in the state.
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The medical care index increased 3.5% over the past 12 months.
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The company announced several moves Monday, including the promotion of Nancy Pierce to Geico CEO.
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The ratings agency said that it continues to assess State Farm’s balance sheet among the strongest.
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The executive said inflation isn’t completely gone but is now “more understood”.
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The reserve strengthening stemmed from bodily injury and defense costs for accident years 2023 and prior.
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The LA fires were a microcosm of “everything we do well when things go bad”.
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The executive’s exit follows CEO Joseph Lacher’s resignation last week.
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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.
