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Category: Insurance Journal

AM Best Downgrades Ratings of State Farm General
Insurance Journal | April 1, 2024
AM Best Downgrades Ratings of State Farm General
Roughly a week after State Farm announced that it would nonrenew tens of thousands of homeowners and commercial apartment policies in California, AM Best has downgraded the company that offered those policies. Last week, State Farm cited its responsibility to …
FEMA: SW Florida Stripped of Flood Insurance Discounts After ‘Improper Rebuilds’
Insurance Journal | April 1, 2024
FEMA: SW Florida Stripped of Flood Insurance Discounts After ‘Improper Rebuilds’
After spiking premiums, nonrenewals and complaints about unpaid claims, more than 115,000 property owners in southwest Florida are now facing a new slap in the face after 2022’s Hurricane Ian: 25% higher flood insurance rates because local officials reportedly allowed …
Georgia Lawmakers Approve PTSD Disability Insurance Bill with Smaller Payout
Insurance Journal | April 1, 2024
Georgia Lawmakers Approve PTSD Disability Insurance Bill with Smaller Payout
The Georgia General Assembly has approved a less-expensive version of a bill that would provide a type of disability insurance for first responders diagnosed with post-traumatic stress disorder. The state Senate last week voted unanimously in favor of House Bill …
Insurance Industry Readies for Historic Losses From Baltimore Bridge Tragedy
Insurance Journal | March 29, 2024
Insurance Industry Readies for Historic Losses From Baltimore Bridge Tragedy
It’s very early in the recovery process and already the numbers are large. Insured losses for the tragic collapse of the Francis Scott Key Bridge in Baltimore could be as much as $2 billion to $4 billion, according to Morningstar. …
Ki Enters Partnership With Beazley, Expanding Capacity for Digital Follow Syndicate
Insurance Journal | March 28, 2024
Ki Enters Partnership With Beazley, Expanding Capacity for Digital Follow Syndicate
Ki, the digital and algorithmically driven Lloyd’s syndicate, announced a partnership with Beazley whereby Ki will offer additional follow capacity from Beazley syndicate 2623/623 through its digital platform from April 2, 2024. Ki said this is another major milestone in …
Institutional Investor GIC Finalizes Acquisition of Insurance Broker Miller
Insurance Journal | March 28, 2024
Institutional Investor GIC Finalizes Acquisition of Insurance Broker Miller
Miller, the London-based independent specialist re/insurance broker, announced that GIC, Singapore’s sovereign wealth fund, has completed the acquisition of Cinven’s shares in Miller. GIC and private equity firm Cinven acquired Miller in 2021 from Willis Towers Watson. Since then, Miller …
J&J to Pay $75 Million to Settle Mississippi’s Baby Powder Suit
Insurance Journal | March 28, 2024
J&J to Pay $75 Million to Settle Mississippi’s Baby Powder Suit
Johnson & Johnson will pay $75 million to settle a consumer protection lawsuit filed by Mississippi over the company’s talc-based baby powder, according to people familiar with the matter, resolving litigation in which the state had sought as much as …
State Farm Nonrenewing 30K California Homeowners, Renters
Insurance Journal | March 20, 2024
State Farm Nonrenewing 30K California Homeowners, Renters
State Farm General Insurance Co. said it will non-renew 30,000 California homeowners, rental dwelling, and other property insurance policies State Farm announced in May last year it had stopped accepting new policy applications for property/casualty insurance in California for reasons …
West Texas Ranchers Face Losses After Historic Wildfires
Insurance Journal | March 20, 2024
West Texas Ranchers Face Losses After Historic Wildfires
LUBBOCK — There are burned spots on Jay O’Brien’s ranch outside Stinnett that predate the Smokehouse Creek fire. Over the last several months, small fires — ones that weren’t pushed by strong winds or grew out of control — scarred …
People Moves: Domino joins Farmers Alliance Board of Directors; Westfield Names Rosenberg as President, Standard Lines
Insurance Journal | March 20, 2024
People Moves: Domino joins Farmers Alliance Board of Directors; Westfield Names Rosenberg as President, Standard Lines
Domino joins Farmers Alliance Board of Directors David Domino has been elected a director for the Farmers Alliance Companies, headquartered in McPherson, Kansas. Domino will provide guidance, direction and oversight for the companies’ property and casualty insurance operations. Domino previously …