A two-year-old effort to increase parity between new customer premiums and renewal premiums in the British insurance industry has thus far been successful, two trade groups said Friday, nine months after a financial regulator expressed concerns about insurance pricing.
Ohio-based insurer State Auto Financial on Thursday extended CEO Mike LaRocco’s employment agreement for an extra year, as the superregional carrier seeks a return to stability and profitability amid pandemic-related disruption.
AM Best has placed Pennsylvania-based Erie Insurance Group and its subsidiaries on a negative credit outlook, citing lagging underwriting performance due to weather-related losses, the ratings agency said Friday.
London-based financial and insurance firm Legal & General wants to see the U.K. implement stringent efficiency standards and emission targets for the country’s buildings during the country’s post-pandemic economic recovery.
Admiral Insurance has begun selling travel insurance with specific provisions related to COVID-19, after a four-month hiatus in the business, as the United Kingdom eases quarantine requirements, making travel abroad less cumbersome.
Lloyd’s of London said Friday that it plans to stop accepting admitted market accounts in the U.S. in a year as part of an effort to “strengthen its focus” on the U.S. reinsurance and excess and surplus insurance market.
Insurance company Chubb said in a proposal released on Wednesday that there should be a governmental role in covering business-interruption losses caused by pandemics, arguing that private insurers are unable to provide coverage on their own.
An international banking institution offered reforms to better handle failing banks in the European Union in a report published Thursday, suggesting that the EU should implement deposit insurance and standardize nation-level insolvency laws.
U.S. insurance companies could get a second extra year to come into compliance with new financial reporting rules for long-term contracts such as life and annuity, continuing a recent trend in postponements of significant new accounting standards.
Fidelity National Information Services said on Thursday that it has launched Ethos, a data ecosystem that will give clients a “unified view of data across their entire enterprise,” as data takes on increasing importance for financial institutions.
Embattled reinsurer IRB Brasil Resseguros said Thursday that it will raise as much as 2.3 billion reais ($430 million) as it bolsters its capital position at the request of Brazil’s insurance regulator.
A hailstorm that pummeled Calgary last month was the most expensive in Canada’s history, costing insurers 1.2 billion Canadian dollars ($884 million) in property damages, the Insurance Bureau of Canada said Wednesday.
Wealth management company Northern Trust has taken on three new European insurance clients, it said Thursday, providing global custody services to help protect the companies’ assets.
Asset manager DWS said Thursday it has entered into a strategic partnership with the private markets division of Northwestern Mutual “to identify and develop private market opportunities.”
Despite the global pandemic’s economic impact, Prudential Retirement said Thursday that it has flourished in the first half of 2020, closing some $1.7 billion in new longevity reinsurance transactions thanks to a resilient U.K. pension market.
Global insurance premium volumes are set to recover to pre-coronavirus pandemic levels in 2021, despite a more “protracted recovery” in the global economy, Swiss Re Institute said Thursday.
JPMorgan Chase suspended plans to open its offices in Columbus, Ohio, after the Midwestern state had its highest day for new coronavirus cases on July 3, bank spokesperson Carlene Lule told Fastinform Wednesday.
U.S. insurer Nationwide and insurtech Bold Penguin will begin testing a new digital portal designed to connect independent insurance agents and small-business owners while lockdowns force many customers to rely on online insurance shopping.
German insurer Munich Re has launched a new miscellaneous professional liability insurance through its U.S.-based specialty unit, despite an uptick in claims within the past year that has caused some carriers to curtail coverage.
North Carolina-based Genworth Mortgage Insurance has secured up to $300 million of additional capital protection, the company said Wednesday, providing it with reinsurance coverage above what is legally required in anticipation of increased delinquencies because of COVID-19.