Insurance Journal

JANUARY 10, 2025

Insurers are facing significant losses from the catastrophic Los Angeles wildfires — given the high value of homes and businesses in the affected communities. However, those losses are likely to be manageable for both insurers and their reinsurers, with preliminary …

Insurance 325

Insurance Insurer Insured 325

Insurance Journal

SEPTEMBER 17, 2024

US property insurance rates are decreasing for the first time in almost seven years, after insurers returned to profitability amid lower losses tied to catastrophes. The average US property insurance rate decreased 0.94% in the second quarter from a year …

Property Insurance 325

Property Insurance Insurance Insurer Insured 325

Insurance Journal

JANUARY 8, 2025

Active wind-driven wildfires in Southern California that are estimated to have burned more than 1,000 properties and prompted evacuation orders for more than 80,000 residents will likely lead to what industry watchers say will be sizable insured losses. With the …

Insurance 317

Insurance Insurer Insured Damage 317

Insurance Journal

DECEMBER 23, 2024

Insurance commissioners from nine states are looking to the new Department of Government Efficiency to do away with the Federal Insurance Office. The letter, addressed to DOGE heads Elon Musk and Vivek Ramaswamy, said the FIO’s mission of monitoring the …

Insurance 273

Insurance Insurer Insured 273

Insurance Journal

JANUARY 15, 2025

Trucordia acquired the insurance business of Boulder Insurance Solutions in Colorado. Boulder Insurance Solutions is full-service brokerage in serving small- to mid-sized businesses. Trucordia, formerly PCF Insurance Services, is the group name for the brokerage headquartered in Lindon, Utah.

Insurance 214

Insurance Insurer Insured 214

Insurance Journal

JULY 16, 2024

Yield-hungry insurance firms are adopting an unconventional strategy: they’re skipping mortgage-backed bonds and buying the underlying whole loans outright. Last year alone, insurers increased their holdings of residential … It’s a trend that’s picked up pace over the last few years.

Insurance 337

Insurance Insurer Insured 337

Insurance Journal

OCTOBER 16, 2024

Catastrophe modeler Verisk said it expects insured losses from Hurricane Milton will be between $30 billion and $50 billion from damages caused mostly by wind. Verisk’s Extreme Event Solutions group said the range includes privately insured losses to onshore property …

Damage 324

Damage Insurance Insurer Insured 324

Insurance Journal

JANUARY 6, 2025

A former insurance agent plead guilty to stealing premium from a premium finance company. Formerly licensed insurance agent Tonja Van Roy, 59, who currently resides in Las Vegas, but operated an insurance agency based in Northridge, California, pleaded guilty today …

Insurance Agent 263

Insurance Agent Insurance Agents Agents Premium 263

Insurance Journal

JANUARY 14, 2025

Wildfires that have ravaged swaths of Los Angeles could result in losses of as much as $30 billion for the insurance industry as the blazes rage on almost a week after they ignited. The new estimates from Wells Fargo & …

Insurance Industry 289

Insurance Industry Insurance Insurer Insured 289

Insurance Journal

DECEMBER 29, 2024

Loyalhanna Insurance Group of Latrobe, Pennsylvania has been acquired by Union Bay Acquisition LLC, an aggregator of insurance agencies based in Lansdale, Pennsylvania. Terms were not disclosed. This acquisition is Union Bay’s sixteenth, and seventh in the state of Pennsylvania.

Insurance Agency 260

Insurance Agency Insurance Insurer Insured 260

Insurance Journal

JANUARY 14, 2025

Insurance Journal is searching for the nation’s leading independent agents and producers to become part of Insurance Journal’s Agents of the Year listing to be published … Are you a top agent/producer? Do you know someone at your agency who is?

Agents 264

Agents Insurance Insurer Insured 264

Insurance Journal

SEPTEMBER 6, 2024

New York’s insurance regulator ordered American Transit Insurance Co. to immediately find capital and explore a sale in a damning report laying out its severe financial condition. The report laid out dozens of potential financial improprieties and accounting problems at …

Insurance 312

Insurance Insurer Insured 312

Insurance Journal

JANUARY 5, 2025

Strate Insurance Group, a personal lines agency with offices in five Tennessee cities, is merging with Main Street Insurance Group, a 127-year-old agency with locales in North Carolina. Strate officers said in a news release that the merged firm will …

Insurance 224

Insurance Insurer Insured 224

Insurance Journal

SEPTEMBER 26, 2024

insurance rates. A new article directly blames climate change for rising U.S. While the article mulls the various and numerous reasons for rising rates, it calls out what the author sees as a “common thread” that ties in rising rates …

Insurance 306

Insurance Insurer Insured 306

Insurance Journal

JANUARY 13, 2025

As more policyholders with Florida’s Citizens Property Insurance are statutorily required to purchase flood insurance, another insurance rate-quoting service has gotten in on the act. Officials with HoneyQuote.com announced Monday that the firm has started offering flood insurance quotes from …

Policyholder 246

Policyholder Insurance Quotes Property Insurance Insurance 246

Insurance Journal

DECEMBER 29, 2024

The three largest insurers brokers each announced or closed multi-billion-dollar acquisitions in 2024. The topic was one of many in which readers of Insurance Journal kept a close eye. Difficulties in the personal auto insurance line of business gave way …

Auto Insurance 242

Auto Insurance Insurance Broker Broker Insurance 242

Insurance Journal

NOVEMBER 4, 2024

The National Flood Insurance Program will soon start to accept monthly payments for flood insurance premiums, ending 55 years of requiring full payment upon application or renewal. The Federal Emergency Management Agency(FEMA), administrator of the NFIP, said the change was …

Premium 275

Premium Insurance Insurer Insured 275

Insurance Journal

SEPTEMBER 4, 2024

In an unassuming white and blue office building in Freeport, a few miles into Nassau County, sits the headquarters of American Transit Insurance Co. The 52-year-old, family-owned firm is hardly a household name, but it’s vital to how New Yorkers …

Risk 312

Risk Building Insurance Insurer 312

Insurance Journal

NOVEMBER 27, 2024

A Wisconsin man has been charged with defrauding the Federal Crop Insurance Program, the U.S. Meier, 52, Ogema, is charged with defrauding the federal crop insurance program. Attorney’s Office for the Western District of Wisconsin announced. The indictment …

Insurance 265

Insurance Insurer Insured 265

Insurance Journal

OCTOBER 28, 2024

A federal appeals court has affirmed that a homeowners insurance policy does not cover the theft of cryptocurrency because the loss of a digital currency does not involve a “direct physical loss” as required by the policy. The Fourth Circuit …

Theft 304

Theft Insurance Policy Policy Insurance 304

Insurance Journal

NOVEMBER 17, 2024

The insurance industry is facing a significant rise in roof-related claims. The combination of increasingly severe weather events, inflation-driven repair costs and the growing issue of roofing scams has created a perfect storm — one that is straining insurer portfolios …

Home Insurance 273

Home Insurance Claim Insurance Industry Insurance 273

Insurance Journal

JANUARY 13, 2025

A federal judge last week tripled the damages that Alex Murdaugh’s co-conspirator must pay to Nautilus Insurance Co., million plus significant attorney fees incurred by the insurer. bringing the total to $3.75 A jury last week found Cory Fleming, …

Damage 244

Damage Insurance Insurer Insured 244

Insurance Journal

JANUARY 2, 2025

Verisk said on Thursday it will be the first modeler to request a review of its wildfire catastrophe model under a reform pushed by California Insurance Commissioner Ricardo Lara. The reform allows catastrophe models to be used by insurance carriers …

Insurance Carrier 265

Insurance Carrier Insurance Insurer Insured 265

Insurance Journal

DECEMBER 30, 2024

Readers of Insurance Journal were drawn to South Central headlines detailing the complexities facing the insurance industry, from legal and regulatory issues to the evolving landscape of cyber threats and natural disasters. Other popular topics include insurance fraud and unscrupulous …

Cyber 246

Cyber Insurance Industry Insurance Insurer 246

Insurance Journal

SEPTEMBER 25, 2024

Millions of Americans have been watching with growing alarm as their homeowners insurance premiums rise and their coverage shrinks. Nationwide, premiums rose 34% between 2017 and 2023, and they continued to rise in 2024 across much of the country. To …

Home Insurance 328

Home Insurance Premium Insurance Insurer 328

Insurance Journal

DECEMBER 27, 2024

Inszone Insurance Services announced the acquisition of Roten & Company Insurance, a longstanding family-owned and operated insurance agency based in San Antonio, Texas. This acquisition strengthens Inszone’s footprint in Texas and enhances its ability to deliver personalized insurance solutions to …

Insurance Agency 230

Insurance Agency Insurance Insurer Insured 230

Insurance Journal

JANUARY 3, 2025

Governor Mike Parson announced that Mick Campbell will take over as the Acting Director of the Department of Commerce and Insurance (DCI) effective January 1, 2025. Campbell currently serves as the Commissioner of Finance for DCI. “We have announced that …

Insurance 269

Insurance Insurer Insured 269

Insurance Journal

DECEMBER 23, 2024

ZestyAI, a provider of AI-informed climate and property risk analytics solutions, has received regulatory approval from the Iowa Insurance Division for its Severe Convective Storm suite, including Z-HAIL, Z-WIND, and Z-STORM. ZestyAI’s Severe Convective Storm suite has already received approvals …

Insurance 256

Insurance Insurer Insured Risk 256

Insurance Journal

JANUARY 8, 2025

There is a risk crisis affecting the insurance industry. Hurricanes Helene and Milton left a trail of tens of billions of dollars of destruction across the southeastern United States. These latest storms have shown that no region is safe from …

Insurance Industry 256

Insurance Industry Insurance Insurer Insured 256

Insurance Journal

JANUARY 14, 2025

The Iowa Insurance Division, a member of the North American Securities Administrators Association (NASAA), announced last week it has joined a $17 million settlement with Edward D. Jones & Co., Edward Jones) resulting from an investigation into the broker-dealer’s …

Broker 238

Broker Insurance Insurer Insured 238

Insurance Journal

DECEMBER 30, 2024

announced the acquisition of Tustin, California-based Murray Gardner Insurance Agency Inc., dba BMR Insurance. BMR Insurance is a retail insurance agency serving commercial and personal lines clients primarily … Gallagher & Co. Terms of the transaction were not disclosed.

Insurance Agency 230

Insurance Agency Commercial Insurance Insurer 230

Insurance Journal

DECEMBER 30, 2024

Wildfires and their effect on the California’s homeowners insurance crisis dominated Insurance Journal’s West headlines this year. Other popular stories included big lawsuits, and stories on fraudsters and bad actors being caught and punished. Following is the top 10 list …

Insurance 228

Insurance Insurer Insured Workers Compensation 228

Insurance Journal

DECEMBER 23, 2024

RiverStone International, the London-based provider of legacy solutions, announced it has signed an agreement with the French branch of Zurich Insurance Europe and Zurich Insurance Co. to provide a loss portfolio transfer reinsurance (LPT) and an insurance business transfer relating …

Insurance 234

Insurance Insurer Insured 234

Insurance Journal

JANUARY 14, 2025

Polo Insurance Managers (PIM), the Guernsey based insurance manager business within the PoloWorks group, announced the launch of Clockwork Re a newly established Category 4 Commercial General Reinsurer in Guernsey. Clockwork Re has been formed to access superior insurance …

Commercial 200

Commercial Insurance Insurer Insured 200

Insurance Journal

DECEMBER 2, 2024

personal lines insurance segment for 2025, citing improved rate and pricing conditions, particularly in the auto insurance space, along with solid levels of risk-adjusted capitalization among carriers. AM Best has revised its outlook to stable from negative for the U.S.

Auto Insurance 298

Auto Insurance Insurance Insurer Insured 298

Insurance Journal

DECEMBER 29, 2024

What do a demolished bridge, insolvent taxi insurer, jailed gang member, upset Mets fan, malfunctioning elevator, drunk injured employee, and a convicted politician have in common? They are all central players in the some of the top Insurance Journal East …

Insurance 227

Insurance Insurer Insured 227

Insurance Journal

JANUARY 16, 2025

Intense competition among cyber insurance carriers has resulted in higher limits, enhanced cyber risk management services, flexibility in insurance … While 2024 brought record-breaking data-breach costs and evolving cyber risk, all signs point to stable rates and ample capacity in 2025.

Cyber 220

Cyber Risk Insurance Carrier Insurance 220