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Starr Insurance Receives License to Sell Commercial Insurance Across South Korea

Insurance Journal

Starr Insurance reported that South Korea’s Financial Services Commission has granted Starr International Insurance (Singapore) Pte. Korea branch, a license to operate in Seoul and begin selling commercial property/casualty insurance throughout Korea. “Korea is one of the largest commercial

License 264
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Commercial Auto Insurance Profit Struggles Continue

Insurance Journal

The commercial auto insurance segment maintained its place as a weaker-performing U.S. property/casualty insurance product line in 2023. Despite successive periods of pricing and underwriting actions, commercial auto has generated a statutory combined ratio above 100 in 12 of the …

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Risk Strategies Acquires Felsen Insurance of New Jersey

Insurance Journal

North American specialty insurance brokerage Risk Strategies reports it has acquired Felsen Insurance Services, Inc., a New Jersey-based agency offering commercial and personal property/casualty insurance. Terms of the deal were not disclosed. Established in 1985, Felsen is based in Denville, …

Risk 257
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Global Commercial Insurance Rates See 1st Quarterly Decline in Seven Years: Marsh

Insurance Journal

Global commercial insurance rates fell 1% in the third quarter of 2024 from the previous quarter, which marked the first time the index has recorded a quarterly decline since the third quarter of 2017, according to the Global Insurance Market …

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Markets/Coverages: Sompo Launches Marine Insurance Proposition for UK Market

Insurance Journal

Sompo, the Bermuda-based provider of commercial and consumer property/casualty insurance and reinsurance, announced the launch of a new national marine insurance proposition for the United Kingdom. Sompo’s Marine Cargo UK policy and its Transport & Logistics propositions are both designed …

Marine 264
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Outlooks Revised to Positive for Louisiana Workers’ Comp Insurer Stonetrust

Insurance Journal

AM Best revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Stonetrust Commercial Insurance Company and Stonetrust Premier Casualty Insurance Company. Stonetrust is …

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US P/C Insurers Post Best Q1 Underwriting Result in 17 Years

Insurance Journal

By Susanne Sclafane Even though direct loss ratios for commercial auto and other liability lines rose in first-quarter 2024, across all lines U.S. property/casualty insurers posted a net combined ratio of 94 — the best since first-quarter 2007. Translating to …