Insurance - Insurance Industry Brief

California Expands Moratorium on Homeowners Insurance Cancellations and Non-Renewals

Insurance Journal

JANUARY 15, 2025

California Insurance Commissioner Ricardo Lara expanded emergency insurance protections for Southern California homeowners, adding new ZIP Codes to those already under a mandatory one-year moratorium on insurance non-renewals and cancellations. The expanded order shields those within the perimeters or adjoining …

Insurance

Insurance Insurer Insured Protection

Los Angeles Fires Become Existential Test for California’s Stopgap Insurer

Insurance Journal

JANUARY 9, 2025

history, draining insurance coffers and threatening California’s massive state-sponsored insurance program. Losses from the fires “could push insurance markets over the … The conflagrations tearing across Los Angeles are on track to be among the most expensive wildfire disasters in U.S.

Insurance

Insurance Insurer Insured Property Insurance

Strate Insurance in Tennessee Merges with Main Street Insurance Group

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

Insurance Insurer Insured

LA Wildfires Losses Could Top $30 Billion for Insurance Industry

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

Insurance Industry Insurance Insurer Insured

Streamline Insurance Claims Management By Analyzing Legal Trends

Advertiser: Trellis

Insurance professionals use Trellis to streamline claims management by analyzing legal trends, predicting outcomes, and strategizing effectively to serve clients better. What's more, our Insurance API equips insurance carriers with litigation records and comprehensive claims insights.

Insurance Claim

Polo Insurance Managers Launches Clockwork Re

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

Commercial Insurance Insurer Insured

Insured Losses From Los Angeles Wildfires Rising: $8B to $20B

Insurance Journal

JANUARY 9, 2025

With aerial firefighting returning as strong Southern California winds died down for a bit, damage assessments from a handful of destructive Los Angeles area blazes are sure to become clearerlikely pushing up billion-dollar-plus insured loss estimates put forth from fires …

Damage

Damage Insurance Insurer Insured

Re/Insurance Losses From LA Wildfires Expected to Be Significant but Manageable: S&P

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

Insurance Insurer Insured

Trucordia Acquires Insurance Business of Boulder Insurance in Colorado

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

Insurance Insurer Insured

Union Bay Acquires Pennsylvania’s Loyalhanna Insurance Group

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

Insurance Agency Insurance Insurer Insured

California Wildfires Will Likely Lead to Large Economic and Insured Losses

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

Insurance Insurer Insured Damage

Former California Insurance Agent Convicted After Stealing $3.7M

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

Insurance Agent Insurance Agents Agents Premium

3rd-Party Litigation Funding, Federal Regs Among Insurance Trades’ Priorities for 2024

Insurance Journal

DECEMBER 26, 2024

Insurance trade organizations are always working for the industry so Insurance Journal asked them: What are the top priorities and/or challenges heading into 2025? Sampson, president and CEO, American Property Casualty Insurers … Here are the responses we received: David A.

Casualty Insurance

Casualty Insurance Insurance Insurer Insured

With Waters and Mandates Rising, HoneyQuote Adds Flood Insurance Price Tool

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

Policyholder Insurance Quotes Property Insurance Insurance

Viewpoint: It Is Insurers’ Time to Lead a Resilience Revolution

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

Insurance Industry Insurance Insurer Insured

Verisk to Get First Cat Model Under Review for Insurance Ratemaking in California

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

Insurance Carrier Insurance Insurer Insured

Insurance Journal’s ‘Agents of the Year’ Nomination Deadline Soon.

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

Agents Insurance Insurer Insured

Judge Triples Jury Award in Nautilus Insurance Suit Against Murdaugh Accomplice

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

Damage Insurance Insurer Insured

Iowa Insurance Division Joins $17M Settlement With Edward Jones

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

Broker Insurance Insurer Insured

Virginia’s Andrew Agency Acquires Richmond Insurance Agency

Insurance Journal

JANUARY 8, 2025

Founded in 1963, GLM Insurance is a third-generation family-owned agency providing personal and commercial insurance throughout Virginia and North Carolina. The Andrew Agency has acquired Garriques, Lloyd & McMahon in Richmond, Virginia. The Andrews Agency is an independent agency based …

Insurance Agency

Insurance Agency Commercial Insurance Commercial Insurance

DARAG Acquires Run-Off Portfolio From wefox Insurance AG

Insurance Journal

JANUARY 14, 2025

DARAG, a leading legacy acquirer with a focus on the European and UK market, and wefox Insurance AG, the Liechtenstein-domiciled insurance carrier of wefox Group, announced the transfer of a run-off portfolio including motor damage and third-party liability, private liability …

Liability

Liability Insurance Carrier Damage Insurance

SageSure Closes Acquisition of GeoVera Advantage Insurance Services in California

Insurance Journal

JANUARY 2, 2025

SageSure closed the acquisition of GeoVera Advantage Insurance Services LLC in Fairfield, California. The entity will now function as a newly formed managing general agent and includes the residential earthquake risk underwriting franchise. As part of the transaction, SageSure has …

Underwriter

Underwriter Underwriting Agents Insurance

Cyber Insurance Market to Expand as Risks Evolve: Gallagher

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

Cyber Risk Insurance Carrier Insurance

Campbell Named Acting Director of Missouri Department of Commerce and Insurance

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

Insurance Insurer Insured

Florida Store Owner Who Faked Death for Insurance Gets Sentenced Commuted

Insurance Journal

JANUARY 14, 2025

Floridians may remember the strange case of Jacksonville businessman Jose Lantigua, who faked his own death in 2013 in an attempt to collect millions of dollars in life insurance proceeds. His deeds earned him a spot on the Coalition Against …

Life Insurance

Life Insurance Insurance Insurer Insured

With Help From Uber, New Group Seeks Reforms to Lower New York’s Insurance Costs

Insurance Journal

JANUARY 15, 2025

A new coalition with backing from Uber Technologies is launching a campaign to lower insurance costs for consumers and small businesses in New York State. The community organizations behind Citizens for Affordable Rates (CAR) maintain that insurance costs for auto, …

Insurance

Insurance Insurer Insured

ZestyAI Receives Approval From Missouri Department of Insurance

Insurance Journal

JANUARY 9, 2025

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

Insurance

Insurance Insurer Insured Risk

Insured Losses From Natural Disasters Hit $140B as Climate Change ‘Shows Its Claws’

Insurance Journal

JANUARY 9, 2025

Insurers saw the third most expensive year for natural catastrophe losses in 2024 reaching a total of US$140 billion as climate change “is showing its claws,” according to Munich Re. Overall economic losses from natural disasters worldwide reached …

Insurance

Insurance Insurer Insured

Fiesta Auto Insurance Expands in Texas With Katy Location

Insurance Journal

JANUARY 15, 2025

Fiesta Auto Insurance and Tax Services announced the signing of new a deal to open its latest location in Katy, Texas. The office will be located at 3939 N. Fry Road, Suite B. This new location will mark Fiesta’s 30th …

Auto Insurance

Auto Insurance Insurance Insurer Insured

Massachusetts to Hike Some Mandatory Auto Insurance Coverage Limits in 2025

Insurance Journal

JANUARY 9, 2025

Massachusetts Governor Maura Healey recently signed legislation increasing the minimum coverage limits of auto insurance for some mandatory coverages. These new limits will apply to policies issued or renewed on or after July 1, 2025: Bodily Injury Coverage increases from …

Auto Insurance

Auto Insurance Injury Insurance Insurer

Seibels Bruce, One of the South’s Oldest Insurance Companies, Closes its Doors

Insurance Journal

JANUARY 17, 2025

Two decades after its subsidiaries were deemed insolvent and 155 years after it was founded, one of the oldest insurance companies in the South has officially gone out of business. Seibels Bruce & Company’s 128,000-square-foot office building in Columbia, South …

Insurance Companies

Insurance Companies Building Insurance Insurer

People Moves: Film Broker Baratta Joins Front Row Insurance in Los Angeles

Insurance Journal

JANUARY 12, 2025

Front Row Insurance Brokers LLC hired film insurance broker Anthony Baratta to its Los Angeles office. Baratta joins Front Row after a 16-year career at Gallagher Entertainment, where he served as area senior vice president. Baratta began his career at …

Broker

Broker Insurance Broker Insurance Insurer

UK Insurer Aviva to Cut Up to 2,300 Jobs in $4.65 Billion Direct Line Deal

Insurance Journal

DECEMBER 31, 2024

British insurer Aviva could cut up to 2,300 jobs as it takes over smaller rival Direct Line in a 3.7 billion pound ($4.65 billion) cash-and-stock deal, the companies said on Monday [Dec. 23], creating the UK’s largest home and motor …

Insurance

Insurance Insurer Insured

Top Climate Group for Banks, Insurers, and Asset Managers Is Making Changes

Insurance Journal

JANUARY 2, 2025

The world’s biggest climate coalition for financial firms is making adjustments after several high-profile banks, insurers and asset managers opted out. The Glasgow Financial Alliance for Net Zero, which was established in 2021 and operates as an umbrella group for …

Insurance

Insurance Insurer Insured

People Moves: GuideOne Insurance Appoints Wei Huang to Board of Directors

Insurance Journal

JANUARY 9, 2025

GuideOne Insurance, headquartered in West De Moines, Iowa, appointed Wei Huang to its board of directors. Huang, who serves as the senior vice president and senior client investment officer at Northern Trust Asset Management, has over two decades of experience …

Insurance

Insurance Insurer Insured

Edison Denies LA Wildfire Involvement as Insurers Ask It to Preserve Evidence

Insurance Journal

JANUARY 10, 2025

Southern California Edison said on Thursday it had received notices from insurance companies to preserve evidence related to the Eaton Fire that is still burning in Los Angeles, but said no fire agencies have pointed the utility’s connection to the …

Insurance Companies

Insurance Companies Insurance Insurer Insured

People Moves: Fairfax Insurance Names Young as President, Barnard as Chair; Acrisure Appoints Industry Veteran Reith as Exec Chair of MGA Unit Volante

Insurance Journal

JANUARY 3, 2025

This edition of International People Moves details at Fairfax Insurance Group and Acrisure’s Volante. Fairfax Insurance Group Names Young as President, Barnard as Chair Fairfax Financial Holdings Ltd. A summary of these new hires follows here. announced that Brian Young …

Insurance

Insurance Insurer Insured

People Moves: Arch Insurance (EU) dac Promotes Smith to CEO, Succeeding Scheuer; BHSI Taps SCOR’s Le Gall as Head of Casualty in France

Insurance Journal

JANUARY 13, 2025

This edition of International People Moves details appointments at Arch Insurance and Berkshire Hathaway Specialty Insurance. Arch Insurance (EU) dac Promotes Smith to CEO, Succeeding Scheuer Arch Insurance (EU) dac (AIEU) announced … A summary of these new hires follows here.

Insurance

Insurance Insurer Insured

Insurance Council of Provides Expert Tips for Winter Weather

Insurance Journal

JANUARY 16, 2025

With freezing temperatures projected to hit Texas in the coming days, the Insurance Council of Texas is offering instruction on how residents can prepare for and handle winter weather, ensuring their homes and vehicles are ready. Key issues affecting Texans …

Insurance

Insurance Insurer Insured

He Saved the Chocolates But Lost His Workers’ Compensation Insurance

Insurance Journal

DECEMBER 31, 2024

An employee who was injured when rescuing chocolate candies from the heat in his employer-owned delivery truck is not due workers’ compensation benefits. The Virginia Workers’ Compensation Commission (WCC) upheld a deputy commissioner’s denial of benefits, agreeing that Ronald Mark …

Workers Compensation Insurance

Workers Compensation Insurance Workers Compensation Compensation Insurance

Maine Storm Resilience Proposal Includes Insurance Industry-Funded Mitigation Grants

Insurance Journal

JANUARY 9, 2025

Maine Governor Janet Mills along with House and Senate leaders are championing major legislation to strengthen the ability of local communities, homeowners, businesses, and emergency responders to prepare for and withstand future severe storms. The bipartisan legislation, sponsored by Senate …

Insurance Industry

Insurance Industry Insurance Insurer Insured

Maine Town Plan to Remove Two Dams Includes Marina Insurance Measure

Insurance Journal

JANUARY 16, 2025

The Yarmouth town council voted unanimously this month to remove two town-owned dams on the Royal River and consider fish passage improvements at a stretch of rapids in between them, a historic vote more than two decades in the making.

Insurance

Insurance Insurer Insured

When EVs Take Off: AM Best Reviews Impact on China Motor Insurance

Insurance Journal

JANUARY 9, 2025

Premiums for policies covering new energy vehicles in China have soared to $13.8 billiona six-fold jump from the level recorded five years earlier, AM Best said in a special report. According to the report, “China’s New Energy Vehicle Boom Transforms …

Premium

Premium Policy Insurance Insurer

California Commissioner Issues Regulation to Allow Reinsurance in Ratemaking

Insurance Journal

DECEMBER 30, 2024

California Insurance Commissioner Ricardo Lara on Monday announced what he is calling the final step in his efforts to help the state’s ailing homeowners insurance market with the Net Cost of Reinsurance in Ratemaking Regulation, which enables reinsurance as a …

Insurance

Insurance Insurer Insured

California Expands Moratorium on Homeowners Insurance Cancellations and Non-Renewals

Los Angeles Fires Become Existential Test for California’s Stopgap Insurer

Trending Sources

Strate Insurance in Tennessee Merges with Main Street Insurance Group

LA Wildfires Losses Could Top $30 Billion for Insurance Industry

Streamline Insurance Claims Management By Analyzing Legal Trends

Polo Insurance Managers Launches Clockwork Re

Insured Losses From Los Angeles Wildfires Rising: $8B to $20B

Re/Insurance Losses From LA Wildfires Expected to Be Significant but Manageable: S&P

Trucordia Acquires Insurance Business of Boulder Insurance in Colorado

Union Bay Acquires Pennsylvania’s Loyalhanna Insurance Group

California Wildfires Will Likely Lead to Large Economic and Insured Losses

Former California Insurance Agent Convicted After Stealing $3.7M

3rd-Party Litigation Funding, Federal Regs Among Insurance Trades’ Priorities for 2024

With Waters and Mandates Rising, HoneyQuote Adds Flood Insurance Price Tool

Viewpoint: It Is Insurers’ Time to Lead a Resilience Revolution

Verisk to Get First Cat Model Under Review for Insurance Ratemaking in California

Insurance Journal’s ‘Agents of the Year’ Nomination Deadline Soon.

Judge Triples Jury Award in Nautilus Insurance Suit Against Murdaugh Accomplice

Iowa Insurance Division Joins $17M Settlement With Edward Jones

Virginia’s Andrew Agency Acquires Richmond Insurance Agency

DARAG Acquires Run-Off Portfolio From wefox Insurance AG

SageSure Closes Acquisition of GeoVera Advantage Insurance Services in California

Cyber Insurance Market to Expand as Risks Evolve: Gallagher

Campbell Named Acting Director of Missouri Department of Commerce and Insurance

Florida Store Owner Who Faked Death for Insurance Gets Sentenced Commuted

With Help From Uber, New Group Seeks Reforms to Lower New York’s Insurance Costs

ZestyAI Receives Approval From Missouri Department of Insurance

Insured Losses From Natural Disasters Hit $140B as Climate Change ‘Shows Its Claws’

Fiesta Auto Insurance Expands in Texas With Katy Location

Massachusetts to Hike Some Mandatory Auto Insurance Coverage Limits in 2025

Seibels Bruce, One of the South’s Oldest Insurance Companies, Closes its Doors

People Moves: Film Broker Baratta Joins Front Row Insurance in Los Angeles

UK Insurer Aviva to Cut Up to 2,300 Jobs in $4.65 Billion Direct Line Deal

Top Climate Group for Banks, Insurers, and Asset Managers Is Making Changes

People Moves: GuideOne Insurance Appoints Wei Huang to Board of Directors

Edison Denies LA Wildfire Involvement as Insurers Ask It to Preserve Evidence

People Moves: Fairfax Insurance Names Young as President, Barnard as Chair; Acrisure Appoints Industry Veteran Reith as Exec Chair of MGA Unit Volante

People Moves: Arch Insurance (EU) dac Promotes Smith to CEO, Succeeding Scheuer; BHSI Taps SCOR’s Le Gall as Head of Casualty in France

Insurance Council of Provides Expert Tips for Winter Weather

He Saved the Chocolates But Lost His Workers’ Compensation Insurance

Maine Storm Resilience Proposal Includes Insurance Industry-Funded Mitigation Grants

Maine Town Plan to Remove Two Dams Includes Marina Insurance Measure

When EVs Take Off: AM Best Reviews Impact on China Motor Insurance

California Commissioner Issues Regulation to Allow Reinsurance in Ratemaking

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