Posts by Hometown Insurance
Another Downgrade for State Farm General: S&P Lowers Rating to A-
Earlier this month, Standard & Poor’s Global Ratings announced another downgrade for State Farm General Insurance Co., lowering the California company’s financial strength rating to A- in spite of a show of financial support from its parent. In May, S&P …
Read More Norway Spy Chief Blames Russian Hackers for Dam Sabotage in April
Russian hackers briefly took control of a dam in Norway earlier this year, the head of the Nordic country’s counter-intelligence agency said on Wednesday, the first time Oslo has officially attributed the cyberattack to its neighbor. While in command of …
Read More Australia Pension Fund Mercer Sued Over Customer Disclosures
Australia’s financial regulator is suing A$70 billion ($46 billion) pension fund Mercer Super, accusing it of failing to report multiple investigations into serious member services issues. In a Federal Court filing, the Australian Securities and Investments Commission alleged between October …
Read More Swiss Re Sets Up Task Force to Monitor Tariff Impact
Swiss Re AG has set up a task force to see how the tariffs installed by the United States against Switzerland and other countries is impacting the Zurich-based reinsurer. Chief Executive Officer Andreas Berger said he doesn’t see the tariffs …
Read More Hong Kong Extends Record Rain Warnings as Podul Skirts City
Hong Kong’s central business district and outer airport were hit by violent gusts and a deluge of heavy rain on Thursday, with the city again issuing its highest rain warning as Tropical Storm Podul passed the region. Parts of Hong …
Read More Nigeria Gives Insurers a Year to Boost Capital Fivefold
Nigeria increased capital requirements for insurance businesses fivefold and gave operators a year to comply or risk losing their licenses. The capital threshold for non-life insurers was raised to 15 billion naira ($9.8 million) from 3 billion naira that of …
Read More Mission, Purpose Not High on Wish Lists of Industry Newbies: Informal Talent Poll
A poll of workers recently hired into the property/casualty insurance industry conducted during a Travelers Institute webinar last month produced some unusual results, surprising one webinar panelist who leads a key business segment at Travelers. Only 20 percent of responding …
Read More Senator Schiff Brings Back Idea of Federal Reinsurance Program
Sen. Adam Schiff recently reintroduced his Incorporating National Support for Unprecedented Risks and Emergencies (INSURE) Act to create a federal catastrophic reinsurance program. The insurance industry promptly reintroduced their opposition. “The INSURE Act may sound helpful on paper but would …
Read More People: Sterling Seacrest Pritchard Adds QB Jake Fromm to the Backfield
Former University of Georgia and NFL quarterback Jake Fromm has been hired as client advisor for Georgia-based insurance broker Sterling Seacrest Pritchard. “I’m excited to start this new chapter of my life, building new and long-lasting relationships, and helping people …
Read More $36M Clearinghouse System Has Problems, Some Fla. Agents Say. Citizens Disagrees
It was supposed to simplify and speed the process for insurance agents trying to find private coverage for Citizens policyholders, a vital link in depopulating Florida’s oversized insurer of last resort. But a year after the $36 million Citizens clearinghouse …
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