INSURANCE NEWS
Hurricane Otis’ Impact on Mexico Insurance Industry Expected to Be ‘Controlled’: Fitch
Fitch Ratings expects Hurricane Otis’ effects on Mexico’s insurance industry to be controlled and within its current ratings expectations, the agency said in a statement on Wednesday. “Fitch Ratings expects that the credit impact will be negligible on the Mexican …
Zurich Insurance to Buy 51% in India’s Kotak General for $487 Million
Zurich Insurance Co. has agreed to buy a majority stake in Kotak Mahindra General Insurance Co. for 40.51 billion rupees ($487 million), including infusion of fresh capital. The Switzerland-based insurer will buy 51% stake in Kotak Mahindra Bank’s insurance unit …
Progressive in a Better Place With Reserve Boosts Done, CEO Says
Shoring up loss reserves and adding “the premium equivalent” of a top 8 personal auto insurer to its books has put Progressive in a better place now than it was at the end of the second quarter. The carrier’s chief …
People Moves: Multiple Moves at Markel Specialty as Sanders to Retire by 2024 End
Markel said Bryan Sanders, president of its Markel Specialty division, plans to retire by December 31, 2024. Sanders, who joined Markel in 2013 as part of the Alterra Capital Holdings, Ltd. acquisition, has more than 42 years in the insurance …
Allstate, Allianz X Invest $265M in NEXT Insurance and Partner to Expand Reach
NEXT Insurance said Allstate and Allianz X have invested $265 million in the digital small business insurer. NEXT and Allstate will partner on bringing new commercial products to what they call an underserved target market of 33 million small businesses. …
Jury Finds Realtors Liable for Inflating Commissions, Awards $1.78B Damages
A U.S. jury on Tuesday found the National Association of Realtors and some residential brokerages, including units of Warren Buffett’s Berkshire Hathaway liable to pay $1.78 billion in damages for conspiring to artificially inflate commissions for home sales. The verdict …
South Florida P-C Insurance Agent Charged with Swiping $131,000 in Premiums
A south Florida insurance agent has been charged with absconding with more than $130,000 in premiums, leaving property owners uninsured after Hurricane Ian. Naser Al-Sweity, of Boca Raton, was booked into Palm Beach County jail this week on charges of …
Wife of Troubled Grammy Winner Killed by Nashville Police Sues city
NASHVILLE (AP) — The wife of Grammy-winning sound engineer Mark Capps, who was killed by police in January, filed a federal lawsuit against the city of Nashville and police Officer Ashley Coon on Monday. Three police officers, including Coon, said …
AIG General Insurance Income Up 82.7% in Q3 on North America Gains
American International Group (AIG) during the third quarter recorded a 264% increase in underwriting income within its General Insurance segment to $611 million as adjusted pretax income in the segment increased to about $1.37 billion compared to $750 million the …
Allstate Shows ‘Progress,’ Narrows Q3 Net Income Loss to $41M
Allstate Corp. said its net loss for the third quarter was $41 million compared to a loss of $685 million during the same time a year ago. The Northbrook, Illinois-based insurer recorded an improvement in its third quarter combined ratio …
Four Minnesota Men Indicted in Multi-Million-Dollar Scheme to Transport Stolen Catalytic Converters
MINNEAPOLIS (AP) – Federal officials have charged four Minnesota men in a multi- million-dollar scheme to transport stolen catalytic converters to buyers in several states. U.S. Attorney Andrew M. Luger in Minneapolis announced the indictments Tuesday. All four men are …
Patriot Growth Acquires Ohio’s Douce James Agency
Patriot Growth Insurance Services, LLC (Patriot), one of the nation’s largest and fastest-growing insurance services firms, expanded its presence in Ohio and Pennsylvania with its partnership with the Douce James Agency. This partnership adds additional property and casualty expertise to …