INSURANCE NEWS
Allstate Q4 Income Up 30% Despite High Hurricane-Related Losses
Allstate Corp. fourth quarter net income applicable to common shareholders increased 30% to about $1.9 billion, and the insurer finished 2024 with net income of $4.6 billion compared to a loss of $316 million the prior year. Results for the …
Hub Acquires Missouri-Based Lindenwood Agency
Hub announced that it has acquired the assets of Lindenwood Agency, Inc. Terms of the transaction were not disclosed. Located in St. Charles, Missouri, Lindenwood Agency is one of the largest independent insurance agencies in St. Charles and has been …
Emails Reveal Extent of Saints’ Intervention for Clergy Sex Abuse Crisis
As New Orleans church leaders braced for the fallout from publishing a list of predatory Catholic priests, they turned to an unlikely ally: the front office of the city’s NFL franchise. What followed was a monthslong, crisis-communications blitz orchestrated by …
Trump Plans to Attend Super Bowl, Further Tightening Security
Federal law enforcement agencies are rolling out one of the most extensive Super Bowl security operations in recent history, following the deadly New Year’s Day terrorist attack in New Orleans. Adding to precautions, the Secret Service is also now making …
Lawsuit Blames Deaths on Ohio Train Derailment
A lawsuit alleging for the first time that people died because of the disastrous 2023 East Palestine train derailment was announced on Monday’s second anniversary of the toxic crash near the Ohio-Pennsylvania border amid a flurry of new litigation. On …
Global Commercial Insurance Rates Down, Marking 2nd Consecutive Quarterly Drop
Global commercial insurance rates fell 2% in the fourth quarter of 2024 following a 1% decline in Q3 2024 – marking the second consecutive quarterly decrease following seven years of rising rates, according to the Global Insurance Market Index published …
USAA Becomes 3rd Insurer to Report $1B-Plus in Claims So Far for LA Wildfires
USAA has paid out more than $1 billion for the Los Angeles wildfires, making it the third insurer to report $1 billion or more in payouts for the destructive blazes that burned thousands of properties. The company, which is among …
People Moves: DOXA Expands Executive Leadership Team; JM Wilson Promotes Boles to Senior Personal Lines Underwriter
DOXA Expands Executive Leadership Team DOXA, headquartered in Fort Wayne, Indiana, hired five new executive leadership team members. Matt Bishop joined the team as head of operating entities and business verticals. He has nearly 20 years of insurance leadership experience, …
Aon, Floodbase, Swiss Re Team on Parametric Storm Surge Solution for US Hurricane
Aon plc said it has launched a new parametric insurance solution designed to address and mitigate commercial losses from hurricane-related storm surge along the coast of the U.S. Developed with parametric flood insurance provider Floodbase and Swiss Re Corporate Solutions, …
Markel Reorgs Professional Liability Products
Special insurer Markel said it is realigning its U.S. professional liability products into four pillars: management liability, errors & omissions (E&O), cyber, and financial institutions. “After careful consideration and evaluation, we believe this streamlined underwriting approach will lead to improved …
NC Governor Tests Lawmakers With Hurricane Helene Recovery Funding Request
RALEIGH, N.C. (AP) — North Carolina Gov. Josh Stein asked state legislators Monday to roughly double their spending so far on recovery from Hurricane Helene, warning that waiting will cause more business closings, housing construction delays and students falling behind. …
DeSantis’ Budget Would Triple Funding for Wind Mitigation Grant Program
Florida’s 2025-2026 state budget, as proposed by Gov. Ron DeSantis, would provide some $600 million for home and condominium hardening grants – almost triple what lawmakers approved for the popular programs last year. In his budget posted this week, DeSantis …