Panel: Expectations for Florida special session “not very encouraging”
Speakers during an AM Best briefing on the Florida insurance market gave a downbeat outlook on the potential for next week’s special session to bring meaningful change, as Mark Friedlander of the Insurance Information Institute (III) warned that at least half a dozen carriers “are on the financial cliff”.
Tournant: The fund manager who made $60mn but lost Allianz $6bn
US prosecutors have accused Allianz of being “asleep on the beat” while the portfolio manager behind its Structured Alpha funds traded off the German insurer’s reputation to defraud investors of billions.
Berkshire Hathaway builds 3% Markel stake while Aon and Marsh McLennan holdings unchanged in Q1
Berkshire Hathaway built out a roughly 3.1 percent stake in Markel during Q1 2022 with the Warren Buffett-led business’ holding in the NYSE-listed company valued at some $620mn, according to a newly issued SEC filing.
Brokers renew call on policymakers to slash premium tax
UK brokers have renewed their call on government to spare the industry a feared rise in insurance premium tax (IPT), urging Chancellor Rishi Sunak to slash the current rate by 2 percentage points in a bid to ease the financial burden on the sector and its policyholders.
Government pushes forward with competitiveness mandate for UK regulators
The British government has announced plans to slash red tape in the City of London and pledged to impose a competitiveness objective for the UK’s financial regulators.
Report: DoJ antitrust chief warns S&P over proposed insurance methodology change
The US Department of Justice (DoJ)’s antitrust division has told S&P Global Ratings that it should “carefully consider” tweaking how bonds are treated under its controversial proposed methodology change for insurers, according to a report from Bloomberg.
LDI’s Donelon: Ida losses in Louisiana have risen to $12.1bn since end of 2021
Total paid and reserved losses impacting the state of Louisiana and stemming from last August’s Hurricane Ida have now reached $12.1bn, according to the latest data provided by the state’s department of insurance, a 15 percent jump from the $10.5bn the agency reported at the end of last year.
FedNat 10-K confirms “substantial doubt” over ability to continue operating
Beleaguered FedNat Holding Company in a 10-K filing has admitted there is “substantial doubt” over its ability to remain a going concern given Demotech’s downgrade of the carrier’s financial strength rating to ‘S’ (substantial) from ‘A’ (exceptional), its ability to secure adequate reinsurance and the continued impact of severe weather ...
GuideOne CEO Noga defends integrity in all-staff memo
Acting GuideOne CEO Andy Noga has struck back at Mark Groenheide’s allegations made public earlier today of discrimination within the company, with Noga telling staff in an all-company memo that he hoped he had established a reputation for treating people fairly and with dignity, The Insurer can reveal.
Groenheide goes public with GuideOne discrimination accusation, aims to expose intolerance
Mark Groenheide has gone public with allegations of discrimination against his former employer GuideOne, writing in a LinkedIn post early Wednesday that he will “expose” intolerance that he says put a strain on his relationships within the brokerage community, and colleagues, clients, friends, and family.
Louisiana’s Donelon proposes fines for five carriers for “improper activity”
Louisiana State Insurance Commissioner Jim Donelon’s office is proposing $764,750 in total fines for five insurance companies doing business in the state, including a $250,000 punishment on United Property and Casualty, after finding the companies engaged in “improper activities” following hurricanes in 2020.
Generali files complaint over former exec and activist's “defamatory” statements
Generali has filed an “urgent complaint” with the Italian securities regulator over what it calls “incorrect and defamatory statements” made by former executive Luciano Cirinà and said it will sue anybody disseminating inaccurate information ahead of a key shareholder vote later this month.
Insurance industry called upon to communicate the wider cost of social inflation
The topic of social inflation and the growing role of third-party litigation financing will inevitably be one of the biggest talking points as insurers meet with risk managers at RIMS in San Francisco over the coming days.
US insurance regulators adopt new climate risk disclosure standard
A bipartisan group of state insurance regulators has adopted a new standard for insurance companies to report their climate-related risks, which will overhaul the National Association of Insurance Commissioners (NAIC)’s annual climate risk disclosure survey.
Florida governor DeSantis “very receptive” to special session on insurance reform
Florida governor Ron DeSantis has stated that he is confident that there will be further insurance reform within the next year and would be receptive to the state legislature holding a special session to pass legislation.
Russian law on leased aircraft could be trigger for aviation war claims: Air Lease
A law passed by Russia earlier this week that paves the way for the nationalisation of ~$13bn of leased aircraft in the country may help lessors make a claim on their aviation war covers, the chair of one of the industry’s largest leasing firms has said.
Markel gains court approval for CatCo buyout transaction
Markel’s buyout proposal for Markel CatCo Investment Management has been approved by courts in Bermuda and the US in moves that mean capital can now be returned to investors in the retro fund manager’s Bermuda and London funds.
Russia bans (re)insurance buying from “unfriendly” EU, UK and US
Russian insurers have been banned from entering into transactions with foreign insurers, reinsurers and brokers from a group of “unfriendly countries” that includes every EU state, Japan, Switzerland, the UK and the US.
Louisiana DOI commissioner Donelon outlines cat reform package post-Ida
Louisiana state insurance commissioner Jim Donelon held a hearing on Thursday that introduced a catastrophe reform legislation package intended to bolster his state’s response and resilience to hurricanes, addressing a number of pain points that emerged after the Louisiana coast was hit hard by major storms the last two years.
Prospects for Florida insurance reform wane as bill stalls in House
The chances of insurance reform during Florida’s 2022 legislative session, which ends on Friday, look to be fading with a bill in the state House having made no progress following passage in the Senate earlier this month.