In a clear win for the insurance industry, the U.S. Treasury Department recommends the Financial Stability Oversight Council reduce oversight of individual nonbanks and focus on broader systemic risks.
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In the prolonged low interest rate environment, investors have been squeezed for yield. Additional credit and interest rate risk
have been assumed in order to increase investment returns.
Markel Corp. has completed its $919 million acquisition of State National Cos. Inc. The program- and lender-services company becomes a division of Markel and remains based in Bedford, Texas.
During the past several months, A.M. Best has tested and benchmarked its entire population of rated entities as part of the implementation of the updated Best’s Credit Rating Methodology published on Oct. 13.
This report — the 14th study conducted by A.M. Best on the long-term impairment rates of A.M. Best-rated, U.S.-domiciled insurance companies —is an update to Best’s Impairment Rate and Rating Transition Study — 1977 to 2015.
The U.S. Federal Reserve will cease reinvesting of a small portion of its maturing holdings of Treasuries and agency securities, most notably mortgage backed securities.
Effective Oct. 13, 2017, A.M. Best reorganized its methodology, using a building block approach to provide greater detail, clarity, and transparency in the rating analysis.
From Disaster-Prone Regions Great Wines Come
Progressive Subsidiaries Will Pay More Than $2 Million to Settle Government False Claims Allegations: Two Progressive Corp. subsidiaries agreed to pay more than $2 million to settle allegations they violated the False Claims Act, according to Acting U.S. Attorney William E. Fitzpatrick.
The allegations levied against Progr... Date: November 17, 2017 Source: BestWire News
Progressive CFO Says Company Likely to Let Federal Tax Change Benefit Net Earnings: Progressive Corp. would let federal tax change benefits fall to the bottom line, Chief Financial Officer John Sauerland said during an earnings call.
However, he said the company would consider the competitive environment ... Date: November 03, 2017 Source: BestWire News
Progressive Awarded Ohio Tax Credit to Create 900 Jobs: Progressive Casualty Insurance Co. has been awarded a state tax credit to create 900 full-time positions expected to generate an additional $63 million in payroll annually.
The Ohio Tax Credit Authority awarded job creatio... Date: October 31, 2017 Source: BestWire News
Progressive Third-Quarter Net Up 13% Despite Cat Losses From Hurricanes Harvey, Irma: Progressive Corp. catastrophe losses more than quadrupled in September to $155 million after Hurricane Irma hit Florida. The company’s catastrophe losses also spiked in August on Hurricane Harvey losses, but quarterly net inc... Date: October 17, 2017 Source: BestWire News
Progressive: Hurricane Harvey Generated Nearly All of $254 Million of August Catastrophe Losses: Hurricane Harvey caused more than 90% of Progressive Corp.’s $254 million of August catastrophe losses, the company said in a statement.
For the month, the company reported a $16.8 million net loss attributable to Progress... Date: September 19, 2017 Source: BestWire News
A.M. Best Revises Outlooks to Positive for American Strategic Insurance Corp and Affiliates: A.M. Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of American Strategic Insurance Corp... Date: August 25, 2017 Source: BestWire News
A.M. Best Revises Outlooks to Positive for American Strategic Insurance Corp and Affiliates: A.M. Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of American Strategic Insurance Corp... Date: August 25, 2017 Source: Press Release
Progressive July Catastrophe Losses Fall Sharply: Progressive Corp. catastrophe losses fell by more than half to $22 million in July, but year-to-date are slightly ahead of 2016 pace, according to a company statement.
Nearly 75% of catastrophe losses in July were due to h... Date: August 16, 2017 Source: BestWire News
Progressive Exec: Autonomous Features Reduce Frequency; Degree Varies By Coverage: Automobile technology such as automatic braking and blind-spot warning show really good evidence for reducing frequency, although the impact varies by coverage, Progressive Corp. personal auto product development leader John ... Date: August 03, 2017 Source: BestWire News
Progressive 2Q Net Jumps 93% Despite Spike in June Catastrophe Losses: Progressive Corp. catastrophe losses more than quadrupled in June on Central U.S. wind and hail losses, largely in Texas, Minnesota and Nebraska. Its second-quarter net income increased sharply.
Net income attributable to ... Date: July 18, 2017 Source: BestWire News
Insurance Council: Top-10 Texas Auto Insurers Paid $2.03 Billion in Comprehensive Claims Last Year: The top 10 automobile insurers in Texas paid $2.03 billion in comprehensive coverage claims last year after wind and hail claims soared and the cost to repair vehicles continued to climb.
Insurers declared 20% of autos dam... Date: July 07, 2017 Source: BestWire News
RMIIA: Denver Metro Hailstorm Insured Losses Could Reach $1.4 Billion: An early-May hailstorm in Colorado is likely to generate more than 200,000 claims and $1.4 billion in insured losses, according to the Rocky Mountain Insurance Information Association.
That would make the storm on May 8 th... Date: May 23, 2017 Source: BestWire News
American Family Insurance Takes in 300 Claims After Tornadoes, Wind, Hail Hit Wisconsin: American Family Group took in 300 claims, including 10 large losses, in Wisconsin following a round of severe storms striking multiple states. Reports of tornadoes, large hail and high winds have been concentrated in a belt f... Date: May 18, 2017 Source: BestWire News
Progressive Catastrophe Losses Fall, Premiums Rise in April: Progressive Corp. monthly catastrophe losses dropped to less than a third of the $147 million incurred a year earlier and net premiums written posted double-digit growth.
April cat losses totaled $45 million.
First-quar... Date: May 17, 2017 Source: BestWire News
Update: State Farm Reports 24,000 Claims From Denver Metro Hailstorm: (Adds American Family Insurance claims information in the sixth paragraph.) State Farm received 24,000 claims in the wake of the first major hailstorm to pound the Denver metro area in several years. That compared with 34,900... Date: May 15, 2017 Source: BestWire News
Update: Rocky Mountain Insurance Information Association Says Denver Metro Hailstorm Will Reach Cat Level: (Adds claims and response information, plus top Colorado writers by market share.) Three insurers have taken in more than 27,600 claims following a major hailstorm that pelted the Denver metro area on May 8. State Farm has ta... Date: May 10, 2017 Source: BestWire News
Progressive CEO Satisfied With Rate Adequacy, Says Advertising Is Back at Full Speed: Progressive Corp. feels good about rate adequacy and has returned to full advertising mode, Chief Executive Officer Tricia Griffith said during a first-quarter earnings call.
Costs associated with claims and new business... Date: May 04, 2017 Source: BestWire News
Texas Hailstorm Insured Hit Exceeds $100 Million on Heels of $450 Million in Losses From Prior Storm: Insured losses of more than $100 million are expected from hailstorms that hit north of Dallas weeks after a similar storm caused an estimated $450 million in insured losses.
State Farm has taken in about 2,620 automobile ... Date: April 26, 2017 Source: BestWire News
ICT Increases Texas Hailstorm Loss Estimate to $450 Million: The Insurance Council of Texas has increased loss estimates from a severe late-March hailstorm to $450 million. The wind- and hailstorm hit north of Dallas and Fort Worth.
Spokesman Mark Hanna revised his earlier $300 mill... Date: April 24, 2017 Source: BestWire News
Progressive Net Income Climbs 64% as Personal Lines Grow: Progressive Corp. net income jumped in the first quarter as personal lines business grew by double digits. Commercial automobile was flat after the carrier took rate.
Net income attributable to Progressive rose 64% to $4... Date: April 18, 2017 Source: BestWire News
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