Posts published in “Insurance”

Seven insurance company impairments were identified in the U.S. property/casualty industry in 2020, with five of the seven involving auto insurers, according to an AM Best special report.

Last year’s number was an improvement over 2019 when 13 impairments were identified, said the report titled “2020 US Property/Casualty Impairments Update.”

Dieter Wemmer, a veteran insurance executive who was chief financial officer at Allianz SE, is launching a blank-check company to target deals in the sector where he worked for more than three decades, people familiar with the matter said.

Wemmer plans to raise about 250 million euros ($300 million) on the Amsterdam stock exchange in May, the people said, asking not to be identified discussing confidential information. He’s teaming up with Murray Wood and Santiago Corral, co-owners of insurance-focused investment firm Nazare Capital, to create the SPAC.

The bill would allow policy holders to exclude risky drivers, in some cases.
Clearwater Sen. Ed Hooper wants to give drivers more options to keep their auto insurance costs down.

All members of the United States Senate Rules Committee supported the bill and it’s now ready for the Senate floor.

The bill (SB 420) would change a law that requires auto owners to obtain minimum insurance coverage for all driving age individuals in a household.

Clearcover has raised $200 million in fresh capital as part of a late-stage financing round led by Eldridge, the investment firm helmed by Los Angeles Dodgers owner Todd Boehly, the digital car-insurance startup will announce on Tuesday.

In a statement seen by Reuters ahead of the announcement, Chicago-based Clearcover did not comment on its valuation, but a person familiar with the deal said the latest round would make it a so-called “unicorn” – implying a valuation of $1 billion or more.

Report reaching us says California on Monday re-opened enrollment for its state health insurance exchange, hoping more people will buy coverage now that the federal government is offering new assistance that could lower monthly premiums by $1,000 or more in some cases.

Normally, people can only buy health insurance through the state exchange — known as Covered California — once per year during an open enrollment period. But last month, President Joe Biden signed a $1.9 trillion coronavirus relief package. About $3 billion of that money is coming to California in the form of new subsidies to help some people pay their monthly health insurance premiums. In some cases, people can buy coverage for as little as $1 per month.

Auto liability Off Beat auto Was Piyaresth Tangchaidee, also known as Peter Tang, of Chino, California, lucky in a life of luxury or just a really bad driver? Such is the question that launched an investigation by the California Department of Insurance that eventually led to Mr. Tang’s downfall.

Hub International Ltd., a Chicago-based insurance broker, announced that it has acquired Wessex Financial Inc. in Canada. Terms of the transaction were not disclosed. Located…

China is reviving a sale of Dajia Insurance Group Co., the company that took over most of the operations of troubled Anbang Insurance Group Co., as the government seeks to turn the firm over to private investors, according to people with knowledge of the matter.

Advisers are working on a sale of Dajia that could value the state-owned company at about $3 billion, the people said, asking not to be identified because the matter is private. The Beijing-based insurer has drawn preliminary interest from bidders including other insurers and investment funds, and non-binding offers are set to be received as soon as this month, one of the people said.

A pair of companion bills have been introduced in the Texas  House and Senate that proponents say are aimed at providing consistency and uniformity in civil actions involving commercial vehicle accidents. Opponents, on the other hand, say the bills are an attempt to shield trucking companies and their insurers from liability in Lawsuits by crash victims.

HB19 by Rep. Jeff Leach and SB17 by Sen. Larry Taylor are identical pieces of legislation that if passed would require a two-part trial in civil actions involving a commercial motor vehicle if requested in a motion by the defendant.