Japanese Tokio Marine will acquire American Delphi Financial Group

The second biggest casualty insurance company in Japan, Tokio Marine is purchasing the American company Delphi Financial Services, which is based in Delaware. The acquisition will be for $2.7 billion, which places a valuation on the company which has a 73 percent premium, indicating that Asian companies may be taking their first steps into the U.S. marketplace as a diversification effort, following the disasters that have struck their own local markets. This acquisition is one of the five largest insurance purchases this year and is easily among the biggest ventures…

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Trupanion pet insurer raises $9 million to improve customer service and widen sales force

The Trupanion pet insurance company has raised $9 million in financing, with funding coming primarily from the Highland Consumer Fund, but also from Maveron, a venture capital firm from Howard Schultz. The insurer provides pet coverage to owners in Canada, Puerto Rico, and the United States. It provides coverage for 90 percent of medical care from a veterinarian should the protected pet be injured or fall ill. Premiums for a mixed-breed dog at three years old are typically around $40 per month. Trupanion explained that it intends to use the…

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Insurance Australia to acquire New Zealand’s AMI Ltd. in $286 million deal

The Insurance Australia Group Ltd, the nation’s largest home and auto insurer, has announced that it will be acquiring New Zealand’s AMI Ltd, one of the largest property insurers in New Zealand. The $286 million deal is already underway, but will require the approval of New Zealand’s insurance regulators before Insurance Australia can begin taking over policies. This is good news for those affected by the devastating earthquake that struck New Zealand in February of this year, as they will soon be able to enjoy policies from a larger, more…

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American car insurance risk starts to rise following record breaking low

The proprietary Auto Insurance Risk Index from TransUnion has reported a tiny rise by 0.03 percent at the end of 2011’s third quarter, following four consecutive declines in the previous quarters. The score at the end of the third quarter was 98.85, which, when compared to the second quarter, is three basis points higher. Equally, though, it remains 31 basis points below what it was at the same time in 2010. The peak of the recession in the second quarter of 2009 was 73 basis points higher than it is…

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Commercial insurance market is on the cusp of a new growth

Jay Fishman, the chief executive of Travelers Cos. spoke at a financial services conference for Goldman Sachs, and announced that the insurer had boosted their business insurance prices in October by 5.2 percent, and in November by 5.8 percent, which are the most significant increases that have been made in a number of years. Travelers is known for painting a brighter image of prices than other insurance companies, and this latest announcement doesn’t appear to have changed that fact. However, at the same time, when the insurer said that it…

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Fitch Ratings publishes its 2012 outlook report for American insurance brokers

Fitch Ratings has just announced the results of the analysis of their data for revenue and earnings increases for American insurance brokers in 2012, and that they have shown that their figures will likely equal or top those that were reported from January through September 2011. However, they also indicated that the basic nature of competition of the marketplace for property & casualty insurance, and the lukewarm recovery of the global economy will continue to provide a struggle for more significant growth and operating performance. Top-line increases may be able…

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PMI Group files for chapter 11 bankruptcy protection

Mortgage insurer PMI Group Inc. has filed for bankruptcy this week. The surprise move comes after Arizona insurance regulators seized control of the company amidst allegations of fraud and malpractice. The insurer sought to overturn the actions of regulators through the court system, but and Arizona judged rejected the company’s claims. The California company, whose mortgage insurance unit is housed in Arizona, is now seeking protection through bankruptcy. The company has listed a scant $225 million in assets, with more than $700 million in debt. PMI is one of the…

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Nationwide Insurance reports losses in the third quarter due to natural disasters and poor investment results

Nationwide Insurance has reported its third quarter financial results for this year. The report details a turbulent third quarter, which has been wracked by severe storms and other natural disasters along with costly investment mishaps. Overall, the report shows that the insurer has lost billions in investments and millions in claims relating to storm damage. While Nationwide has an optimistic outlook for the remainder of the fiscal year, there can be no doubt that recent events will encourage changes to be made to the company’s policies. Nationwide reports that its…

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Insurance Technologies LLC receives Most Compelling Case Study Award for the year

Financial services industry sales automation solutions provider, Insurance Technologies LLC, has received the award for the Most Compelling Case Study in 2011, the ACORD Award. The recipient of the award was announced in Fort Lauderdale, Florida, at the ACORD Implementation Forum conference. Insurance Technologies received the award in recognition of the role it has played in standardizing eLabels – that is, tag values and instances – for any document which can be filled throughout a transaction with ACORD. Every year, the member partners of ACORD who have shown innovative development…

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Wells Fargo launches new insurance program targeting low-income families

Wells Fargo has partnered with the National Affordable Housing Management Association to launch a new line of insurance that seeks to meet the needs of those looking for affordable housing options. The Multifamily Affordable Housing Insurance Program aims to placate the risks associated with certain development projects that can keep families from finding appropriate housing. The program is comprised of a number of insurance providers, Wells Fargo included, to help mitigate these risks. The program will make use of a federal subsidy, which will be applied to low-income families to…

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