National General to be acquired by Allstate for $4 billion

National General - Business Deal

The insurance giant is making the purchase to expand its auto reach and independent agent business. Insurance giant Allstate Corp announced this week that it will purchase National General Holdings Corp for about $4 billion. This will be a cash purchase, boosting the insurer’s auto insurance business just as the pandemic crisis has made that sector highly profitable. Auto insurance claims are way down due to the smaller amount of traffic on the roads. National General shareholders will be compensated with $32 per share in cash. They will also receive…

Read More

Nationwide starts July as fully independent insurance agency carrier

Independent insurance agency carrier - newspaper, business section

The company has completed its transition which has been ongoing over the last 18 months. Nationwide has announced that as of July 1, it has become an independent insurance agency carrier. The Columbus, Ohio-based insurer has kept its relationships with 99 percent of its formerly captive agents. For 18 months, the insurer has been working on the transition process to become an independent insurance agency carrier. Throughout that time, it has managed to keep over 99 percent of its agents, who were formerly employed by the company. Now, those insurance…

Read More

Lombard International’s US CEO, Michael Gordon, appointed Group Chief Operating Officer

insurance news

Philadelphia/New York, — June 2020 – Lombard International Group, the global leader in wealth and succession planning solutions for high net worth individuals, families and institutions, announces the appointment of Michael Gordon as Group Chief Operating Officer (COO), in addition to his existing role of Chief Executive of the US business. The role of Group COO is newly created and includes the Global Office of Technology and Transformation. Following Stuart Parkinson’s appointment as Lombard International Group’s Chief Executive Officer (CEO) on 1 April 2020, Mr. Gordon’s appointment builds upon a…

Read More

Nationwide plans to keep remote insurance jobs permanently in 5 states

Remote insurance jobs - laptop on desk

The insurer has made it possible for many employees to work from home even after offices fully open. Nationwide has announced its intention to permanently transition into an operating model that functions as a hybrid between in-office and remote insurance jobs. The employees who will be heading to the office will be those at the four main corporate campuses. The insurer will keep the in-office workers primarily at its four main corporate campuses. That said, it will keep its remote insurance jobs in place for the majority of other locations.…

Read More

Cyber insurance companies have faced substantial losses cutting into profitability

Cyber insurance company - business - laptops - report

Though this type of policy has become more popular, the risks and payouts have also risen. An increasing number of businesses have been contacting their local cyber insurance company to protect themselves against risks such as data breaches and hacks. That said, this market remains quite new and models are ever evolving. The risks have been rising in this area, placing a considerable amount of stress on this marketplace. According to one expert quoted by InsuranceBusinessMag, the cyber insurance company market is “under the most stress it’s been in recent…

Read More

Distributed ledger technology apps and blockchain could offer insurance industry savings

Distributed ledger technology - Blockchain technology

A recent study showed that this approach could save the industry millions of dollars per year. New research examined the way a consortium-based blockchain approach using distributed ledger technology (D.L.T.) applications could save the insurance industry millions every year. The analysis was conducted by the Institutes RiskStream Collaborative. The Institutes RiskStream Collaborative analysis examined the way taking a consortium-based approach to blockchain and distributed ledger technology could help two events in common within the property and casualty insurance sector. Those events are: first notice of loss following an incident and…

Read More

Two Lloyd’s of London automated exchanges to launch for cheaper, faster insurance

Lloyd’s of London Automated Exchanges - Lloyd's building in London

The highly traditional insurance market has planned to use technology to improve efficiency. Two Lloyd’s of London automated exchanges are slated to launch in order to make it possible for the traditional market to conduct business more quickly and inexpensively. Lloyd’s is a massive market but is known for conducting its business in a highly traditional way. There are currently 99 syndicate members to Lloyd’s, comprising both British and international insurance companies. That said, the majority of the company’s business is conducted in-person. This has caused it to experience two…

Read More