New York Department of Financial Services issues insurance company fines to 4 insurers

Insurance company fines - US dollars

Allstate, State Farm, AIG Property Casualty Company, and Tri-State Consumer Insurance must all pay over $10.6 million. A ruling has been issued for a lawsuit the New York Department of Financial Services filed against four insurers has resulted in fines of more than $10 million in insurance company fines for customer restitution. The lawsuit was filed following the violation of insurance statutes and regulations in the state. The NY State Department of Financial Service Superintendent Linda A Lacewell made the announcement of the lawsuit against the insurers. The affected insurers…

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Gainsco insurance company to be acquired by State Farm

Gainsco insurance - business deal - handshake

The acquisition is reported to be for $400 million, according to a news release last week. State Farm and the Dallas-based Gainsco insurance company have come to an agreement in which the former will be acquiring the latter for $400 million. The 98-year-old industry giant has never acquired another insurer in its entire history. The deal will have State Farm purchasing all of the Gainsco insurance company’s stock. The acquired insurer will continue its operation as a separate business. However, in time, the two companies will start the process of…

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Arizona State career development program gets a boost from State Farm donation

State Farm Donation - Arizona State University (ASU)

ASU received $30 million from the insurer for its “Pathways for the Future” program. Arizona State University (A.S.U.) has received a substantial $30 million State Farm donation directed right into the new “Pathways for the Future” career development program. The university’s new program offers students with financial aid when they enroll in online courses. Students from A.S.U. and Maricopa County Community College can use the program to receive financial aid when they register for online courses at the university. Other students who can benefit from the State Farm donation to…

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Will State Farm lose its US auto insurance dominance to Geico?

US Auto insurance - Hands and car

If current trends continue, the United States will have a new top vehicle insurer by 2022. For decades, State Farm has held onto the top spot among US auto insurance companies. That said, if recent trends keep up as they have been, it won’t be long before it loses its crown to a much younger rival. State farm has suffered business losses as a result of several steep rate hikes in recent years. The leader in US auto insurance has suffered steep losses after a spectrum of notably large rate…

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State Farm launches holiday season with small business safety tips

Small business safety - people working - computer - business

The insurance company created a complete list of recommendations for entrepreneurs during December. A recent release from State Farm placed the focus on small business safety. The company decided to “unwrap” some of the best tips it had to make sure entrepreneurs benefitted from the holidays while staying safe at the same time. The insurer underscored the importance of the right coverage especially during heavy shopping times. State Farm pointed out that at this time of year, there is considerably more foot traffic to contend with. This often also means…

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State Farm partners up with an Arizona autonomous vehicle consortium

Autonomous vehicle - Arizona Gov. Doug Ducey

The partnership makes the insurer the first one to join forces with this automotive technology group. The Institute for Automated Mobility (I.A.M.) and State Farm Insurance have announced that they are entering into an autonomous vehicle partnership. The consortium was launched a year ago and was formed to move ahead the development of automated vehicles. The partnership represents the first entry of an insurer into this effort. Governor Doug Ducey made the first announcement of this new tech and insurance partnership. Arizona Governor Ducey made the announcement that State Farm…

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Allstate and State Farm recognized for good student insurance discounts

Good student insurance discounts - young woman driving

Data from an auto policy quote provider showed the two insurers offer the most attractive deals. Popular car policy quote provider, 4AutoInsuranceQuote, there are two insurers that stand out for their good student insurance discounts: Allstate and State Farm. The founders of that website posted an article meant to help parents to save more on their kids’ coverage. The founders of the car insurance quote service published the article to show parents the best opportunities for good student insurance discounts. They illustrated the way that parents can save a lot…

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