Author: Live Insurance News

Flow Specialty Emerges from Capitola Insurance Rebrand with New Leadership and Enhanced Capabilities

Live Insurance News
Insurance news

Backed by Munich Re Ventures and Lightspeed Venture Partners, the newly rebranded Flow Specialty (formerly Capitola Insurance) sets a new standard in the specialty wholesale insurance market. Integrating human expertise with advanced artificial intelligence (AI), Flow Specialty offers faster quotes, transparent communication, and reduced costs, providing unmatched service and access to premier markets. Enhanced Offerings for a Dynamic Industry Flow Specialty tailors its solutions to meet the unique needs of retail agents and carriers with a focus on: Professional Liability Insurance: Broad access across various markets catering to companies with challenging renewal…

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State Farm General Downgraded by AM Best Amidst Weakening Balance Sheet

Live Insurance News
State Farm Insurance Building - A downgrade to B

Overview of State Farm Downgrade In a move that has caught the attention of policyholders and investors alike, AM Best has downgraded the Financial Strength Rating (FSR) of State Farm General Insurance Company (State Farm General). This marks a significant shift from an ‘A’ (Excellent) rating to a ‘B’ (Fair) classification, while the Long-Term Issuer Credit Rating (Long-Term ICR) dropped from “a” (Excellent) to “bb+” (Fair). Implications of Ratings – Balance Sheet Strength Assessed as Weak The Credit Ratings issued by AM Best take into account a variety of factors…

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Florida Leaders Champion Bill to Slash Homeowner Insurance Costs by 25%

Live Insurance News
florida homeowner insurance

Amid escalating homeowner insurance rates, a glimmer of hope emerges from South Florida as two political figures spearhead a legislative initiative aimed at significantly reducing these financial burdens on homeowners. The proposed congressional bill sets its sights on a 25% cut in property insurance costs nationwide, promising particularly dramatic relief for Floridian home and condo owners. The legislation, coined the Natural Disaster Reinsurance Plan, is championed by U.S. Rep. Jared Moskowitz, a Democrat from Coral Springs, and Steve Geller, a former Florida legislator and current Broward County commissioner. It boldly…

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Revolution or Invasion? Automakers Sharing Driving Data with Insurance Companies

Live Insurance News
driving data insurance

In the recent article titled, “Automakers Are Sharing Consumers’ Driving Behavior With Insurance Companies,” by the New York Times,  the argument unfolds around the alliance between automakers and insurance firms. The central tenet of the paper uncovers a practice where car manufacturers transmit driving behavior data to insurers. This article explores the potential ramifications on insurance premiums, privacy concerns and consumer habits. The Impact on Insurance Premiums The sharing of driving data stands to revolutionize the insurance industry. On one hand, it can be a boon for safe drivers who…

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Allstate Reports Losses: What Does This Mean for the Market?

Live Insurance News
Allstate reports losses

In a recent financial disclosure, The Allstate Corporation (NYSE: ALL) has reported significant catastrophe losses for January, posing new questions about the impacts on the broader insurance market. Key Financial Impacts Allstate’s estimated catastrophe losses have tallied up to $276 million pre-tax, or $218 million after-tax, for the month of January alone—a substantial hit to the corporation’s financials. Predominantly, these losses stem from two major events, accounting for the lion’s share—around 80%—of the total figure, although these have been slightly mitigated by favorable re-estimates of prior events’ reserves. Rate Adjustments…

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Unveiling the Mechanics Behind the Huge Insurance Rate Hikes in the Past Year

Live Insurance News
home and auto insurance record rate increases

The economic terrain is experiencing a significant transformation, with insurance premiums on the rise and the looming financial implications of the climate crisis. In this article, we’re delving into the reasons behind your recent financial strain and what future developments you might expect. Reinsurance Rates: The Behind-the-Scenes Increases Christian Mumenthaler, the CEO of Swiss Re, which is the second-largest reinsurance company globally, has emphasized that his company’s mission is not to arbitrarily inflate prices. Instead, they aim to provide a fair valuation of risks. This implies that in recent years,…

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Rising ship insurance in the Red Sea causes US investors pain

Live Insurance News
Ship insurance - Rates Rising

Underwriters have been steeply raising premiums to US, UK, and Israeli firms due to risks. Ship insurance companies have been hiking premiums by as much as 50 percent for US, UK, and Israeli firms sailing through the Red Sea due to the increased risks associated with those vessels in that region. Some providers are avoiding that business due to Houthi targeting. The increased ship insurance premiums and avoidance of business traveling through the Red Sea has to do with the chance that certain vessels could be targeted by Houthis from…

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