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State Farm rate hike – California regulator did not calculate impact of proposed move

Paid Insuranceinterim rate, Shaw, State FarmLeave a Comment

Last year, State Farm filed for property/casualty rate increases of 30% to 55%, citing concerns about maintaining solvency. The proposed hikes include a 30% increase for non-tenant homeowners, 55% for condominium coverage, 41.6% for tenant policies, 53.6% for personal liability umbrellas, 38% for rental property damage, and 55% for business owner policies, according to the ... Read More

Allstate agent faces lawsuit over lapsed flood policy

Paid InsuranceFEMA, Flood insurance, negligenceLeave a Comment

The case, Gerald J. Candeloro v. Allstate Insurance Co., et al., involves a dispute between Gerald J. Candeloro and Jason Garoppolo, an Allstate agent and owner of the insurer’s Groton, Connecticut franchise. Candeloro, who owns property in Mystic, Connecticut, had consistently purchased a FEMA flood insurance policy for the property through Allstate since 2000. His ... Read More

Gallagher completes $1.2 billion deal with Woodruff Sawyer

Paid Insuranceacquisition, Gallagher, Woodruff SawyerLeave a Comment

Gallagher stated that Woodruff Sawyer recorded estimated pro forma revenue of $268 million for the 12 months ending December 31, 2024. Its earnings before interest, taxes, depreciation, amortization, and coronavirus (EBITDAC), including anticipated synergies, were approximately $88 million. The transaction values the firm at around 4.5 times revenue and 13.6 times EBITDAC, aligning with recent ... Read More

Relation Insurance acquires True-Course Aviation Insurance

Paid InsuranceReliant Insurance, Tim Hall, True-Course AviationLeave a Comment

True-Course provides insurance services to aviation-related clients, including aircraft manufacturers, flight schools, and corporate aviation operators. As part of the acquisition, owner Alejandro Galioto will remain with the business and lead the development of Relation’s aviation practice.

Michigan Supreme Court blocks retroactive tolling for pre-2019 PIP claims

Paid Insuranceno-fault, PIP benefits, tollingLeave a Comment

Michigan’s top court affirms that providers can’t rely on 2019 tolling rules

Burns & Wilcox to launch a new product offering with Atain Insurance

Paid InsuranceAtain Insurance, Burns & Wilcox, policiesLeave a Comment

Bonnie Steen was promoted to regional vice president, overseeing operations in Louisiana, Arkansas, Mississippi, and Alabama. William Briscoe and Chris Siegel were elevated to vice presidents, with Briscoe managing offices in Oxford, Mississippi, and Birmingham, Alabama, and Siegel taking responsibility for all Florida offices. Berri Willis also became vice president, continuing to lead offices across ... Read More

Foresters lapse ruling clarifies insurer liability under California notice laws

Paid InsuranceCalifornia Insurance Code, Life insurance, Policy lapseLeave a Comment

In 2014, Siino moved and attempted to update her address with Foresters, but the request was rejected because she failed to sign the change-of-address form. Her husband, however, successfully updated his address and continued to receive policy notices. As a result, Siino stopped receiving annual premium notices after her move.

Exploring E&O and MPL | Insurance Business America

Paid InsuranceLeave a Comment

In the latest edition of Insurance Business TV, join Daniel Mogelnicki, of Westfield Specialty, as he examines the state of the E&O and MPL market. In this interview he delves into the specific opportunities in MPL classes, and offers tips for brokers operating in the space.

How education policy shifts are redrawing insurance priorities

Paid Insuranceeducation insurance, Newfront Insurance, Pedro ReyesLeave a Comment

As federal oversight pulls back, school districts are taking insurance into their own hands

Stop whining Californians – your home insurance is cheap

Paid InsuranceCalifornia, home insuranceLeave a Comment

This imbalance masks a more concerning trend. As Sean Kevelighan, CEO of the Insurance Information Institute (Triple-I), noted, “Insurers have sounded the alarm… but change has been slow and the consequences are now clear.” According to Triple-I, the state’s regulations, though well-intentioned, have limited insurers’ ability to cover reinsurance costs and accurately price for wildfire ... Read More