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Content from Chad Hemenway
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Allstate to ‘Lean Into’ Turnaround in Auto Business, and Grow
Allstate's plan to correct its auto insurance business has "restored profitability back to target levels," said the insurer's head of personal insurance. During an earnings call with analysts, Mario ...
FEMA to Borrow $2B to Pay Flood Claims After Hurricanes Helene and Milton
The Federal Emergency Management Agency said it needs to borrow $2 billion from the U.S. Treasury to cover claims from National Flood Insurance Program policyholders. FEMA, administrator of NFIP, ...
AIG Q4 General Insurance Underwriting Income Down 29% on Catastrophes
American International Group reported fourth-quarter 2024 net income of $898 million compared to $86 million the prior year, but insurance underwriting income was down 29 percent on high catastrophe ...
Surplus Lines Premium Growth Slowed to 12% in 2024
The excess and surplus lines market continued to grow in 2024, with premium reaching more than $81 billion, according to annual reports from 15 state stamping offices released by the Wholesale & ...
Chubb Posts Record P/C Underwriting Income for Q4 and 2024
Chubb posted record property/casualty underwriting income of about $1.6 billion, up 3.8 percent during the last quarter of 2024. Fourth-quarter net income was down 22 percent to about $2.6 billion ...
Treasury’s FIO Releases ‘Flawed’ Homeowners Insurance Report, Industry Says
The U.S. Treasury's Federal Insurance Office last week released what it called the "most comprehensive data on homeowners insurance in history." Weeks after a U.S. Senate committee released a study ...
Travelers Posts 28% Increase in Q4 Net Income
The Travelers Cos. said fourth-quarter 2024 and full-year net income increased 28 percent and 67 percent, respectively, on strong underlying underwriting results. Travelers posted fourth-quarter net ...
Class Action Settlements Eclipse $40B in 2024; PFAS Suits Emerging
Once again, settlements from class-action litigation topped $40 billion in 2024, according to an extensive analysis of more than 1,400 cases by law firm Duane Morris. Gerald L. Maatman, partner at ...