Arthur J. Gallagher & Co. agrees to $21 mn Settlement over 2020 data breach
Arthur J. Gallagher & Co. (AJG) has agreed to settle a class-action lawsuit for $21 million following a 2020 data breach that compromised personal information
News
Judge rules Louisiana Insurance Department lacked authority to penalize Texas law firm for fraud
The Louisiana Department of Insurance did not have the authority to issue fines and a cease-and-desist order against a Texas law firm accused of massive fraud
Florida’s 2025-2026 budget dedicates over $600 mn to home & condominium risk mitigation
Florida’s 2025-2026 budget dedicates over $600 million to home and condominium risk mitigation. This funding supports the My Safe Florida Home grant program
U.S. insurance industry added 6,900 jobs in January – Bureau of Labor Statistics
The U.S. insurance industry added 6,900 jobs in January compared to December, according to preliminary data from the Bureau of Labor Statistics
New York allows stand-alone business interruption insurance without physical loss
New York passed a law permitting stand-alone business interruption insurance policies that cover closures even without direct physical loss
Life insurtech Bestow appointed new chief product officer and VP of finance
Insurtech Bestow appointed David Malenoir-Evans as chief product officer, Doug Brewster as vice president of finance
Australian digital insurance broker UpCover secured $19 mn in a Series A
Australian digital insurance broker UpCover has secured $19 mn in a Series A funding round to accelerate the growth of its platform
CLARK launched a first fully digital underwriting solution in the UK
CLARK, European digital insurance broker is transforming the insurance experience with the launch of its first fully digital underwriting solution in the UK
Placing Platform: reinsurance electronic London Market platform showed strong performance
Placing Platform said its electronic London Market platform showed strong performance and service delivery during the peak Jan. 1 renewal season
Lloyd’s launched new EUR and GBP Enhanced Yield Liquidity funds
Lloyd’s of London announces the expansion of its Enhanced Liquidity Fund range for Strategic Cash Management on the Lloyd’s Investment Platform
California court rules wildfire debris is not direct physical loss in insurance dispute
A California appeals court ruled that wildfire debris does not automatically qualify as “direct physical loss or damage,” upholding a lower court’s decision
U.K. motor insurers paid a record £11.7 bn in car insurance claims
Rising theft and repair costs have driven up premiums as U.K. motor insurers paid a record £11.7bn in car insurance claims in 2024
Aon appointed Jennifer Richards as CEO of Asia-Pacific, Anne Corona as Global CCO
Richards will collaborate with the Asia-Pacific executive committee to expand the firm’s capabilities, strengthen client relationships, drive growth, and execute the 3×3 Plan
Aon announced a co-broking agreement with Protecdiv, a minority-owned brokerage
Aon announced a co-broking agreement with Protecdiv, a minority-owned brokerage, to expand service offerings for U.S. public and private sector clients
Midland National Life Insurance reported a data breach may exposed customer info
Midland National Life Insurance Co. reported a data breach discovered in January that may have exposed customer details, including names and account numbers
Tokio Marine increased profit through equity sales and lower catastrophe losses
Tokio Marine Holdings Inc. increased its fiscal third-quarter profit through equity sales and lower catastrophe losses, estimating a ¥31 bn ($200 mn) loss
Japan Post Insurance increased net income in 2024
Japan Post Insurance Co. increased its nine-month net income due to stronger investment performance in a better market environment
Trump`s “tariffs” could increase P&C insurance claims by $10 bn to $36 bn
Tariffs imposed by the Trump administration could increase claims costs for property and casualty insurance by $10 bn to $36 bn
State Farm faces its largest loss in history due to Los Angeles wildfires
State Farm General Insurance Co. faces its largest loss in history due to last month’s Los Angeles wildfires. Already under financial strain
Chariot Re may expand to cover third-party risks in the future
Chariot Reinsurance, a Bermuda-based reinsurer announced by MetLife Inc. and General Atlantic last year, may expand to cover third-party risks in the future
Lloyd’s underwriter Probitas expands political violence & accident/health coverage
Lloyd’s underwriter Probitas is expanding after its acquisition by Aviva plc, introducing political violence and terrorism (PVT) and accident/health (A&H) coverage
Maryland senators reviewing SB 985 to regulate third-party litigation financing contracts
Maryland Senators are reviewing SB 985, a bill aimed at regulating third-party litigation financing contracts. The legislation would require specific disclosures
Florida’s Citizens Property Insurance will lower rates by 5.6% statewide in 2025
Florida’s Citizens Property Insurance will lower rates by 5.6% statewide in 2025, Gov. Ron DeSantis announced. He claimed the state experienced the lowest average increase
Wisedocs, an AI-driven insurance claims platform, introduced two new features
Wisedocs, an AI-driven insurance claims platform with expert oversight, has introduced two new features to improve how medical records
Convex Group, a specialty re/insurer, launched Lloyd’s Syndicate 1984
Convex Group, an international specialty insurer and reinsurer, has received in-principle approval to launch Lloyd’s Syndicate 1984
Insurtech Vigil raised $1.3 mn in a pre-seed funding led by M25
Annuities insurtech Vigil has raised $1.3mn in a pre-seed funding round led by M25, with support from Nationwide Ventures, Rex Salisbury, Clocktower Ventures
ZestyAI partnered with Safepoint to improve underwriting accuracy & risk assessment
Safepoint Holdings has partnered with ZestyAI to improve underwriting accuracy and risk assessment. ZestyAI specializes in AI-driven climate and property risk analytics
Insurtech Neutrinos introduced a platform that helps insurers apply AI-driven tasks
Neutrinos, a specialist in intelligent automation, has introduced a platform that helps insurers apply AI-driven decision-making, simplify tasks, and improve customer interactions
Duck Creek partnered with Worldpay to improve payment processing for insurers
Duck Creek Technologies, a provider of technology solutions for P&C insurance sector, has partnered with Worldpay to improve payment processing for insurers
SelectQuote secured $350 mn investment led by Bain Capital
SelectQuote, a major Medicare insurance distributor and healthcare services provider, has secured a $350mn investment. Bain Capital, Morgan Stanley
Insurtech Comulate raised $20mn in a Series B led by BOND & Workday Ventures
Comulate, an InsurTech firm focused on accounting automation for insurance brokers, has raised $20mn in a Series B round led by BOND and Workday Ventures
High Definition Vehicle Insurance raised $40 mn in growth capital
High Definition Vehicle Insurance (HDVI), a commercial auto insurer focused on technology, raised $40mn in growth capital, bringing total funding to over $87mn
Norwegian insurTech 7Analytics received investment from IAG Firemark Ventures
Norwegian InsurTech startup 7Analytics, which focuses on flood data analytics, has received investment from IAG Firemark Ventures
AI-insurtech Cytora launched Cytora Platform 3.0, an upgraded agentic AI
Cytora, an AI-driven solution provider for insurers, has launched Cytora Platform 3.0, an upgraded version of its digital risk processing system
Severe hailstorm in Calgary drives C$3.25 bn in insured losses – CatIQ estemates
CatIQ has disclosed its fourth industry loss estimate for the hailstorm that affected Calgary, Alberta, has risen to CAD 3.25 bn
ICEYE and SATIM partnered for AI-powered SAR imagery analysis products development
ICEYE and SATIM, a world-leading provider of AI-based solutions, announced the signing of partnership agreement for joint product development
California FAIR Plan secured approval for an additional $1 bn
The California FAIR Plan Association, a group of all insurers licensed to provide property coverage in the state, has secured approval for an additional $1bn
Total insured losses paid by the NFIP stemming from Hurricane Helene to be $6.4-7.4 bn
FEMA has raised its estimated losses for the National Flood Insurance Program (NFIP) due to Hurricane Helene to between $6.4bn and $7.4bn
Mercury General estimates gross losses from the January 2025 LA wildfires up to $2 bn
Mercury General, a Los Angeles-based insurer, estimates gross losses from the January 2025 wildfires between $1.6 bn and $2 bn
Natural ecosystems help shield coastlines from storms & reduce insured losses
Natural ecosystems like mangroves and salt marshes help shield coastlines from storms and reduce insured losses, according to Swiss Re Institute
CatIQ estimates C$2.82 bn in insured losses from Ontario and Quebec flooding
CatIQ, has released its fourth industry loss estimate for the flooding caused by Hurricane Debby’s remnants
Insurtech Weecover secured €4.2 mn to support international expansion
Weecover, a Barcelona-based insurtech specializing in embedded insurance, secured €4.2 mn in funding to support growth and international expansion
Bayer and Insurtech Pula plan to insure 10 million farmers in Africa
Bayer Foundation and insurtech Pula plan to insure 10 million smallholder farmers in Africa by 2030. This initiative protects farmers from climate risks
Tesla launched insurance discount for Texas and Arizona drivers using FSD tech
Tesla has introduced its first insurance discount for drivers using Supervised Full Self-Driving (FSD), cutting premiums by up to 10% for policyholders in Texas and Arizona
Duck Creek Technologies introduced Payments Marketplace
Duck Creek Technologies, a software provider for property and casualty (P&C) and general insurance, has introduced Payments Marketplace
California homeowners insurance: 11-year underwriting losses and market trends
An 11-year review of insurers’ filing data for homeowners insurance multiperil coverage in California shows intermittent years of poor results
Fidelis secured 5% private placement at Lloyd’s on $3.1 bn IG P&I Clubs reinsurance treaty
Fidelis Partnership placed a 5% private placement at Lloyd’s on the $3.1bn reinsurance treaty for the International Group of Protection and Indemnity Clubs
Texas Senate Bill 815 aims to prevent health insurers from using AI-based algorithms
A Texas Senate bill aims to prevent health insurance companies from using AI-based algorithms as the sole basis for denying claims
MetLife reported a $4.8 bn net income in FY2024, up from $3.1 bn
MetLife reported a fourth-quarter net income of $1.2 bn, up from $574 mn in the same period last year, according to its earnings statement
Globe Life expands cyber-attack impact, notifies 850,000 more individuals
Globe Life has expanded the number of individuals potentially affected by a cyber-extortion attempt last year
Allianz Commercial appointed Sandra Lee as head of claims for Canada
Allianz Commercial appointed Sandra Lee as head of claims for Canada. McNulty will continue as Allianz Commercial Canada’s chief agent
North Carolina proposed a 22.6% increase in personal auto insurance rates
The North Carolina Rate Bureau has proposed a 22.6% statewide average increase in personal auto insurance rates for policies effective Oct. 1
ICA classified flooding in Queensland as a significant event and activated an Insurance Hub in Townsville
Severe storms and flooding have impacted northern Queensland and nearby areas in Australia since Jan. 29. The Insurance Council of Australia (ICA) classified it as a “significant event
Merchants Insurance Group adopts CLARA Analytics AI to improve claims processing
CLARA Analytics announced that Merchants Insurance Group has adopted Claims DocIntel Pro and CLARA Triage for its auto liability claims
Wopta Assicurazioni, a phygital insurtech MGA, launched a €50 mn Series B
Italian insurtech firm Wopta Assicurazioni secured €12 mn in new funding through a club deal led by Belluzzo International Partners. The company also launched a €50 mn Series B
Insurtech XILO secured $7.2 mn in a Series A led by Altos Ventures
Insurtech XILO, a San Diego-based workflow automation platform for insurance agencies, secured $7.2 mn in a Series A funding round
Insurtech Bold Penguin partnered with EMPLOYERS, expanding the workers’ compensation coverage
Insurtech Bold Penguin announced a new partnership with EMPLOYERS, expanding the workers’ compensation coverage options available in the Terminal
Strong earnings in 2024 bolstered reinsurers’ capital positions and marked a return to normal prices
Bolstered capital from strong earnings in 2024 led to ample capacity and strong reinsurer capital positions, contributing to a more orderly renewal season
Bermuda re/insurers’ underwriting results to weaken in 2025 due to pressure on premium rates
Fitch Ratings expects Bermuda re/insurers’ underwriting results to weaken in 2025 due to pressure on premium rates and rising loss costs
Flood Re launches Flood Bus, named Flo, to promote flood resilience in Scotland
Flood Re is introducing a new Flood Bus, named Flo, as part of a national effort in Scotland to strengthen property-level flood protection and help communities prepare for future flooding
Discover how a secondary reinsurance market could improve capital efficiency, lower WACC, boost underwriting flexibility and support more efficient pricing
Fitch estimates Winter Storm Fern insured losses at $4-7 bn. Losses hit earnings, not capital, with P&C insurers absorbing most claims and no rating downgrades
2026 Atlantic hurricane season passed without a single US hurricane landfall for the first time in ten years, yet still delivered deadly storms, elevated major hurricane activity, and meaningful losses
Global reinsurance pricing fell more than expected at Jan. 1, 2026 renewals, with abundant capital, weak catastrophe support, and easing terms