The Appellate Division reversed, and the Supreme Court agreed. The problem was mismatch of powers. New Jersey’s Insurance Fraud Prevention Act allows recovery of “compensatory damages, investigative expenses, costs, attorneys’ fees, and, where a pattern of fraud is established, treble damages.” The state’s anti-racketeering law allows private parties to sue in court for damages and…
Delaware Life Insurance Co. and Clear Spring Life & Annuity Co., both units of Group 1001, received grand jury subpoenas in February, the companies disclosed in a June 26 regulatory filing. Prosecutors in Manhattan are investigating whether the insurer failed to disclose that its private credit holdings supported other Walter-controlled enterprises, in a parallel investigation…
In Asia-Pacific, Allianz Research’s Global Insurance Report 2026 pegged P&C premium growth at just 4.0% in 2025, below the region’s ten-year average, as Fitch pointed to rising loss ratios in motor and health lines in markets including Korea, Indonesia and Australia squeezing underwriting margins. North America’s own P&C growth also slowed sharply, falling from 9.7%…
The complaint alleges that the reasons changed after this. The denial, dated July 23, 2024, said: “Our inspection revealed no storm damage to your roof or fence. Both showed significant wear and tear, which is excluded. Internal water damage caused by damage to your roof as a result of wear and tear will also not…
This announcement is part of a typical market transformation. Insurance Commissioner Ricardo Lara’s Sustainable Insurance Strategy – Proposition 103 reforms finalized in December 2024, allowing insurers to use forward-looking catastrophe models and reinsurance costs in rate filings in exchange for expanding coverage in wildfire-prone areas – have begun re-entry into the measurable admitted market. The…
compliance window For health insurers, MGAs and brokers, the Cuban-Andreessen exchange is less a technology story than a reminder that AI governance compliance is a live operational necessity. With nearly a third of health insurers still not regularly bias-testing their models, an NAIC-federal standoff over who regulates AI in insurance, and a lawsuit already underway…
Basic earnings rose to $2.160 billion, or $10.04 per diluted share, from $1.504 billion, or $6.51 per diluted share. The combined ratio improved from 90.3% to 83.6%, with the underlying combined ratio decreasing from 84.7% to 84.1%. Return on equity increased from 20.9% to 27.1% and core return on equity increased from 18.8% to 24.9%….
Parametric adoption and its trade-offs Event organizers are increasingly turning to parametric insurance as a supplement to traditional cancellation structures. In January 2026, Bad Bunny concert organizers in Medellín, Colombia secured a parametric weather policy in advance of a credible severe rainfall threat, installing a weather station inside the venue that would trigger automatic payouts…
American Growth Insurance has launched an AI-enabled specialty brokerage platform with nearly $70 million of committed equity funding, targeting commercial and personal lines clients through an acquisition-based model that proponents say is designed to differentiate it from the PE-backed consolidators that dominate the existing buyer pool. Atlanta-based AGI is backed by Rockbridge Growth Equity and…
Having most recently served as the unit’s National Casualty Practice Leader, Joe Hayes becomes President of Gencap’s Brokerage Division, a new dedicated position overseeing Gencap’s transactional brokerage business. Tom Murphy has been promoted to Office President and Chief Development Officer, Programs, tasked with driving the strategic direction of Gencap’s program management platform. Matt Dunn joins…
