If ever social trends affected an entity…ratings agency AM Best downgraded NYSIR to a B “Fair”, from its longstanding A- rating. primarily due to additional reserve strengthening as NYSIR experienced higher-than-expected losses as a result of the impact of the Child Victims Act and “social inflation” on liability claim costs, increased property loss costs, and […]
New research has revealed the states with the most significant increase in homeownership since 2014, with Maryland taking the top spot. Real estate experts Agent Advice analyzed a recent housing vacancy and homeownership survey from government census data to determine the states that had experienced the most significant increase in homeownership rates from 2014 to 2023. The state that […]
2024 Market Share Report: Independent agency market share holds steady in hard market ALEXANDRIA, VA,The independent agency channel is holding ground and showing slow, steady gains in lines of business penetration, including homeowners insurance, according to the Big “I” 2024 Market Share Report. The annual Market Share Report compiles and analyzes property & casualty premium […]
DALLAS – The summer driving season may provide auto enthusiasts more opportunities than just getting back behind the wheel. New classic and modern collector vehicle insurer, OpenRoad, has announced it will begin offering coverage across select U.S. states Monday, July 15, 2024, promising better prices, superior coverage, and some much-needed relief from skyrocketing insurance costs […]
Only 2 personal line carriers ranked among the top 50 New York – The U.S. Property and Casualty (P&C) Insurance Performance Rankings published by S&P Global Market Intelligence, an annual ranking of the 100-largest P&C carriers in the country, found that commercial insurers outperformed their peers in key metrics measuring earnings, underwriting profitability, balance sheet […]
Verisk’s ISO Experience Index can help the insurance industry quickly assess changes in risk patterns and the cost of insuring risk JERSEY CITY, N.J. – The insurance industry exceeded loss ratio levels that have not been seen in nearly 20 years, with an estimated $21.2 billion reported in underwriting losses in 2023. To help insurers, […]
Expands specialty capabilities, expertise in Executive Employee Benefits BOSTON – Risk Strategies, a leading North American specialty insurance brokerage and risk management and consulting firm, has announced it has acquired The Baker Benefit Group, LLC (BBG), a retail firm providing ancillary employee benefits products at large employer groups. Terms of the deal were not announced. […]
JOHNSTON, RHODE ISLAND – AIPSO’s President and CEO Chuck Kwolek has announced the hiring of two individuals to Vice President positions in the organization: Adam LaFlamme has been appointed Vice President – Chief Technology Officer, effective June 10, 2024, and Barry Zalcman has been appointed Vice President of Insurance Operations, effective June 3, 2024. Mr. […]
New resource helps independent insurance agencies harness the power of AI to enhance client relationships, optimize marketing efforts and drive growth. ALEXANDRIA, VA – As artificial intelligence (AI) continues to evolve, it stands as a growing tool that is reshaping how independent agents should approach insurance marketing. To help independent insurance agents get started with […]
ALBANY, N.Y., The 140 year old New York Insurance Association, Inc. (NYIA) Board of Directors has announced top leadership changes. Ellen Melchionni, currently president of NYIA, will retire effective December 31, 2024. Cassandra Anderson will assume the role of president on January 1, 2025. Anderson is currently NYIA’s executive vice president. Melchionni has served as […]
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