Bodily injury, property damage, collision severity and other measures of auto liability claims increased in 2022, according to the 2023 U.S Auto Insurance Trends Report recently published by LexisNexis® Risk Solutions. Specific measures for 2022 auto liability claims are as follows: More than a quarter (27 percent) of collision claims in the first nine months […]
Dog Bite Claims Hit Homeowners Insurance
The cost of a dog bite claim jumped significantly between 2021 and 2022, with the average claim value approaching $65,000 in 2022, up from $49,000 the previous year. Dog bite claims and other canine-related injuries resulted in liability claims under homeowners insurance policies totaling more than $1.136 billion in 2022, according to State Farm® and […]
United P&C Enters Liquidation
All insurance policies issued by United Property & Casualty Insurance Company (“UPCIC”) are cancelled as of March 29, 2023, according to the Florida Department of Financial Services. There is one exception for flood insurance policies. The action follows a Florida court order that the Florida Department of Financial Services assume the role of receiver of […]
Florida Tort Reform Enacted
Governor Ron DeSantis signed House Bill 837, Civil Remedies, into law on Friday, March 24, 2023. The bill took effect upon signing. This far-reaching Florida tort reform act contains major provisions as outlined below. The federal standard of eliminating attorney’s fee multipliers is adopted and the law provides that one way attorney fee provision can […]
United Property & Casualty to Exit FL, GA, LA, and NY Markets
United Property & Casualty plans to withdraw its personal lines coverage in Florida, Georgia, Louisiana, and New York, according to a company news release issued on August 25, 2022. UPC, a subsidiary of United Insurance Holdings Corp. (UIHC), is a homeowners insurer operating in the coastal states of Florida, Georgia, Louisiana, New York, North Carolina, […]
Marijuana Panel Counsel Defense
Insurance defense law firms might want to explore marijuana panel counsel opportunities as the cannabis industry expands. Almost 50 million Americans used marijuana at least once in 2019, according to the CDC. Although it is illegal at the federal level, 37 states allow medical marijuana use and many have also have approved recreational use. The […]
Liberty Mutual Completes State Auto Acquisition
State Auto Group is now owned by Liberty Mutual Insurance. Insurance defense law firms that are on the State Auto panel counsel program will want to monitor their portfolio of cases closely. Through the mutual transaction and merger, originally announced in July 2021, Liberty Mutual adds $2.3 billion in premium and becomes the second-largest carrier […]
ProSight Rebrands as Coaction Specialty
Coaction Specialty is the new name for ProSight Global, Inc., a specialty underwriter founded in 2009. The parent company is Coaction Global, Inc. Insurance defense law firms that are ProSight panel counsel members will want to educate themselves on the reasons behind the corporate ownership change and what it may mean for the future. Coaction […]
Florida Homeowners Insurance Market in Turmoil
Many Florida homeowners insurance companies, listed below, have entered into liquidation in recent years. Other Florida homeowners insurance carriers have announced plans to either cut back or stop writing new policies. Panel counsel law firms for Florida homeowners insurance carriers will want to keep one eye on their claims files while also actively looking for […]
Berkshire Hathaway to Acquire Alleghany Corporation
RSUI Group, CapSpecialty, and Transatlantic Holdings are being acquired by Berkshire Hathaway as part of its purchase of Alleghany Corporation, according to a March 21, 2022 news release. The transaction is valued at $11.6 billion and is expected to close by the end of the year. Berkshire Hathaway panel counsel attorneys and Alleghany panel counsel […]
