Allstate is pursuing a three-year goal of becoming the “most diverse digital protection solutions company.” The strategic focus on all things digital includes staffing and cost-cutting measures, automated claims processing, and new premium pricing models. This article highlights leading initiatives of interest to insurance defense law firms that serve as Allstate panel counsel. Technical Innovations […]
Liberty Mutual to Buy State Auto
The 33-state insurance market built by State Auto Financial is being sold to Liberty Mutual for $2.3 billion. The deal is approved by the State Auto board and is expected to close in 2022. State Auto panel counsel law firms will want to take note. Liberty Mutual, already the fifth largest P&C insurer based on […]
NORCAL Acquired by ProAssurance
ProAssurance completed its acquisition of NORCAL Mutual on May 5, 2021. The transaction was valued at about $600 million, based in part on future performance. NORCAL panel counsel members will want to monitor the status of their accounts. The NORCAL acquisition adds approximately $300 million of business to the ProAssurance Standard Physicians line, $1.5 billion […]
Chubb Offers to Buy The Hartford
The Hartford received an unsolicited purchase offer from Chubb Limited on March 18, 2021. The non-binding proposal, valued at $23.2 billion in cash and stock, is under review by The Hartford’s board of directors and their legal advisors. If approved, this transaction would continue a trend of mergers and acquisitions in the property and casualty […]
Google, Allianz & MunichRe Partner on Cyber Insurance
Google Cloud is now the first major cloud service provider to offer cyber risk insurance – an area of business that has been lacking coverage for years as more and more organizations save and store their data, including confidential customer information, in the cloud. By teaming up with European insurance companies Allianz and Munich Re, […]
Auto Panel Counsel Automation News
Automotive property damage claims are being automated at an accelerating rate, as documented by the $7 billion public offering of CCC Information Services Inc. (“CCC”). CCC is an information technology company that works with automobile insurance companies and others. It describes itself as “a leading SaaS platform powering the P&C insurance economy.” Defense law firms […]
Farmers to Buy MetLife Auto & Home Business
Farmers Group, a Zurich affiliate, will pay almost $4 billion to purchase MetLife’s property and casualty business (MetLife Auto & Home), according to a December 11, 2020 news release. The transaction is expected to close in the second quarter of 2021. Law firms that are members of the Farmers panel counsel and MetLife panel counsel […]
TypTap To Expand Homeowner Insurance Nationwide
Indiana, Mississippi, Montana, South Carolina, South Dakota, and Utah are six new states where TypTap Insurance Company will write homeowners insurance, according to a December 16, 2020 news release. Aspiring TypTap panel counsel members will want to make a note of this expansion. A rapidly growing, technology-driven property and casualty insurer, TYPTAP Insurance Company was […]
Profile on Encova: Motorists and BrickStreet Rebranded
Motorists Insurance Group and BrickStreet Insurance merged in a 2017 joint venture that did not require policyholder approval. The two companies now operate under the new name Encova Mutual Insurance Group following a July 2019 rebranding effort. The merged company is headquartered in the Columbus, Ohio home of Motorists. Encova is now a super-regional carrier […]
Layoff News for Allstate Panel Counsel Members
Claims professionals will be among the 3,800 planned layoffs, according to an Allstate news release dated September 30, 2020. Sales, service, and support personnel are also included in the staff reductions. Allstate panel counsel law firms will want to monitor implications for their case files. Allstate Chief Executive Thomas Wilson said of the layoffs, “somewhere […]
