XL Group will become part of AXA in a $15.3 billion cash transaction that is expected to close during the second half of 2018. The deal will create one of the world’s largest property and casualty insurers, and will certainly be closely watched by insurance defense law firms that now serve on the XL Group […]
Patriot National Files for Bankruptcy
The workers’ compensation insurance industry is assessing the news that Patriot National Inc. made a Chapter 11 filing in the U.S. Bankruptcy Court for the District of Delaware on Jan. 30. Patriot National is an independent national provider of comprehensive full-service outsourcing solutions within the worker’s compensation insurance marketplace for insurance companies, employers, local governments […]
Trov Launches On-Demand Insurance
Consumers can buy insurance “on demand” to cover electronics and other valuable goods and once Trov Inc. rolls out it services in the U.S. in 2018. Insureds will be able to turn protection on and off with a simple command via mobile phone. Google is reportedly in talks with Waymo to extend its technology to […]
Panel Counsel Revenue Tip #1 for 2018
Getting on more insurance panels is a top priority for law firms seeking to expand their panel counsel revenue base. Now is the time that proactive insurance defense law firms across the country are turning their attention to planning for 2018. There are actually a number of ways to grow revenues for insurance panel counsel […]
Hurricane Irma & Florida Homeowners Insurance Claims
Florida insurance defense law firms seeking opportunities to defend Hurricane Irma claims as panel counsel may want to reach out to the large number of Florida homeowners insurance carriers across the state and beyond. Homeowners insurance in the Florida market is provided by dozens of Florida-based insurers, with participation as well by national and other […]
California Workers’ Compensation Panel Counsel Update
Berkshire Hathaway Inc. reached a settlement with the California Department of Insurance in regard to “bait and switch” allegations involving two subsidiaries, California Insurance Co., a workers’ compensation insurer, and Applied Underwriters Captive Risk Assurance Co., Inc., an affiliated workers’ compensation reinsurer. Applied Underwriters is required under the terms of the settlement to provide insureds […]
Liberty Mutual Buys Ironshore
Liberty Mutual Insurance announced on May 1 that it completed its acquisition of specialty carrier Ironshore Inc. from Fosun International Limited after receipt of regulatory approvals. The U.S. specialty lines business of Ironshore will be combined with the U.S. business of Liberty International Underwriters (“LIU”), a Liberty Mutual subsidiary. The Ironshore brand will remain in […]
State Farm to Shut 11 Offices
A $7 billion annual underwriting loss on auto policies in 2016 is driving State Farm Mutual Automobile Insurance Co. to close 11 U.S. facilities over the next four years, displacing approximately 4,200 workers. Law firms that are members of the State Farm Panel Counsel program for auto insurance will want to monitor this situation closely. […]
SOMPO Holdings Buys Endurance
Japanese insurer SOMPO Holdings completed its acquisition of 100% of the outstanding ordinary shares of Endurance Specialty Holdings Ltd. for an amount of $6.3 billion, effective March 28, 2017. Sompo International, based in Bermuda, is a newly formed entity that will include the integrated assets of Endurance. It will also include SOMPO’s existing international commercial […]
NY Cyber Security Rules Start March 1
Insurance companies operating in the state of New York will become subject to new cyber security regulations that take effect on March 1, 2017. New York is the first state to require insurers to report data breaches and protect customer information by encryption, access controls, and other mechanisms. The rules are in response to a […]
