LONDON, July 12, 2024–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Ratings of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Aspen Insurance UK Limited (AIUK) (United Kingdom), Aspen Bermuda Limited (ABL) (Bermuda), Aspen American Insurance Company (AAIC) (Austin, TX) and Aspen Specialty Insurance Company (ASIC) (Bismarck, ND). Concurrently,
Florida’s state-backed insurer of last resort has purchased $3.56 billion in reinsurance cover for this year’s potentially devastating hurricane season. In a Wednesday news release, Citizens Property Insurance Corporation said that the reinsurance would give the entity “the financial resources to pay claims following a 1-in-83-year hurricane without having to levy an assessment on most
PONDERAY — Greater Sandpoint Chamber of Commerce officials recently joined Spears Insurance in celebrating the grand opening of its new location. The insurance company is now located at 100 Vermeer Drive, Suite B, in Ponderay. Owner Carey Spears welcomed friends, family, clients, staff, Chamber Ambassadors and a chamber board member with a reception and
USDA Hosting Final Workshop on Nursery Insurance Option USDA recently expanded its Nursery Value Select Crop Insurance Program to all counties in all states. The Risk Management Agency is encouraging interested nursery producers to learn more about the program through an informational workshop. It will be valuable for producers in the newly expanded areas and
Heffernan Insurance Brokers acquired Costello Insurance Associates in Tempe, Arizona. Pat Costello and his team of five employees will continue to service their new and existing customers Costello services clients throughout the U.S. in obtaining coverage for corporate and pleasure aircraft, including jets, gliders, and drones, as well as operations such as flying clubs, flight
Insurers’ use of artificial intelligence (AI) must not discriminate against consumers, New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris said Thursday (July 11). Harris said this in a press release announcing the DFS’s adoption of guidance for insurers that use AI in underwriting and pricing. “New York has a strong track
Allstate has asked the state to approve an average 34.1% homeowners insurance rate hike for this year, the Department of Insurance confirmed Thursday . The rate hike request, filed in April 2023, was initially for 39.6%. But Consumer Watchdog, a Santa Monica-based consumer advocacy group, petitioned to intervene. Allstate lowered the request this past January
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even companies that have no revenue, no profit, and a record of falling short, can manage to find investors. But the reality is that when a company loses money each year, for long enough, its
BATON ROUGE, La. (BRPROUD) — Louisiana ranks high on the list for most expensive auto and homeowner insurance premiums. While bills are passed each year trying to help with the issue, a group of lawmakers are trying to take a deeper dive into what needs to be done. Louisiana ranks as the worst for the
PROTECTING HOMES— Firefighters try to cut open a garage door in an attempt to save a home on Kellwood Court in Oak Park during the 2018 Woolsey fire. Insurance companies are using fire as an excuse to drop coverage. Acorn file photo A proposal by state Insurance Commissioner Ricardo Lara is aimed at stemming the