In this week's news will talk about the most impacted ZIP codes in State Farm's California pullout, World Insurance Associates continues expansion with Arizona deal, and much more…
World Insurance Associates continues expansion with Arizona deal
Following closely after a major deal in the Atlantic Highlands, World Insurance Associates has now set its sights on Arizona, expanding its portfolio through the acquisition of InterWeb Insurance of Lake Havasu City.
Founded in 2008, InterWeb specializes in commercial insurance with a particular focus on errors & omissions (E&O) coverage tailored for clients in the financial services industry.
Jack Pontolillo, CEO of InterWeb Insurance, expressed satisfaction with the acquisition, noting a shared goal with the major brokerage.
“InterWeb Insurance provides our customers access to insurance protection and risk management with integrity and excellence. Our customer-centered approach offers the highest level of personal service from every member of the InterWeb Insurance team. We are glad to be joining World, an organization that shares our approach,” Pontolillo said.
Founded in 2008, InterWeb specializes in commercial insurance with a particular focus on errors & omissions (E&O) coverage tailored for clients in the financial services industry.
Jack Pontolillo, CEO of InterWeb Insurance, expressed satisfaction with the acquisition, noting a shared goal with the major brokerage.
“InterWeb Insurance provides our customers access to insurance protection and risk management with integrity and excellence. Our customer-centered approach offers the highest level of personal service from every member of the InterWeb Insurance team. We are glad to be joining World, an organization that shares our approach,” Pontolillo said.
Florida Peninsula to deliver some relief for homeowner
Against the tide of rising rates, one Florida insurer is set to deliver some much-needed relief for homeowners in the state.
Beginning on July 15 for new customers and August 1 for renewals, Florida Peninsula Insurance Company has announced a 2% reduction in rates for homeowner and condo policies across the state.
The new rates come as a response to recent legislative changes and the findings of the company’s analytics team, which identified opportunities to pass additional savings on to policyholders.
Clint Strauch, president of Florida Peninsula Insurance, expressed optimism about the decision’s impact on residents.
Beginning on July 15 for new customers and August 1 for renewals, Florida Peninsula Insurance Company has announced a 2% reduction in rates for homeowner and condo policies across the state.
The new rates come as a response to recent legislative changes and the findings of the company’s analytics team, which identified opportunities to pass additional savings on to policyholders.
Clint Strauch, president of Florida Peninsula Insurance, expressed optimism about the decision’s impact on residents.
Most impacted ZIP codes in State Farm's California pullout
State Farm General Insurance Company has listed the ZIP codes to be impacted by the insurer’s partial pullout from the California market, and here Insurance Business ranks them in terms of the number of non-renewed policies.
As announced by State Farm General in March, approximately 30,000 homeowners’, rental dwelling, and other property insurance policies will not be renewed as part of “some difficult but necessary decisions” the insurer has had to make to remain sustainable in California.
Additionally, State Farm General is withdrawing from offering commercial apartment policies, with around 42,000 policies facing non-renewal.
At the time, State Farm General highlighted: “Combined, these policies represent just over 2% of State Farm General’s policy count in California.
As announced by State Farm General in March, approximately 30,000 homeowners’, rental dwelling, and other property insurance policies will not be renewed as part of “some difficult but necessary decisions” the insurer has had to make to remain sustainable in California.
Additionally, State Farm General is withdrawing from offering commercial apartment policies, with around 42,000 policies facing non-renewal.
At the time, State Farm General highlighted: “Combined, these policies represent just over 2% of State Farm General’s policy count in California.
Victor appoints new president for US specialty
Global managing general underwriter (MGU) Victor has announced the appointment of Tim McDougald as president of its Victor US specialty underwriting division, effective immediately.
With a previous 34-year tenure at Marsh, McDougald has held several key leadership positions, most recently serving as the leader of Marsh’s New England operations for the past eight years. His previous roles include leading the New York Metro Risk Management team at Marsh.
McDougald’s background in the insurance industry and his leadership capabilities are set to drive growth, innovation, and talent development within Victor US, the company said in a news release.
With a previous 34-year tenure at Marsh, McDougald has held several key leadership positions, most recently serving as the leader of Marsh’s New England operations for the past eight years. His previous roles include leading the New York Metro Risk Management team at Marsh.
McDougald’s background in the insurance industry and his leadership capabilities are set to drive growth, innovation, and talent development within Victor US, the company said in a news release.
Where are insurers investing?
Marsh McLennan businesses Mercer and Oliver Wyman have published their 2024 Global Insurance Survey, which sheds light on the investment and portfolio management strategies of over 80 insurance companies moving forward. A key takeaway from the survey is the increasing focus on private market investments, particularly private debt, as a core component of insurers’ portfolios.
The report underscores a significant inclination towards private market investments among insurers, with nearly 73% either currently engaged or planning to venture into private markets this year. Additionally, 39% of the global respondents are looking to boost their investments in private markets.
Specifically, there’s a notable uptick in interest in private debt, with 32% of insurers aiming to augment their investments in this area, up from 27% in the previous year. Despite the enthusiasm, the primary barriers to increasing allocations include the high costs and complexities associated with investment choices and manager selection for those already in the market.
The report underscores a significant inclination towards private market investments among insurers, with nearly 73% either currently engaged or planning to venture into private markets this year. Additionally, 39% of the global respondents are looking to boost their investments in private markets.
Specifically, there’s a notable uptick in interest in private debt, with 32% of insurers aiming to augment their investments in this area, up from 27% in the previous year. Despite the enthusiasm, the primary barriers to increasing allocations include the high costs and complexities associated with investment choices and manager selection for those already in the market.
