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Weekly News Roundup, January 26

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In this week's news will talk about The Hartford latest to pull back from California homeowners insurance,
Inszone enters Kansas market, and much more...

HUB unveils new offering for multinational companies

Hub International has announced the launch of a new offering designed to assist multinational companies with managing complex risks across various industries.

The new offering, HUB multinational protection, is available to clients operating in five countries or less, including those with employees working or travelling abroad and global product sales.

It also applies to those that sponsor international trips or have a physical presence outside the US, such as offices, manufacturing facilities, and warehouses, according to a company release

Insurers head to court to seek redress for Maui wildfire losses

Several months after the devastating wildfires that destroyed much of the Lahaina community in Maui, some 140 insurance companies have initiated legal action against utility firms and landowners to seek reimbursement for claims they paid out to policyholders.

According to a report by the Honolulu Civil Beat, the plaintiffs include State Farm, USAA, Island Insurance and Tradewind Insurance, as well as international names like Swiss Re, Mitsui Sumimoto Insurance, and Lloyd’s.

Over $1 billion in claims for residential property damages have been paid out by insurers following the Maui wildfires, per the latest tally from the Insurance Division of the Hawaii Department of Commerce and Consumer Affairs. Insurers have also reported nearly 4,000 claims for residential property in West Maui, with 1,689 total losses.

New MGA launches with focus on transaction liability

A team of experts in transaction liability insurance (TLI) has launched Sands Point Risk, a managing general agency focused on supporting expanded opportunities in financial and property-casualty insurance lines.

Sands Point will offer a full spectrum of products in TLI, including representations and warranties, tax liability and contingent liability insurance.

The company’s leadership team includes TLI professionals who have collectively underwritten thousands of transactions involving strategic and private equity buyers and sellers, of all sizes and across numerous industries.

The Hartford latest to pull back from California homeowners insurance

The Hartford has become the latest insurer to pull back from homeowners insurance in California.

The Hartford will no longer offer new personal property insurance coverage in California from February 1, a spokesperson confirmed.

“The homeowners’ insurance environment in California has unique challenges that have required us to reconsider the viability of writing new homeowners’ business in the state,” The Hartford spokesperson said. “Based on these challenges and our analysis of the trends, we have decided to stop offering new homeowners policies starting Feb. 1, 2024.

The homeowners pull back does not affect The Hartford’s other existing products in California, including business insurance and personal auto insurance.

Inszone enters Kansas market

Inszone Insurance Services has announced the acquisition of Hays, Kansas-based American Heritage Agency. The acquisition marks Inszone’s entry into the Kansas market.

Founded by Don Lowry in 1999 and acquired by Shawn Robben in 2008, American Heritage Agency serves clients in sectors including oil and gas, farms, personal lines and small construction.

“The team at American Heritage has been quickly integrating into Inszone Insurance’s systems, giving them access to deeper resources as they serve their clients,” said Chris Walters, CEO of Inszone. “The agency’s longstanding history and active involvement in the Hays community resonate with our own Inszone values. We are excited for this expansion into Kansas; this is part of our ongoing commitment to providing exceptional service to our clients and communities across the nation.”