In this week's news will talk about Steadfast group expanding into US market, California regulator settles with insurtech and underwriter over claims mishandling, and much more…
Major Australasian broker network expands into US insurance market
Steadfast Group (Steadfast), the largest general insurance broker network and underwriting agency group in Australasia, has expanded into the US insurance market by acquiring ISU Group (ISU).
Starting a franchise over 40 years ago, ISU has become one of the largest agency networks in the US, with around 220 members across 40 states and has partnerships with more than 75 insurance carriers and wholesalers. It states that it provides independently owned insurance agencies with the unique competitive advantage of having the resources and strength of a national organization while retaining their independence.
Starting a franchise over 40 years ago, ISU has become one of the largest agency networks in the US, with around 220 members across 40 states and has partnerships with more than 75 insurance carriers and wholesalers. It states that it provides independently owned insurance agencies with the unique competitive advantage of having the resources and strength of a national organization while retaining their independence.
Progressive says it will not renew certain homeowners' policies in Florida
Progressive has announced that it will not be renewing certain homeowners’ insurance policies in Florida beginning May of next year.
A company spokesperson confirmed the move to local news channel WFLA and said Progressive has already initiated the necessary regulatory filings to enact the change.
The non-renewals will primarily impact DP3 policies that are typically for second homes, as well as other “direct and agency property policies.”
A company spokesperson confirmed the move to local news channel WFLA and said Progressive has already initiated the necessary regulatory filings to enact the change.
The non-renewals will primarily impact DP3 policies that are typically for second homes, as well as other “direct and agency property policies.”
Gallagher announces acquisition of Arizona-based retail broker
Broking giant Arthur J. Gallagher & Co has announced its acquisition of The Coverage Pro, based in Scottsdale, Ariz. Terms of the transaction have not been disclosed.
The Coverage Pro is a retail insurance broker specializing in construction services for both commercial and personal lines clients across Arizona. As part of this acquisition, Gallagher will also take over The Coverage Pro's affiliated company, General Southwest Insurance Agency, located in Phoenix.
Jeff LaScala, Caily LaScala, and the rest of the team will continue operations from their existing location, now under the guidance of Scott Firestone, who heads Gallagher's Southwest region retail property/casualty brokerage operations.
The Coverage Pro is a retail insurance broker specializing in construction services for both commercial and personal lines clients across Arizona. As part of this acquisition, Gallagher will also take over The Coverage Pro's affiliated company, General Southwest Insurance Agency, located in Phoenix.
Jeff LaScala, Caily LaScala, and the rest of the team will continue operations from their existing location, now under the guidance of Scott Firestone, who heads Gallagher's Southwest region retail property/casualty brokerage operations.
SCOR acquires nine million of its own shares
Major reinsurer SCOR is acquiring nine million of its own shares as part of the call option in the company’s settlement agreement with Covéa.
In a release SCOR said: “Under the June 2021 settlement agreement entered into between SCOR and Covéa in the presence of the Autorité de Contrôle Prudentiel et de Résolution, Covéa granted SCOR a binding and irrevocable call option on its full stake in SCOR – representing 8.8% of the share capital – at a price of €28 per share.
“The board of directors of SCOR authorized the partial exercise of this call option for the purchase of 9,000,000 SCOR shares held by Covéa, representing 5.01% of SCOR’s share capital.”
In a release SCOR said: “Under the June 2021 settlement agreement entered into between SCOR and Covéa in the presence of the Autorité de Contrôle Prudentiel et de Résolution, Covéa granted SCOR a binding and irrevocable call option on its full stake in SCOR – representing 8.8% of the share capital – at a price of €28 per share.
“The board of directors of SCOR authorized the partial exercise of this call option for the purchase of 9,000,000 SCOR shares held by Covéa, representing 5.01% of SCOR’s share capital.”
California regulator settles with insurtech and underwriter over claims mishandling
The California Department of Insurance has announced that it has reached two settlement agreements with Go Maps and its insurance underwriter, Topa Insurance, following an investigation into numerous complaints regarding mishandling of consumer claims for over two dozen drivers.
As per the terms of the agreement, Go Maps has consented to surrender its insurance license, pay a fine of $150,000, reimburse costs amounting to $50,000, and furnish the department with all necessary information to ensure compliance with statutory requirements concerning existing policyholders.
Topa, on the other hand, received a fine of $2,108,000 and committed to maintaining permanent access to all policies handled by future general agents, certifying the appropriate licensure of all general agents and associated entities, and refraining from seeking money from consumers who may have been undercharged due to rating errors in the Go Maps/Topa program.
As per the terms of the agreement, Go Maps has consented to surrender its insurance license, pay a fine of $150,000, reimburse costs amounting to $50,000, and furnish the department with all necessary information to ensure compliance with statutory requirements concerning existing policyholders.
Topa, on the other hand, received a fine of $2,108,000 and committed to maintaining permanent access to all policies handled by future general agents, certifying the appropriate licensure of all general agents and associated entities, and refraining from seeking money from consumers who may have been undercharged due to rating errors in the Go Maps/Topa program.
