Insurance

IRS Updates Life Insurance Company Reserve Regulations

(Credit: Allison Bell/ALM)

The Internal Revenue Service — an arm of the U.S. Treasury Department — has completed work on two documents that might, or might not, increase U.S. life insurance companies’ federal income taxes.

One document is a set of final regulations, “Computation and Reporting of Reserves for Life Insurance Companies.” The IRS is in the process of putting the regulations into effect, by getting the regulations published in the Federal Register.

The regulations

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Falcon Insurance Company Chooses Shift Technology for Fraud Detection

Innovative Auto Insurer Views Effective Fraud Detection as Critical to Achieving Company Mission

PARIS and BOSTON, Sept. 9, 2020 /PRNewswire/ — Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, today announced the company has been selected to support fraud detection initiatives for Falcon Insurance Company. The Illinois-based auto insurer will deploy Force, Shift’s fraud detection solution to accurately and efficiently uncover suspicious

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Huron Capital’s High Street Insurance Partners Adds Two New Partner Agencies to Portfolio

Bloomberg

Perelman Selling Almost Everything as Pandemic Roils His Empire

(Bloomberg) — Bit by bit, billionaire Ronald O. Perelman is parting with his treasures.His Gulfstream 650 is on the market. So is his 257-foot yacht. Movers hauled crates of art from his Upper East Side townhouse after he struck a deal with Sotheby’s to sell hundreds of millions of dollars of works.He’s unloaded his stake in Humvee-maker AM General, sold a flavorings company that he’d

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Health insurance startup Oscar Health is gearing up for a 2021 IPO

  • Oscar Health, the health insurance company cofounded by Joshua Kushner and Mario Schlosser, is prepping for a public listing in 2021, says Axios.
  • The New York-based company initially aimed to provide coverage under the Affordable Care Act at the beginning of its launch in 2012, but has since expanded into other health insurance markets. 
  • It’s raised around $1.5 billion from major venture capital firms, including Thrive Capital, Alphabet, and Founders Fund, and is now hiring
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Owner of major Broadway theaters sues insurance companies over coronavirus payouts

Broadway theater owner Jujamcyn Theaters is suing its insurance companies, Federal Insurance Company and Pacific Indemnity Company, for paying merely $250,000 to cover what the company claims should be “tens of millions of dollars” in coronavirus-related losses.

NETFLIX ANNOUNCES CAST FOR NEW ‘PINOCCHIO’ ANIMATED MUSICAL

The lawsuit, filed with the Southern District of New York, alleges that Federal Insurance Company “flatly denied coverage, refusing to pay even a penny to help Jujamcyn” while Pacific Indemnity

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AM Best Affirms Credit Ratings of Emirates Insurance Company P.J.S.C.

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Emirates Insurance Company P.J.S.C. (EIC) (United Arab Emirates). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect EIC’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management (ERM).

EIC’s balance sheet strength is underpinned by risk-adjusted

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Gateway Insurance Company Assigned Financial Stability Rating of A, Exceptional from Demotech, Inc.

47-state licensed carrier owned by Buckle continues to advance digital fronting strategy

Buckle, a tech-enabled financial services company, announced its licensed carrier, the Gateway Insurance Company, has been assigned a Financial Stability Rating® (FSR) of A, Exceptional, from Demotech, Inc.

In June, Buckle announced the acquisition and recapitalization of Gateway, including its 47 state insurance licenses. Through its digital fronting strategy™, Buckle has expanded insurance coverage to include transportation network companies (TNCs), traditional

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“RICO” Defendant John Ritenour & Insurance Office of America Accused of “Stealing Insurance Commissions” from Its Own Agents; Witnesses Sought Regarding Allegation

In New Lawsuits Filed Against the Ritenours, Insurance Office of America, John Ritenour and Heath Ritenour are accused of “Skimming Insurance Commissions” from IOA’s Sales Agents: Witnesses Sought in Connection to Allegations

Orlando, FL, September 03, 2020 –(PR.com)– Witnesses sought relative to allegations against Insurance Office of America and “RICO” Defendants John Ritenour and Heath Ritenour for “Skimming Insurance Commissions” from Insurance Office of America insurance Agents. In an Amended Complaint filed in Broward County

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TWG Insurance Agency d/b/a The Westport Group ranks on the Inc. 5000 list of America’s Fastest Growing Private Companies for the 5th consecutive year

The Westport Group appears on the Inc. 5000 list of America’s Fastest Growing Private Companies for the 5th consecutive year, ranking No. 1981 with three-year revenue growth of 214%.

BRAINTREE, Mass. (PRWEB) September 08, 2020

Inc. magazine has revealed that The Westport Group is No. 1981 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the most successful companies within the

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China Life Insurance Company Limited Announces 2020 Interim Results (H Shares)

HONG KONG, Aug. 26, 2020 /PRNewswire/ — China Life Insurance Company Limited (SSE: 601628, SEHK: 2628, NYSE: LFC) announces the unaudited consolidated results of the Company (China Life Insurance Company Limited and its subsidiaries) for the six months ended 30 June 2020 (the “Reporting Period”) prepared under the International Financial Reporting Standards today.

Business Overview of the First Half of 2020 

2020 is the crucial year when the strategic deployment of China Life Revitalization

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Drones help insurance companies check damage in Cedar Rapids

CEDAR RAPIDS, Iowa (AP) — Insurance adjusters who descended on Cedar Rapids after the Aug. 10 derecho storm are using drones to check roofs and asking homeowners with less severe damage to take their own photos.

Some of this is due to the COVID-19 pandemic, which has reduced the number of experienced adjusters willing to travel. But the changes also help speed up claims and get repairs done sooner, company representatives said.


“Drones or aerial

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AXA Hong Kong extends free ‘Cleaning and Sanitising Benefit’ to home insurance customers

TipRanks

Billionaire Ken Griffin Snaps Up These 3 “Strong Buy” Stocks

As fears of a tech bubble and stretched valuations become the talk of the town, investors are turning to Wall Street titans for guidance, namely Ken Griffin. Founding hedge fund Citadel in 1990, the firm now boasts over $35 billion worth of assets under management.As a 19-year-old sophomore at Harvard University, Griffin began trading from his dorm room with a fax machine, computer and

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Auto insurance company Clearcover plans 300 jobs in Detroit

Detroit could soon be home to 300 new jobs in the auto insurance industry as a Chicago-based carrier seeks to expand its Midwest footprint.

The board of the Michigan Strategic Fund on Tuesday awarded Clearcover Inc. a $3.5 million Michigan Business Development Program grant and a $400,000 Jobs Ready Michigan Program grant.

The company plans to invest up to $5 million and create up to 303 jobs in Detroit, according to a memo from the

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Federal lawsuits filed in Pittsburgh against insurance companies that didn’t pay for pandemic-related losses

Following on the heels of dozens that have already been filed across the country, three potential class-action lawsuits related to covid-19 were filed in federal court in Pittsburgh late this week.

All three complaints were filed against insurance companies alleging that they failed to cover claims for losses their customers sustained because of government-ordered shutdowns during

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Who Is Considered A High-Risk Driver By Car Insurance Companies?

https://compare-autoinsurance.org/) has launched a new blog post that explains from what reasons car insurance companies consider some drivers as high-risk.” data-reactid=”12″LOS ANGELES, CA / ACCESSWIRE / August 27, 2020 / Compare-autoinsurance.org (https://compare-autoinsurance.org/) has launched a new blog post that explains from what reasons car insurance companies consider some drivers as high-risk.

https://compare-autoinsurance.org/what-are-high-risk-drivers/” data-reactid=”13″For more info and free

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Leading Insurance Company Adopts Low-Code from Mendix to Accelerate Digital Transformation

BOSTON, Aug. 26, 2020 /PRNewswire/ — Mendix, a Siemens business and the global leader in low-code application development for the enterprise, today announced that VGA, the Dutch insurance company owned by the municipality of Amsterdam, has leveraged the Mendix low-code platform to create ‘VGA Schadeportaal,’ a digital portal for damage claims.

The newly built digital portal enables VGA to work closely with its customers in one environment where claims are both reported and

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An insurance fix for fire-prone areas that only an insurance company could love

Homeowners in at-risk fire areas, such as Paradise, Calif., site of the 2018 Camp fire, are getting dumped by their insurance companies. <span class=(Los Angeles Times)” src=”https://s.yimg.com/ny/api/res/1.2/QR4vOfSwzcviprH7mAAmxQ–/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTQxOS42NDI4NTcxNDI4NTcxNw–/https://media.zenfs.com/en/los_angeles_times_opinion_902/4785256e362761b25f823c9b6a23fe08″ data-src=”https://s.yimg.com/ny/api/res/1.2/QR4vOfSwzcviprH7mAAmxQ–/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTQxOS42NDI4NTcxNDI4NTcxNw–/https://media.zenfs.com/en/los_angeles_times_opinion_902/4785256e362761b25f823c9b6a23fe08″/
Homeowners in at-risk fire areas, such as Paradise, Calif., site of the 2018 Camp fire, are getting dumped by their insurance companies. (Los Angeles Times)

Homeowners in fire-prone areas of California have had it rough in recent years. Not only have they been threatened by gigantic, climate-change-fueled wildfires, but their insurance premiums have skyrocketed — if they haven’t been dumped by insurers worried about huge claims from the blazes

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11 Charged in Louisiana Staged Truck Crash Insurance Fraud Scheme

Eleven people have been in indicted in what law enforcement officials say is an expanding probe into tractor-trailer accidents staged in New Orleans, Louisiana, to defraud trucking and insurance companies.

The 11 accused — 10 from Louisiana and one from Arkansas — are charged in a seven-count federal indictment, according to United States Attorney Peter G. Strasser. The charges are: one count of Conspiracy to Commit Mail Fraud in violation of Title 18, United States

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Universal Property Insurance Expands into Tennessee

The wholly-owned subsidiary of Universal Insurance Holdings, Inc.’s Universal Property & Casualty Insurance Co. (Universal Property), has received a certificate of authority in Tennessee, approving Universal Property as a licensed insurance entity in Tennessee.

According to Universal Insurance Holdings, Inc. CEO Stephen J. Donaghy, the expansion marks the Fort Lauderdale, Fla.-based company’s 19th licensed state where it does business.

Universal Property & Casualty Insurance Company began in Florida in 1997 and currently provides coverage across

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Safebuilt Insurance Services (SIS Insure) Partners with AF Group to Expand Insurance Programs for Contractors

CARLSBAD, Calif., Aug. 24, 2020 /PRNewswire/ — Safebuilt Insurance Services, LLC (“SIS Insure” or “The Company”), a licensed program manager, has announced its partnership with AF Group, a premier provider of innovative insurance solutions. SIS Insure is a subsidiary of Integrated Specialty Coverages, LLC (ISC), a Program Administrator that builds end-to-end insurance products utilizing artificial intelligence (AI) technology and data analytics.

SIS Insure provides solutions for general liability and other customized insurance programs for general

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