Reinsurance News

State Farm

AM Best turns negative on State Farm citing cat losses & regulatory environment

25th September 2023

AM Best has revised the outlooks to negative from stable for State Farm and certain subsidiaries, citing recent adverse underwriting experience in the private passenger auto insurance line of business, the challenging regulatory environment, and continued elevated catastrophe-related loss experience in many parts of the country. Spelt out, the rating agency ... Read the full article

Rep. Schiff urges FIO to investigate impacts of climate change on insurance coverage

24th July 2023

Congressman Adam Schiff has penned a letter to the U.S. Department of Treasury Federal Insurance Office (FIO) urging them to investigate how climate change is impacting insurance coverage options for homeowners following the news that State Farm and Allstate will no longer provide new home insurance policies in California. Chiefly, the ... Read the full article

Hagerty raises $105m in capital from State Farm, Markel Group & Hagerty family

26th June 2023

Specialty insurance provider Hagerty has raised $105 million in capital from strategic investors, including State Farm, Markel Group and the Hagerty family. According to the firm, the capital raise is comprised of $80 million of convertible preferred equity, which closed on June 23 2023, as well as a $25 million commitment of long-term ... Read the full article

Senate Budget Committee launches investigation into insurance companies’ climate risk evaluation, fossil fuel support

12th June 2023

The Senate Budget Committee, led by Senator Whitehouse (D-RI), alongside Senators Wyden (D-OR) and Sanders (I-VT), initiated an investigation into the evaluation of climate-related risks by major U.S. insurance companies. The committee seeks to understand why these companies continue to support and underwrite fossil fuel expansion projects that contribute to climate ... Read the full article

AIG and Farmers join other insurers in pulling back from climate and cat exposed property risks

9th June 2023

Large insurers AIG and Farmers Group are pulling back from climate and catastrophe exposed property risks, joining other insurers that have either reduced or ceased offerings altogether in U.S. regions vulnerable to floods, storms, and wildfires, reports the Wall Street Journal (WSJ). The publication has reported that AIG is planning to ... Read the full article

Velocity Risk stops writing all homeowners business

2nd June 2023

Velocity Risk Underwriters, the catastrophe-exposed property insurance specialist managing general agency (MGA) operation, is set to exit the homeowners insurance marketplace. Effective May 26th, Velocity Risk Underwriters has ceased writing new homeowners insurance business and has begun the process of exiting all of its homeowner programs, our sister publication Artemis ... Read the full article

APCIA ceases writing new property policies in California

31st May 2023

The American Property Casualty Insurance Association (APCIA) responding to State Farm’s announcement has said that they will no longer write new property insurance policies in California. Only days ago, the US primary insurance giant State Farm stated that it was ceasing to underwrite commercial and residential property in the State ... Read the full article

State Farm stops writing California property, cites exposure & reinsurance challenges

29th May 2023

US primary insurance giant State Farm is ceasing to underwrite commercial and residential property in the State of California, citing exposure related issues and a challenging reinsurance market environment. The company said that its State Farm General Insurance Company, the firms homeowners insurer in California, will "cease accepting new applications including ... Read the full article

Progressive Corporation becomes largest US motor insurer: GlobalData

30th November 2022

According to GlobalData, Progressive Corporation has overtaken State Farm to become the largest motor insurer in the US. The company’s growth was largely attributed to its expanding for-hire transportation business, says GlobalData, alongside higher advertising campaigns and its affiliation with a larger number of insurance agencies. As shown in the chart below, ... Read the full article

Top US P&C underwriters saw robust premium growth in 2021

18th July 2022

The top 10 U.S. property & casualty (P&C) underwriters, based on net premiums written, remained unchanged in 2021 when compared with the previous years, while Munich Re Americas moved four places to 15th, making it the highest ranked reinsurer on the list. Our directory of the Top ... Read the full article

State Farm’s venture arm invests in Cape Analytics

16th January 2020

State Farm Ventures, the venture arm of U.S. P&C insurer State Farm, has made a significant investment in Cape Analytics, a provider of AI-powered geospatial property data. Cape Analytics is set to use the proceeds from the investment to accelerate the development of ground-breaking solutions for property insurance firms, utilising geospatial ... Read the full article

State Farm & Berkshire maintain status as top US P&C insurers

24th October 2019

State Farm and Berkshire Hathaway Specialty Insurance maintained their spots as the largest and second-largest U.S. Property and Casualty (P&C) writers in 2018, respectively, while Chubb INA Group entered the top ten. This is according to the Reinsurance News directory of the Top 100 U.S. P&C ... Read the full article

State Farm granted waiver to conduct damage assessment using drones

9th January 2019

State Farm has become the first company in the U.S to be granted a national waiver by the Federal Aviation Administration (FAA) allowing it to conduct damage assessment using drones. The waiver authorises State Farm to conduct drone operations over people (OOP) and flights beyond a pilot’s visual line of sight ... Read the full article