Executives at Employers Holdings Inc. (NYSE: EIG) say a rapid increase in the number of cumulative trauma claims stemming from its California operations is having a negative impact on its financials. The workers’ comp specialty carrier says CT claims are adding three points to its 2025 accident year loss and loss adjustment expense ratio. “Our …
California market share totals for 2024 show a new entrant among the 10 largest workers’ comp carriers in the state, while another group moved up two slots in the rankings to become California’s third-largest workers’ comp carrier. One carrier wrote ten times what it did in 2023. Beyond these moves, however, the top of the …
The number of insurance groups active in California’s excess workers’ compensation market decreased by one last year. Written premium declined some $6 million to $231.4 million, according to the latest market share totals from the California Department of Insurance. Overall, there were 16 groups in the excess market in 2024, with Tokio Marine’s Safety National …
The workers’ comp industry continued its decade-long run of profitability in California and nationwide. Results extracted from a new National Association of Insurance Commissioners report show carriers nationwide reported a profit on their insurance transactions of 23.5%, while the results for California carriers were even better at 27.6% (see chart). Profit on insurance transactions is …
Blue Cross and Blue Shield of Michigan officials say a published report that it is working to sell off its workers’ comp and specialty insurance subsidiary is “premature.” The report was that the group health insurer had engaged JP Morgan to help sell of its AF Group of workers’ comp and specialty insurance companies. BCBS …
California’s excess workers’ compensation insurance market last year showed more volatility than usual with several groups decreasing written premium, while the excess market grew slightly overall. Total written excess premium last year was nearly $238 million compared to $234 million in 2022. Tokio Marine’s Safety National Casualty Corp. remained the state’s largest market with $136 …
California market share totals for the 2023 calendar year show little change from the prior year. Nine of the top 10 workers’ comp carriers retained the same rank as in 2022, but two groups showed double-digit increases in direct written premium compared to the prior year. Overall, written premium in California climbed to $11.8 billion …
Omaha National Group has made a significant strategic move with its acquisition of Sutter Insurance Company, a California-based entity. The deal has been finalized, and the company rebranded as Omaha National Casualty Company. However, specific terms of the deal have not been disclosed. Omaha National officials remained generally tightlipped and did not respond to questions …