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 …
The California Insurance Guarantee Association created its own internal special investigations unit (SIU) last year to fight fraud, and officials say the effort has already produced a conviction that allowed the organization to recoup nearly $1 million in fraudulent payments. The unit has had another suspected fraud referral accepted by a county District Attorney and …
The National Association of Insurance Commissioners (NAIC) released its initial market share report for 2022. The most interesting statistics show that the ten largest workers’ comp carriers accounted for 44.03% of the national market, up nearly 1% from 2021. The next 15 carrier groups, ranked by volume, together wrote 22.7%. Together the top 25 groups …
The workers’ comp market is on an unprecedented run with employers paying rates that are the lowest seen since the early 1970s. One major carrier, however, sees a hardening market on the horizon. “From my perspective, based on what I see and I believe my colleagues’ perspective is that comp is likely going to continue …
The Second District Court of Appeal says a lower court was correct to deny The Travelers’ challenge of Insurance Commissioner Ricardo Lara’s authority to find that unfiled side agreements in a workers’ comp program were unenforceable. The court also upheld an attorney fee award to the policyholder that successfully challenged the validity of these disputed …
The first results from the National Association of Insurance Commissioners (NAIC) annual report on market share totals show that the 25 largest workers’ comp carriers continued to control two-thirds of the workers’ comp market with 66.26% market share. At the top, ten groups are the same as last year, although there was some jostling for …
Workers’ comp carriers across California report depressed earnings from the just-completed second quarter. Loss of premium dollars continues to impact carriers’ bottom lines. The decline in premium is due in large part to loss of insured payroll, driven by a number of factors ranging from general loss of jobs in the state economy to accounts …