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 …
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 …