The Ticker
CRC Group has acquired Specialty Risk Associates, a Shreveport, LA based MGA and surplus lines broker. Specialty Risk Associates will become a part of CRC Group’s Commercial Solutions Division. Terms of the deal were not disclosed.
Hires Joshua Clark as director of business development for Insurance Division. He will focus on expanding the use of captives. He moves from EXL Loss control. >> Gov. Bill Lee signs law protecting businesses against COVID-19 lawsuits unless there’s gross negligence or willful misconduct in not complying with public health guidelines. Retroactive to Aug. 3, though lawsuits alleging poor safeguards filed before that date are permitted to continue forward.
Kent Sullivan resigned as insurance commissioner to take up post in private sector. No word on replacement at press time. >> Approves NCCI filing to exclude from workers comp payroll reporting those employees who were furloughed due to COVID-19 shutdowns but were still paid. Decision applies to new, renewal and outstanding policies effective March 1, 2020.
CMS approves conversion of ACA exchange from federal to state-based system allowing some functions to move to state control for fall open enrollment. State will take over fully by 2023.
Insurance commissioner Mike Kreidler launches study to determine how much in insurance premium tax the state is losing to companies insuring through captives formed outside the state. An initial survey went to about 5,000 commercial entities in Washington asking if they insure through a captive. Kreidler will report findings to legislature, and enforcement actions against captives are on hold pending the survey results.
Fires Pat Regan as CEO after revelation of workplace communications that didn’t comply with code of conduct.
Alison Oliphant joins StarStone U.S. as president of newly formed excess and surplus property division, which will be launched ahead of the start of the 2021 renewal cycle. Oliphant moves from head of commercial lines and chief underwriting officer at Velocity Risk Underwriters, a division of Nephila Capital. Prior to that, she was at AmWINS in Alabama and CRC Insurance Services.
PG&E $11 billion wildfire subrogation trust pays $1.2 billion in first distribution to State Farm net of professional fees for claims the insurer paid out on losses due to fire damage caused by PG&E maintenance failures. State Farm Mutual Auto and State Farm General filed a combined $2.51 billion worth of paid claims for the fires.
Makes minority investment in new stop-loss insurer, Coefficient Insurance Company, a subsidiary of Alphabet’s life sciences division, Verily. Coefficient will target self-funded employers. Swiss Re Corporate Solutions will back the new insurer, and Ivan Gonzalez, CEO for North America at Swiss Re Corporate Solutions, will join Coefficient’s board. The date of product rollout was not announced.
Agrees to merge with Sirius Group in cash and stock transaction creating global company with about $3.3 billion in tangible capital. New company will brand as SiriusPoint. Third Point Re’s new chairman, Siddhartha Sankaran, will head the combined company as chair and CEO. Sirius’s president and CEO, Kip Oberting, will step down when deal closes, and two Sirius board directors will stay on as members of SiriusPoint board, the rest of which is composed of Third Point Re directors.
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