The Ticker
Drops workers compensation rates an average of 11% as of April 1. Loggers should see 16%-20% decrease; dairy workers 8%-12%, and ski industry 10%-14%. Voluntary market set for average 11.6% decrease. Assigned risk rates expected to fall average 12.1%.
Passes law to establish state-based health insurance exchange, migrating off of federal program. Will be run by newly established division within the State Corporation Commission and will make qualified plans available by July 1, 2023, unless SCC delays implementation.
Begins rulemaking process to increase the amount of value insurers are permitted to provide to policyholders in the form of risk-reduction and loss-control goods and services without violation of rebate laws.
Partners with Nationwide to create N2G Worldwide Insurance Services (n2g.com), which will promote, distribute and administer insurance on behalf of the two insurers for multinational organizations with U.S. operations and U.S.-based clients with multinational insurance needs. Business to N2G is sourced through independent agents, brokers and wholesalers. Bill Skapof is N2G CEO. He joined Generali in 2015.
Promotes Carol Sipe to SVP in P&C group. She will continue as president of Summit, acquired by Great American parent American Financial Group in 2014, and will serve as reporting officer overseeing Republic Indemnity.
Elects Martin Hughes to board of directors. He is non-executive chair of Hub International board and was chair of The Council in 2019.
Expands wholesale distribution platform with dedicated, nationwide, regionally based underwriting resources for property, casualty, environmental, health and professional lines. Jessica Ferguson heads East region from Boston. Tara Houvenagle heads Central from St. Louis. Eric Guinan leads West from Los Angeles.
Opening representative office in Bogota to underwrite business in property, casualty and treaty lines, with plans to expand into life, facultative and others. The company opened an office in Shanghai in December.
Makes burst of acquisitions in California: Mahan Insurance Brokers in Irvine specializing in midsize construction; Henderson Insurance Agency in Newport Beach specializing in dry cleaners; and DC Risk Solutions in San Francisco specializing in medical malpractice.
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