Premium Insurance & Income Tax

Insurance Business America | March 30, 2020

A bill being drafted in the state of New Jersey could put certain property insurers on the hook for business interruption losses due to the COVID-19 outbreak. Once approved, NJ Draft Bill A-3844 would immediately take effect, and will apply retroactively to insurance policies in force on March 09, 2020, specifically those policies that insure against loss or damage to property, as well as loss of use, occupancy and business interruption coverage. Essentially, the bill voids any virus exclusions ...

Liberty Mutual | April 08, 2020

Liberty Mutual has recognized the financial burden caused by the COVID-19 pandemic, and has responded by announcing a “Personal Auto Customer Relief Refund” program that will give auto insurance customers a 15% refund on two months of their annual premium. A release said that this refund program returns about $250 million to both Liberty Mutual and Safeco personal auto insurance customers. Pending regulatory approval, personal auto insurance customers will receive the 15% refund on t...

LIFE INSURANCE

Mutual of America | April 27, 2022

Mutual of America Financial Group announced today that it has entered into a Stock Purchase Agreement to acquire Landmark Life Insurance Company, a widely licensed Texas life and annuity insurance company ("Landmark Life"). The transaction is expected to close during the third quarter of 2022, subject to customary closing conditions, including regulatory approval. The acquisition of Landmark Life represents another positive step toward achieving Mut...

INSURANCE TECHNOLOGY

Setoo, Pattern Insurance | July 19, 2021

Setoo, an embedded insurance pioneer, announced today that it has entered into a merger agreement with Pattern, an insurtech startup that has emerged from stealth mode. Pattern will be the name of the joint venture's activities in Europe and the United States. Pattern will assist companies in generating new revenue streams and increasing customer satisfaction by transforming all of their online transactions into protected experiences without the need to be an insurer. Pattern ...