Editors' picks for the week include a story on GEICO companies reporting a rare adverse private auto liability reserve development and a piece on QBE's U.S. pool seeking finality in the Armour Group loss portfolio transfer.
2017's adverse private auto liability reserve development a rarity for GEICO
GEICO Corp. companies in 2017 reported adverse development of private-passenger auto liability reserves of an unprecedented magnitude during the 22 years that Berkshire Hathaway Inc. has owned the auto insurer in its entirety.
Regulatory proposals may split individual health insurance market
After a dizzying week of health insurance policy proposals, a theme of two markets — Affordable Care Act-compliant plans with comprehensive coverage, and plans with weaker benefits at a cheaper price — emerged at a major industry conference.
Freddie Mac pilot shakes up mortgage insurance
Freddie Mac wants to change how borrowers without large down payments pay for mortgage insurance, a move that could pave the way for broader housing finance reform but one that is likely to attract a fight from the private mortgage insurance industry.
Coinbase exec: Regulators have 'sufficient authority' to oversee crypto, ICOs
"Federal regulators already have sufficient authority to oversee this space effectively," Mike Lempres, chief legal and risk officer at Coinbase Inc., told lawmakers at a House subcommittee hearing. Many witnesses and Congressional attendees at the hearing said guidance on the regulation of initial coin offerings — offerings where companies sell digital tokens to raise capital — would benefit the industry.
QBE's US pool seeks finality in Armour Group loss portfolio transfer
U.S.-based subsidiaries of QBE Insurance Group Ltd. revealed additional details of a loss portfolio transfer and quota share involving certain discontinued commercial auto business. The affiliated Equator Reinsurances Ltd. assumed and then retroceded case and incurred-but-not-reported reserves to ILS Property & Casualty Re II Ltd., which QBE's U.S. units described as a wholly owned subsidiary of Bermuda-based Armour Group Holdings Ltd.
