Editors' picks for the week include an interview with outgoing California Insurance Commissioner Dave Jones and find out who made our list of top 20 European and Asian insurance companies by market cap.
More geographically diverse med-mal group takes 2nd crack at stock conversion
For the second time in a three-year span, two Pennsylvania-based reciprocal exchanges controlled by insurance company consolidator Diversus Inc. are seeking to convert to stock form under a newly created holding company that would issue common stock through a subscription rights offering. This time, however, they are joined by a third reciprocal exchange.
Push to identify deceased policyholders costs US life insurers $10B
As well as $180 million in settlements, life insurers have paid nearly $10 billion to beneficiaries who would not have gotten that money without regulatory intervention, said outgoing California Insurance Commissioner Dave Jones, who spearheaded the drive.
Chinese, Japanese insurers top region by market cap in Q4'18
Despite sinking share prices, Chinese and Japanese insurers continued to dominate S&P Global Market Intelligence's ranking of the 20 largest insurers in Asia-Pacific by market capitalization in the 2018 fourth quarter. Ping An Insurance (Group) Co. of China Ltd. remained the region's largest insurer from the third quarter, even though its market cap fell 16.0% to US$154.12 billion since the end of September.
Top 20 European insurance companies by market cap, Q4'18
PZU SA made its way into the 20 largest European insurance companies by market capitalization at the end of 2018, ousting Standard Life Aberdeen PLC from the list by shooting up five notches to 18th place, data compiled by S&P Global Market Intelligence shows.
Disaster-strewn 2018 leaves Japanese insurers facing Fukushima-sized claims bill
A string of natural catastrophes is likely to leave Japan's nonlife insurance industry nursing its highest-ever claims bill.