Insurtech Lemonade reported a fourth quarter 2025 net loss of about $21.7 million compared with a loss of about $30 million during the same time in 2024. Revenue and gross profit increased 53% and 73%, respectively, versus Q4 2024. However, operating expense increased $16.7 million, or 13%, to $141.2 million. Operating expense for Q4 was $154.2 million, an increase of 24% compared with Q4 2024, primarily due to higher growth spend for customer acquisition. The New York-based insurer of car, home, renters, and pet insurance grew in force premium for the ninth straight quarter. IFP grew 31% to end 2025…
Author: Awais
More than 10,000 people have enrolled in Nevada’s new public option health plans, which debuted last fall with the expectation that they would bring lower prices to the health insurance market. Those preliminary numbers from the open enrollment period that ended in January are less than a third of what state officials had projected. Nevada is the third state so far to launch a public option plan, along with Colorado and Washington state. The idea is to offer lower-cost plans to consumers to expand health care access. But researchers said plans like these are unlikely to fill the gaps left…
Edison International is cutting top executive bonuses by 40% to reflect the impact of the devastating Los Angeles-area wildfire that killed 19 people and damaged or destroyed more than 10,000 structures. The decision follows a hard season for Edison’s Southern California utility, which may be found responsible for the Eaton Fire that burned for almost four weeks in January 2025, wiping out entire neighborhoods. The company has acknowledged that it’s possible its equipment may have sparked the fire, and is facing lawsuits from hundreds of homeowners and businesses. Related: Rising Fire Risk Prompts Utilities to Deliberately Cut Power Edison International…
The deceleration in net premiums written has been steady. Progressive posted growth of 17% in the first quarter of 2025, easing to 12% in the second, 10% in the third, and 8% in the fourth, company filings showed. Full-year 2024 saw growth of roughly 21% across all lines.
For trainers, that translates into the need for meaningful limits. Mendoza-Reid estimates that a comprehensive package for a high-profile or Olympic-level trainer – including professional liability with a $5 million limit, general liability, workers’ compensation if applicable, inland marine for equipment, commercial auto, and up to a $10 million umbrella – can range from $4,500 to $12,000 annually.
BluNiche, the London-based product recall specialist MGA, announced the launch of its Pharmaceutical Recall Insurance product, expanding its portfolio to provide dedicated coverage for the pharmaceutical sector. The new offering provides comprehensive recall protection for pharmaceutical companies, contract manufacturers, contract packers, distributors, and Active Pharmaceutical Ingredient (API) manufacturers operating worldwide. BluNiche has the specialist capabilities to understand clients’ risks, tailor solutions and provide balance sheet protection in the event of a recall, the insurer said, noting that it will be working with brand-name drug manufacturers, generic drug producers, and biologic drug companies. Neil Evans “At BluNiche, we only underwrite product…
A bill intended to combat insurance fraud by updating a 20-year-old law passed the Washington state senate this week on a unanimous vote. Senate Bill 6031, which defines insurance fraud as its own crime, a Class B felony, was pushed for by Washington state Insurance Commissioner Patty Kuderer. Related: Wildfire Risk Scoring Transparency Bill Passes Washington Senate State law established the Office of the Insurance Commissioner’s Criminal Investigation Unit in 2006, but the law hasn’t been updated since. With SB 6031, Kuderer believes this gives the unit modern tools to investigate modern fraud. The bill expands “victims of insurance fraud”…
The Indian government must decide in the next few days whether to keep allowing a handful of Russian companies to insure tankers when they deliver oil to the Asian nation. The process comes at a time when New Delhi is under pressure from the Trump administration to scale back Russian oil buying. Allowing the insurers to continue covering against oil spills and other risks when sailing to India could help to underpin those trade flows. India’s Directorate General of Shipping has until Friday to extend the approvals of four Russian insurers, its website shows. Four other Russian ones don’t need…
New Jersey’s acting attorney general said Tuesday she will not ask the state Supreme Court to review the dismissal of racketeering charges against Democratic power broker George E. Norcross III and those charged alongside him. The decision by Jennifer Davenport, who was recently appointed by new Gov. Mikie Sherrill, came nearly three weeks after a three-judge appellate panel upheld a state judge’s decision to toss the criminal charges. The indictment had been obtained by Matt Platkin, who served as attorney general under Sherrill’s predecessor and fellow Democrat Phil Murphy. “In light of the Appellate Division’s decision, we have concluded that…
Zurich Insurance Group AG’s profit rose to a record in 2025, giving Chief Executive Officer Mario Greco a tailwind as he pursues the acquisition of Beazley Plc. Group operating profit rose to $8.9 billion in the year, the company said, beating the $8.8 billion consensus analyst estimate. Net income jumped 17% from a year earlier to $6.8 billion, according to a statement on Thursday. Earlier this month the Swiss insurer made an £8 billion ($11 billion) bid to buy Beazley Plc, an offer that’s won the tentative approval of the UK insurer’s board. The deal would create a global leader…
Lumen Re, the main reinsurance underwriting entity of LGT ILS Partners, is now aiming to secure up to $200 million in retrocessional protection against losses from North American peak perils with its debut Photon Re Ltd. (Series 2026-1) catastrophe bond issuance, Artemis has learned.The deal was launched to investors earlier this month, and at the time we understood that Lumen Re was targeting a minimum $125 million source of multi-year fully-collateralized retro reinsurance protection from the capital markets. As we’ve explained before, Lumen Re is used by LGT ILS Partners as a platform for the majority of its direct reinsurance writings.…
As the prospect of flood damage haunts an ever larger number of UK homes, the country’s banks are under growing pressure to prove they’re not underestimating the risk in their mortgage books. Nationwide Building Society — once seen as an outlier after saying in 2024 it had stopped making loans to some homes at risk of flooding — has emerged as a prescient first-mover amid growing banker anxiety, according to Mark Cunningham, managing director at PriceHubble, a property data company. The risk is that a bank is “going to end up with mortgage prisoners” if it’s the only institution “lending…
Dan Weissmann Less than 36 hours before his wife was scheduled to undergo major surgery, New York Times personal finance columnist Ron Lieber got an unwelcome letter from his family’s insurance plan: It was denying prior authorization for the procedure. With no time to lodge an appeal, Lieber and his wife decided to proceed and bet on her doctors’ ability to reverse the decision post-surgery. They succeeded, but the experience troubled Lieber. Why had no one warned them sooner? He set out to find answers to help people avoid scrambling to deal with a last-minute denial. In this episode of…
British entrepreneurship appears to be on the rise, with tens of thousands of new businesses popping up. The problem, for workers, is that these startups are increasingly using artificial intelligence and freelancers instead of taking on permanent staff. New firms launched in the UK last year generated an average of 2.7 jobs each, around one fewer than when records began in 2017, according to a Bloomberg analysis of official data. Total employment created by new enterprises fell 16% to the lowest level on record. That’s despite Britons starting new firms at the fastest pace in two years, during the fourth…