Workers' compensation

Workers’ comp insurtech Stream raises $5.3mn in Spark Capital-led seed round

San Francisco-based insurtech company Stream has raised a $5.3mn seed round led by Spark Capital, with participation from Acrew Capital and TTV Capital.

AM Best: Workers’ comp state funds grow direct premium to $6.9bn in 2023

US workers’ compensation state funds grew direct premiums for a third straight year in 2023, reaching $6.9bn compared to $6.8bn in 2022, according to a report from AM Best.

Workers' comp: preparing for emerging challenges after a decade of profitability

Michelle Glass, senior underwriter of North America casualty and workers’ compensation strategy lead, discusses key factors behind sustained profitability in workers' compensation, emerging challenges and how Axis Re is navigating this evolving landscape.

SiriusPoint completes $400mn workers’ comp LPT deal with Enstar

Enstar Group has completed its previously announced loss portfolio transfer transaction with SiriusPoint that sees a subsidiary of the legacy specialist reinsure a $400mn portfolio of workers’ compensation business covering the 2018 to 2023 underwriting years.

EverPeak continues workers comp expansion into TN

Workers’ compensation insurtech MGA EverPeak Insurance has continued to broaden its footprint with a move into Tennessee.

AM Best: Workers’ comp reserve position improved despite releases

The overall reserve position of the workers’ compensation sector has improved despite recent reserve releases, AM Best commented in a new report that shows the line continues to outperform the rest of the US property casualty market.

Fitch: Workers’ comp profits may decline amid weaker reserves

Workers’ compensation is the strongest performing major commercial product for the US property casualty industry, but several factors suggest a decline in overall redundancy and signs of weakening reserve strength, according to Fitch Ratings.

ProAssurance CR up 2.7 points to 110.9% in Q2

ProAssurance’s combined ratio ticked up 2.7 points to 110.9 percent in Q2 2024 as both its net loss and underwriting expense ratios increased during the period, while the carrier’s operating income per diluted share for the three month stretch came in ahead of analysts’ consensus forecast.

Workers’ comp specialist Amerisafe trades down 4% after Q2 earnings miss

Amerisafe’s share price fell 3.7 percent during trading on Tuesday as investors responded to the workers’ compensation specialist’s Q2 2024 earnings miss.

Swiss Re: Challenges in the WC market demand heightened diligence from insurers

The US workers' compensation insurance market, known for its resilience and profitability over the past decade, now faces a series of emerging challenges that demand careful navigation from insurers, according to a recent analysis by Swiss Re.

Zenith president Pattiz to assume CEO role from Van Gundy at year end

Zenith Insurance president Davidson Pattiz will take on the additional role of CEO from the start of 2025, succeeding Kari Van Gundy in the role.

Cannasure unveils new cannabis workers’ comp program

One80 Intermediaries-owned Cannasure Insurance Services has brought a new cannabis workers’ compensation program to market backed by capacity from multiple carriers.

One80 Intermediaries launches harbour workers’ comp program with AmTrust backing

Wholesale broker One80 Intermediaries has launched a new longshore and harbour workers’ compensation program.

ICW Group expands workers’ compensation coverage into NY market

San Diego-based insurer ICW Group Insurance Companies has expanded its workers' compensation insurance coverage to New York.

Verita rounds out casualty product suite with workers’ comp offering

Verita has added workers’ compensation to its growing product suite, with the WTW-owned MGU platform stating the new offering completes its “comprehensive casualty offering for clients”.

WTW partners with Riskonnect to launch new risk diagnostic tool

WTW has partnered with software solution provider Riskonnect to pilot an analytical delivery tool that connects claims and exposure data through the new WTW Risk IQ API.

Roosevelt Road Re and Tradesman file RICO suit over alleged fraudulent WC claims

Roosevelt Road Re and its affiliate Tradesman Program Managers have filed a Racketeer Influenced and Corrupt Organizations Act (RICO) lawsuit to recover funds from 46 individuals and companies following an investigation into largely New York-based construction accidents they claim were staged and resulted in unnecessary medical treatments.

AM Best places Pie’s A- rating under review after reserve development

AM Best has placed under review with negative implications the A- financial strength rating and “a-” long-term issuer credit ratings of The Pie Insurance Company following “material” underwriting losses in 2023 resulting from reserve development in its New York book.

Workers’ comp claims costs drive up ProAssurance CR by 7.8 pts in Q4

ProAssurance Corporation fell to an operating loss of $2.5mn for the fourth quarter as its combined ratio jumped by 7.8 points to 112.0 percent on a consolidated basis driven by an increase in the current accident year net loss ratio in its workers’ compensation insurance segment.