21st January, Friday, 2022
In the US, numerous insurance companies sell millions worth of insurance products. There are claims, layoffs, and lawsuits over many insurance companies each day. As of today, the following are the piping insurance news:
- Travelers achieve great profits
- QBE claims their ex-employees for a poaching stunt
- Roots Insurance lays off 330 employees
- Connecticut announced training programs for brokers
Travelers have shown stupendous growth for the fourth quarter and overall year. The company had a net income of $3.662 billion, 7% higher than the previous year. The reasons attributable to the increase are related to the rise in premiums and investment income.
Travelers increased premiums across all its business insurance segments and had an increase of 10% in its pre-tax investment income.
QBE files poaching suits
Earlier this week, QBE Insurance Group filed poaching suits against Applied underwriters because it hired 13 of QBE’s employees in September 2021. Those employees were part of QBE’s aviation insurance division, and the company is seeking a restraining order for two of its former employees, namely Mr. Allen and Mr. Dekker.
QBE complains that these two employees have broken their employment agreement with their new employer. Also, all these thirteen employees resigned on the same particular day. Therefore, QBE complains that Mr. Allen has pulled a poaching stunt with his new employer.
Roots Insurance Remodification
Insurtech company Roots insurance has laid off 330 employees for its organizational realignment. This action was due to the COVID-19 impact on economic growth and increased operational costs.
The CEO believes that this realignment would differentiate and diversify the insurance operations and increase the customer service at the company. As per the company, it’s all a part of their long-term vision and aim. Also, the company will give financial relief and future career replacement for the employees who played an integral role in the business.
Connecticut’s health care exchange announced a training program for licensed independent brokers in three major cities. Such a training program will increase coverage opportunities, and these brokers will cover underserved communities in Bridgeport, New Haven, and Hartford.
Each day, there is breaking news in the insurance industry. The insurance news mentioned above were the prominent happenings and picks for today.
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