Insurance

A consortium of financial companies said premiums are rising despite a relatively low level of overall risk, causing some banks to reconsider their policies.

CEO Bill Rogers affirmed the North Carolina bank's commitment to an expansion of Truist Insurance Holdings. But he declined to comment on a recent report that the company was exploring the potential sale of up to 30% of the business.

The North Carolina bank has made 11 insurance-related acquisitions in the last three years, and a top executive forecasts more buying chances as brokerage consolidation continues.

Onuu uses artificial intelligence to help its customers with budgeting.

Mechanics Bank in Walnut Creek, California, has signed up to be Inclined's first partner.

The North Carolina bank's insurance subsidiary agreed to pay $3.4 billion to buy BankDirect Capital Finance. The sale reflects opposing strategies by the two companies.

Lawmakers on the Senate Banking Committee voiced some scattered support for changes to improve the finances of the National Flood Insurance Program, but comprehensive reform appears out of reach. 

The National Flood Insurance Program has been without a long-term reauthorization for five years, and it seems poised to stay that way after its first congressional hearing since 2019. 

Per bank groups’ request, banking regulators clarified that institutions won’t receive supervisory action for falling short of the guidance.

In a rare move for traditional financial institutions, the Texas bank and a fintech partner will offer quotes to a subset of the bank's customers.

A strong showing by the North Carolina bank’s insurance arm helped to overcome lower interest rates and sluggish lending in the second quarter.

As the popularity of health savings accounts grew, the Chicago bank decided it needed a more competitive product that tracks spending and uses artificial intelligence to maximize benefits. The high-tech Lively will help BMO soup up its offering.

A congressional hearing on reforming the National Flood Insurance Program focused on whether mortgage companies need to disclose incremental risks even if a homeowner lives outside a federally designated floodplain.

The White House directive may lead regulators to develop new mortgage underwriting standards, stress-test requirements and flood insurance policy, observers said.

Mortgage lenders have much riding on a yearslong effort to overhaul a program that requires homeowners to hold policies in flood-prone areas. A congressional panel meeting to discuss the issue was once again split between lawmakers from storm-threatened states and those concerned about government costs.

The purchases of Truck Insurance Specialists and Hometown Insurance are expected to help the company expand its dealings in transportation and agriculture.

The Boston company has acquired three insurance agencies since becoming fully stock-owned in October 2020.

USI Insurance Services agreed to buy Northwest Insurance Services in a deal that should close later this quarter.

Better Financial offers customers up to $5,000 per year in accident coverage, prescription drug discounts and medical debt negotiation to certain account holders.

The insurance industry has shied away from crypto, but as the market gets larger opportunity will arise for insurers, says InsuranceQuotes.com's Brian O'Connell.