{"id":920,"date":"2022-12-03T11:00:52","date_gmt":"2022-12-03T16:00:52","guid":{"rendered":"https:\/\/www.wikifri.com\/?p=920"},"modified":"2022-12-02T17:13:42","modified_gmt":"2022-12-02T22:13:42","slug":"3-things-12022022","status":"publish","type":"post","link":"https:\/\/www.wikifri.com\/3-things-12022022\/","title":{"rendered":"3 Things – Pie\/Ford, 2022 Hurricane Season & Divestitures\/Restructuring"},"content":{"rendered":"
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Hello Friends!\u00a0 We hope everyone had a great Thanksgiving holiday and had time to spend with family, friends and other loved ones.\u00a0 It is definitely slowing down as we head into the final weeks of 2023.\u00a0 This week we are following Pie and Ford Motor partnering for commercial auto, 2022 hurricane season and other industry results and insurer restructuring:<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Pie \/ Ford Partnership<\/strong><\/p>\n

Insurtech\u00a0Pie announced a partnership with Ford Motor<\/a>\u00a0 to provide commercial auto insurance through Ford’s credit arm.\u00a0 Pie has been focused on worker’s comp but has been planning to launch other LOBs.\u00a0 This is a perfect opportunity to embed their digital product into a large auto ecosystem.\u00a0 Automakers are eagerly entering insurance.\u00a0 While some have tried to create insurance on their own, it makes sense to partner with an innovative insurer who can handle the customer experience, underwriting and policy servicing.\u00a0 The timing for this launch is good as rate hikes are pending in auto and other personal lines.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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2022 Hurricane Season<\/strong><\/p>\n

The industry is relieved to have hurricane season over.\u00a0 As 2022 comes to a close, there will be several look backs in the coming weeks.\u00a0 One of the big themes this year will certainly be that\u00a02022 ended as the 3rd costliest on record<\/a>, in large part due to Ian.\u00a0 14 total storms, none occurring in August, a rarity.\u00a0 Ian alone will contribute over\u00a0$110B of losses<\/a>.\u00a0 This difficult season is contributing to rising reinsurance costs and\u00a0insurer combined ratios rising<\/a>.\u00a0 As we look ahead to 2023, rate hikes will continue and the industry will look to focus on profitability and stabilization rather than growth.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Divestitures and Restructuring<\/strong><\/p>\n

Kemper was able to divest of an A&H unit<\/a>\u00a0making a deal to sell to Medical Mutual of Ohio.\u00a0 They have been going through tough times and have advised that they will be doing more of this to shore up their financials.\u00a0 There will likely be more assets available including healthy personal lines businesses.\u00a0 Hagerty, the classic auto agency and car lover community,\u00a0announced a 6% reduction in workforce<\/a>.\u00a0 It appears they are slimming down some of their underwriting and services staff as they prepare for their State Farm partnership to go live.\u00a0 Liberty Mutual is exploring the\u00a0sale of their non-core European business<\/a>.\u00a0 They may be looking to shift focus from economically challenged Europe to the US.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n

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Thank you for following us, we appreciate your feedback and continued support.\u00a0 Stay safe in this world, take care of each other and good luck!<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Hello Friends!\u00a0 We hope everyone had a great Thanksgiving holiday and had time to<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"\n3 Things - Pie\/Ford, 2022 Hurricane Season & Divestitures\/Restructuring - Wikifri<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wikifri.com\/3-things-12022022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3 Things - Pie\/Ford, 2022 Hurricane Season & Divestitures\/Restructuring - Wikifri\" \/>\n<meta property=\"og:description\" content=\"Hello Friends!\u00a0 We hope everyone had a great Thanksgiving holiday and had time to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wikifri.com\/3-things-12022022\/\" \/>\n<meta property=\"og:site_name\" content=\"Wikifri\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-03T16:00:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-02T22:13:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wikifri.com\/wp-content\/uploads\/2021\/04\/Three-Things-300x157.png\" \/>\n<meta name=\"author\" content=\"Nick Coenen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick Coenen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.wikifri.com\/3-things-12022022\/\",\"url\":\"https:\/\/www.wikifri.com\/3-things-12022022\/\",\"name\":\"3 Things - 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