Chad Hemenway

New York

National News Editor at Insurance Journal

National News Editor, Insurance Journal Insurance News | Baseball | I should have been a farmer | Thoughts are mine.

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Articles

Acting FEMA Chief Is Ousted After Less Than 4 Months

6 days ago | carriermanagement.com | Chad Hemenway

Less than a month before hurricane season, the acting administrator of the Federal Emergency Management Agency has been fired. A spokesperson with FEMA offered no reason for the dismissal, but confirmed reports that Cameron Hamilton has been removed from the post he held since he was appointed by President Donald Trump in January. David Richardson is now FEMA administrator, the spokesperson said.
Acting FEMA Chief Is Ousted After Less Than 4 Months

6 days ago | claimsjournal.com | Chad Hemenway

Less than a month before hurricane season, the acting administrator of the Federal Emergency Management Agency has been fired. A spokesperson with FEMA offered no reason for the dismissal, but confirmed reports that Cameron Hamilton has been removed from the post he held since he was appointed by President Donald Trump in January. David Richardson is now FEMA administrator, the spokesperson said.
Acting FEMA Chief Is Ousted After Less Than 4 Months

1 week ago | insurancejournal.com | Chad Hemenway

Less than a month before hurricane season, the acting administrator of the Federal Emergency Management Agency has been fired. A spokesperson with FEMA offered no reason for the dismissal, but confirmed reports that Cameron Hamilton has been removed from the post he held since he was appointed by President Donald Trump in January. David Richardson is now FEMA administrator, the spokesperson said.
Root Builds on First Profitable Year With Reversal of Q1 Loss to Start 2025

1 week ago | carriermanagement.com | Chad Hemenway

Root Inc. reported first quarter net income of $18.2 million to build off results of 2024—its first profitable year. The net profit for the first three months of 2025 is compared to a net loss of $6.2 million for Q1 2024 and a loss of nearly $41 million in Q1 2023. The Columbus, Ohio-based parent company of Root Insurance said it grew Q1 gross premiums written 24% year-over-year to about $411 million while maintaining underwriting discipline.
Root Builds on First Profitable Year With Solid Q1 Results

1 week ago | insurancejournal.com | Chad Hemenway

Root Inc. reported first quarter net income of $18.2 million to build off results of 2024—its first profitable year. The net profit for the first three months of 2025 is compared to a net loss of $6.2 million for Q1 2024 and a loss of nearly $41 million in Q1 2023. The Columbus, Ohio-based parent company of Root Insurance said it grew Q1 gross premiums written 24% year-over-year to about $411 million while maintaining underwriting discipline.
NSO Group to Pay Nearly $168M to Meta’s WhatsApp for 2019 Hacking

1 week ago | insurancejournal.com | Chad Hemenway

A federal jury in California has ordered Israeli firm NSO Group to pay more than $167 million in punitive damages to Meta Platforms for installing malware on its WhatsApp messaging app six years ago. Spyware vendor NSO Group must pay about $167.3 million in punitive damages and $440,000 in compensatory damages to WhatsApp after a jury trial to determine the amount NSO should pay.
Lemonade Posts Q1 Loss on Wildfires, Spending; Auto Product Positioned to Grow

1 week ago | insurancejournal.com | Chad Hemenway

Insurtech Lemonade reported a first quarter 2025 net loss of about $62.4 million compared to a loss of $47.3 million a year ago during the same time. The decline, according to a letter to shareholders, was due primarily to losses from the California wildfires and subsequent FAIR Plan assessments in the state, as well as an increase in growth spend for customer acquisition. Lemonade said the losses from wildfires were within expectationsâ€”a gross loss of $44 million and net loss of $29 million.
Auto Insurance Market Stays Rational Despite Improved Trends, Says Allstate

1 week ago | insurancejournal.com | Chad Hemenway

Allstate Corp. CEO Tom Wilson said he does not expect auto insurers to get more aggressive on pricing as the industry’s increases seem to have leveled off. For the most part, Wilson explained to analysts during a call to discuss first quarter earnings, insurers seem to be where they need to be from a profitability standpoint in the auto line, but he doesn’t see insurers losing any discipline because each are looking to maintain profitable growth.
Soft D&O Market May Come to an End as Risk Complexities Rise

1 week ago | mynewmarkets.com | Chad Hemenway

Buyers of directors and officers (D&O) liability insurance have benefited from strong capacity and healthy competition among insurers to see consistent rate decreases at renewal over the last several years. Those days may be coming to an end thanks to a growing number of risk complexities within the marketplace--and the past may come back to bite, as well.
Travelers Income Drops 65% on Catastrophe Losses, Primarily California Wildfires

1 week ago | insurancejournal.com | Chad Hemenway

The Travelers Cos. said first-quarter 2025 fell 65% on an underwriting loss of $305 million. Travelers posted first-quarter net income of about $395 million compared to about $1.1 billion during Q1 2024. The underwriting loss for the first quarter was compared to a gain of $577 million a year ago during the same period. The insurer paid out about $2.3 billion in Q1 catastrophe losses–more than three time more than the $712 million in catastrophe losses from a year ago.