Declarations

“The year is off to a terrific start with strong profitability and production in all three segments, as well as higher investment income. In short, we’re firing on all cylinders.”

– Said Alan Schnitzer, chairman and chief executive officer of The Travelers Companies Inc., in a statement noting the company’s reported first quarter net income of $1.123 billion, compared to $975 million in the prior year quarter. Net written premiums were up 8% to $10.182 billion, with growth in all three of the insurer’s segments: business insurance; bond and specialty insurance; and personal insurance.

“The reforms in this legislation will create a more just and efficient workers’ compensation system that increases the benefits for injured workers while creating administrative efficiencies and maintaining stability for businesses.”

– Kansas Gov. Laura Kelly said in a statement after signing into law a workers’ compensation reform bill that takes effect in July and includes the first increases in the state’s caps on total workers’ comp benefits since 2011. The total benefit for the family of a worker killed on the job will rise from $300,000 to $500,000, and the cap on benefits for a worker whose injury results in a permanent and total disability will jump from $155,000 to $400,000.

“USAA continues to make necessary adjustments to run a healthy business and provide members with exceptional service and competitive prices. … After careful consideration, we made the difficult decision to eliminate approximately 220 roles.”

– Said Roger Wildermuth, USAA director of public relations, regarding the insurer’s decision to lay off 220 employees. San Antonio-based USAA let go of nearly 1,000 employees in 2023 after reporting its first annual financial loss in nearly a century. USAA is a leading insurer of the military community and their families.

“We are continuing to do everything in our power to support everyone impacted here and will continue to recognize the human impact this event has had. Part of that work needs to be seeking recourse from those who may potentially be responsible.”

– Baltimore Mayor Brandon M. Scott said, announcing the city is taking legal steps to address the impact the Francis Scott Key Bridge collapse has had on the city of Baltimore and its residents, including the families of the victims, business owners, and longshoremen and other Port workers. Baltimore has engaged the law firms DiCello Levitt and Saltz Mongeluzzi Bendesky to “hold responsible all entities accountable for the Key Bridge tragedy,” Scott said.

“It’s an honor to be asked to serve the state of Illinois in this new capacity, and I am eager to begin working with the Department of Insurance to make sure the system works for Illinois consumers.”

– Said State Senator Ann Gillespie after being appointed by Illinois Governor JB Pritzker as the acting director of Illinois Department of Insurance (DOI). Dana Popish Severinghaus, who had served as DOI director since January 2021, stepped down from her role on April 15. Gillespie, who will resign her state senate seat, has served in the Illinois General Assembly since 2019 representing Chicago’s northwest suburbs.

“Our mission at the association is to promote the growth and perpetuation of independent agents. … If there are companies committed to that distribution channel then it behooves us to help them do that.”

– Said Kyle Ulrich, president of the Florida Association of Insurance Agents, after the 2,000-member FAIA invested in a startup insurance carrier Sypher Insurance, a tech-heavy reciprocal homeowners insurer that plans to launch later this year. FAIA will be a minority investor in Sypher, which aims to raise at least $35 million before its November launch date. The dollar amount of FAIA’s investment has not been disclosed.