In response to COVID-19, Liberty Mutual announced updated guidelines for their 2020 commercial lines profit-sharing agreement and will waive the 10% written premium growth requirement to earn a profit-sharing bonus.
As negotiations on this relief package continue in the coming weeks, the Big “I” will provide updates on important developments.
The Big “I” was successful in securing a full exemption for independent insurance agents and brokers to the “FY21 National Defense Authorization Act,” which was passed by the House.
The “Small Business Comeback Act” would create the Small Business Recovery Fund to provide federal grants for operational expenses to help businesses reopen and stay open during the COVID-19 pandemic.
With Congress expected to consider another COVID-19 relief package in the coming weeks, the Big “I” sent a letter urging an expansion of the Paycheck Protection Program to include 501(c)(6) nonprofit associations.
The “Small Business Comeback Act” would create the Small Business Recovery Fund to provide federal grants for operational expenses to help businesses reopen and stay open during the COVID-19 pandemic.
When the transaction closes in early 2021, Allstate will become the fifth largest independent agency carrier.
The Big “I” joined a number of organizations in sending a letter to legislators urging support for “The Paycheck Protection Program Small Business Forgiveness Act.”
The second quarter of 2020 saw rate increases in the composite property-casualty sector as well as most other sectors. Meanwhile, personal lines rate increases remained steady at 3.5%.
The bill would create a new federal program to encourage insurance companies to pay out business interruption claims on policies that explicitly exclude viral pandemics.
