Claims Business: Acuity, Platinum Specialty Underwriters, RMC Group

Acuity: Commercial Auto Severity Up 40%

Acuity Insurance says the severity of its commercial auto insurance liability claims has increased by 40%.

The insurer, based in Sheboygan, Wisconsin, said in a press release that the increasing cost of claims comes after motorists return to US roadways after a significant drop in traffic volumes during the pandemic.

“The data we’re seeing reflects challenges facing not only insurance carriers but also business owners who could face large expenses in the event of an accident,” stated Paige Nelson, director of commercial lines product development. “Taking caution on the road and ensuring your business has the proper coverage are two of the easiest steps a business owner can take to protect their livelihood.”

Acuity noted that the National Highway Traffic Safety Administration reported that the number of traffic fatalities in 2021 rose 10.5% from the prior year, the largest annual increase since 2005.

Platinum Speciality Acquires State Street

Platinum Specialty Underwriters has acquired State Street Claims Services, a third-party adjusting service for insurers and self-insured organizations.

State Street, located in Hicksville, New York, was founded by Scott Stedman, an insurance veteran with extensive experience in physical damage to trucks, Platinum said in a press release. The company said Stedman has established a team that “provides knowledgable insight to insureds with claim challenges.”

Platinum reported $200 millions in gross written premiums and a 50% growth rate driven by the success of its transportation program portfolio. The company says it serves insurance wholesalers on “underserved risk segments and complex risks.”

RMC Opens Nashville Office

RMC Group, a property loss estimation and reconstruction consultant, announced that it has opened a new office in Nashville, Tennessee, its 28th US location.

RMC said it opened an office in Lincoln, Nebraska in July.

The restoration company said it hired J. Shawn Young as executive building consultant for the Nashville office. He has more than a decade of experience in the restoration industry, the company said.

RMC said the Nashville region has experienced recent catastrophes, including major tornadoes, flooding and a bombing in the downtown area.