Peter Zaffino to Transition to Executive Chair of AIG’s Board of Directors by Mid-2026  January 6th 2026

Insurance Payments Now at $22.4B From LA Wildfires One Year Ago

Insurers have paid more than $22.4 billion on tens of thousands of claims from the Los Angles wildfires that broke out a year ago on Jan. 7.

The claims data, which comes from the California Department of Insurance, shows the number of claims rose to 42,121, with 94% fully or partially paid.

According to the CDI, 39,677 claims were partially paid under laws requiring advance payments to speed recovery.

The CDI’s figures represent actual claims paid as of Nov. 17, 2025.

“Insurers are committed to helping Californians recover and rebuild after the devastating wildfires in Southern California,” stated Denni Ritter, department vice president for state government relations with the American Property Casualty Insurance Association.

Travelers Canada sells personal, majority of commercial business for $2.4B

As of January 2, Travelers has completed the sale of the personal insurance business and a majority of the commercial lines business of Travelers Canada to Definity Financial Corporation for approximately $2.4 billion (USD). The company will retain its surety business in Canada.

The purchase price, Travelers says, represents a multiple of 1.8 times book value, with adjustments for approximately $800 million of excess local capital that is being repatriated as part of the transaction in a tax-efficient manner.

The sale was announced in May 2025 when Travelers signed a definitive agreement to sell these insurance arms to Definity.

“This transaction is a reflection of our steadfast commitment to disciplined capital allocation and long-term value creation,” Alan Schnitzer, chairman and chief executive officer of Travelers, said in a release.

“The evolution of the Canadian market over the past decade has made Definity a natural long-term owner for this business, a view affirmed by the compelling value of their proposal. I am confident that our Canadian customers, brokers and colleagues will benefit from being part of one of the country’s leading and fully integrated property casualty insurers.”

Travelers expects to use an estimated $700 million of the net cash proceeds from the sale for additional share repurchases in 2026. It will retain the remainder of the funds to support ongoing operations and for general corporate purposes.

Tool Identifies Insurance Payout Estimate Gaps - Los Angeles Business Journal

Even with insurance in hand, many Pacific Palisades homeowners are discovering that rebuilding after the January 2025 fires comes with a staggering gap.

New data from ClaimArchitect – an AI-driven startup focused on creating rebuild estimates for fire victims – revealed that the average shortfall between a Pacific Palisades homeowner’s insurance payout offer and their actual cost to rebuild is $603 per square foot, or $1.5 million overall.

ClaimArchitect was born out of Pali Builds, an online platform launched in July to track rebuilding efforts in Pacific Palisades and connect homeowners with information and resources. As insurance claims continue to disrupt fire victims’ ability to rebuild, the Pali Builds team wanted to quantify the gap in resources that people were receiving by providing what they deem to be more accurate estimates for rebuilding.

In analyzing 37 client cases, ClaimArchitect found that every insurance claim fell short of the startup’s rebuild calculations, though the degree varied. At best, there was an overall gap of $164,000, and at worst, it was $3.4 million. Looking at the median – which aligned closely with the average – homeowners are seeing a $1.4 million difference, or $559 per square foot.

To receive a ClaimArchitect estimate, a client uploads their insurance policy and their adjuster’s estimate. There’s a flat fee of $5,000 though the fee will be refunded if the company’s estimate comes out equal to or lower than the original adjuster’s estimate.

The Pali Builds team then creates an in-depth report, leveraging artificial intelligence tools, pre-fire photos of the home and any available construction plans or architectural drawings.

To come up with individual line items and the cost for each, they use takeoff software, which generates construction estimates based on a variety of factors. That includes materials, labor and the home’s overall plan.

After a $2.5 billion exit, Sapiens cuts 700 jobs and replaces its entire management | Ctech

EXCLUSIVE: Advent’s takeover swiftly reshapes the Israeli software company’s leadership and workforce. 

When summing up 2025 as a year of phenomenal exits, it is worth pausing to examine the sale of veteran software company Sapiens for $2.5 billion. Following its acquisition by the American private equity fund Advent, which was completed ten days ago, the Israeli company’s entire senior management was immediately replaced, and it is now preparing to cut about 15% of its workforce.

Calcalist has learned that Sapiens employees have been notified of the start of a “transformation” process and job consolidation that will result in layoffs affecting approximately 700-800 employees. The layoffs are expected to take place in January, after the end of the U.S. holiday season. In Israel, the cuts are likely to involve several dozen employees, and the immediate impact is expected to be more limited, since Sapiens’ main product, Idit, software used by insurance companies, is developed in Israel.