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AM Best stays Negative on U.S. personal lines insurance segment
4th December 2023
AM Best has announced it is maintaining its Negative outlook on the U.S. personal lines insurance segment for 2024, due to the continued deterioration in results for the personal auto and homeowners’ lines of business and rising loss costs. The rating agency observed the challenges that personal lines writers have ... Read the full article
Slide expands to cover Florida condo risks, prepares new agent portal launch
4th December 2023
Slide Insurance, the full-stack homeowners insurtech focused on writing business in Florida currently, is expanding further into the market with the launch of an admitted H06 condominium insurance policy, Reinsurance News has learned. Slide is opening the availability of coverage for HO6 new business from December 12th, we're told, as it ... Read the full article
HCI’s CORE receives approval to operate in Florida
1st December 2023
HCI Group, Inc. announced its sponsored reciprocal insurer, Condo Owners Reciprocal Exchange (CORE), obtains a certificate of authority from Florida regulators, allowing it to transact insurance in the state. The Florida-based holding company, with interests in homeowners insurance, IT services, real estate, and reinsurance, marks its entry into the commercial residential ... Read the full article
Too early to name AI as the leading cause for job losses across the industry: AM Best
27th November 2023
With artificial intelligence (AI) continuing to make an impact across the industry, by transforming the insurance underwriting process, and the value chain by boosting efficiency and improving accuracy, the technology is also creating potential for insurers to further improve productivity and minimize, if not actually eliminate, human touch points, according ... Read the full article
HCI Group approved to launch Condo Owners Reciprocal Exchange in Florida
22nd November 2023
The Florida Office of Insurance Regulation (OIR) has approved HCI Group's Condo Owners Reciprocal Exchange to form as a property and casualty reciprocal insurer in Florida. The OIR explained that this announcement marks the newest property and casualty insurer approved to operate in Florida following "extensive legislative reforms implemented to promote ... Read the full article
HCI Group subsidiary assumes more than 53,000 policies from Florida Citizens
22nd November 2023
The largest subsidiary of HCI Group, Inc., Homeowners Choice Property & Casualty Insurance Company, has successfully assumed approximately 53,750 policies from Citizens Property Insurance Corporation, Florida's state-backed insurer. These assumed policies total roughly $196 million of in-force premium. The assumption is effective from November 21st, 2023, and is based upon an approval ... Read the full article
Rising repair costs & natural disasters making US home insurance less affordable: IRC
20th November 2023
A combination of both the growing frequency and severity of natural disasters, along with rising home repair costs and other economic factors, have contributed to less affordable homeowners insurance, according to a brief from the Insurance Research Council (IRC). The IRC, an affiliate of The Institutes, a provider of risk management and insurance ... Read the full article
KBRA assigns rating to new Florida insurer Orange
16th November 2023
Credit rating agency KBRA has assigned Orange Insurance Exchange, a new Florida-based insurer, an Insurance Financial Strength Rating (IFSR) of BBB, and given it a Stable Outlook. Launched in early November, Orange is a new domestic reciprocal property and casualty insurance company headquartered in Newberry, Florida. Headed by Chief Executive Officer, ... Read the full article
New Zealand home insurance doubles EQCover amid rising hazards
16th November 2023
In a significant move to bolster home insurance against natural disasters, New Zealand's Earthquake Commission (EQC) has successfully implemented a law change doubling EQCover for homes in 2022. The amendment saw the EQC building cover surge from $150,000 to $300,000 (+ GST), providing homeowners with enhanced protection against damage from named ... Read the full article
HCI Group posts Q3’23 net income vs year-ago net loss
8th November 2023
Florida-based insurtech HCI Group has reported a net income of $15.7 million in the third quarter of 2023, compared to a net loss net loss of $51.5 million in the second quarter of 2022. Adjusted net income was $16.5 million for the quarter, compared to an adjusted net loss of $51.2 ... Read the full article
Porch Group insurance carrier HOA released from regulatory supervision
6th November 2023
Software company Porch Group has announced that Homeowners of America Insurance Company (HOA), its wholly owned insurance carrier subsidiary, has been released from the Texas Department of Insurance (TDI) temporary regulatory supervision. According to the announcement, the TDI “is satisfied with HOA’s capital surplus, financials, and operating plan following Porch Group’s ... Read the full article
John Rollins appointed Anchor Insurance Holdings CEO
6th November 2023
The Board of Directors of Anchor Insurance Holdings have appointed John Rollins as Chief Executive Officer. Anchor was a provider of insurance coverage to homeowners in need, particularly those who live in storm-prone areas. The firm previously offered home insurance in 13 states, including South Carolina, Georgia, Mississippi, Louisiana, Texas, Oklahoma, Tennessee, ... Read the full article
Allstate posts narrower Q3 net loss despite rise in catastrophe losses
2nd November 2023
U.S. primary insurer Allstate has fallen to a net loss for the third quarter and first nine months of 2023, although the underwriting performance did improve in parts of the business during the quarter despite higher catastrophe losses year-on-year. Allstate has reported a net loss of $41 million for Q3 2023 ... Read the full article
California FAIR Plan partners with ZestyAI to determine appropriate pricing
30th October 2023
The California FAIR Plan Association, the state’s property “insurer of last resort,” has partnered with ZestyAI, a provider of climate and property risk analytics solutions, to access its wildfire risk analytics product to properly assess wildfire risk in the state. Through this partnership, FAIR Plan - the California Fair Access to ... Read the full article
White Mountains to acquire 70% stake in California MGA Bamboo
20th October 2023
White Mountains Insurance Group, Ltd. has entered into an agreement to acquire a majority stake in Bamboo Ide8 Insurance Services, LLC, a provider of homeowners' insurance for over 100,000 California policyholders. White Mountains is expected to invest approximately $285 million in the capital-light, tech and data-enabled insurance distribution platform, along with primary ... Read the full article