Reinsurance News
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Inland floods pose limited credit impact to U.S. P/C (re)insurers: Fitch Ratings
12th August 2022
A Fitch Ratings report has said that the recent numerous inland flood events are expected to have a negligible credit impact on the U.S. P/C industry and are unlikely to affect individual insurers' or reinsurers' capital or earnings. Despite the tragic loss of life and significant economic losses in affected areas, ... Read the full article
Florida Citizens surpasses 1 million insurance policies
11th August 2022
Florida’s residual market insurer, Citizens Property Insurance Corporation, has now surpassed more than 1 million policies, the first time it has been at this level of portfolio exposure, in terms of policy count, since 2013. Florida Citizens had added on average 32,000 new policies to its portfolios every month through 2021. The ... Read the full article
LV=GI warns over the impact of record temperatures on claims
11th August 2022
UK insurer LV=General Insurance (LV=GI) - bought by Allianz in 2019 - has warned that UK fire and subsidence claims will rise this year due to extreme heat. LV=GI said it was dealing with claims worth £1.2 million after the heatwave of 17 to 20 July, according to a The Guardian ... Read the full article
Hippo adds John Nichols to Board of Directors
10th August 2022
Home insurance group, Hippo, has announced the addition of John “Jay” Nichols Jr. to its Board of Directors, who will serve on Hippo’s Compensation Committee as well as the Audit, Risk and Compliance Committee. Nichols has more than four decades of experience in the insurance and reinsurance industry. He has held ... Read the full article
HCI Group sees 30% increase in gross premiums earned, despite Q2 $8.5mn net loss
9th August 2022
Florida-based insurtech HCI Group has reported a net loss of $8.5 million in the second quarter of 2022, compared to a net income of $3.8 million in the same period last year. Adjusted net loss was $5.4 million for the quarter, compared to an adjusted net income of $2.7 million in ... Read the full article
Olympus Insurance appoints Mindy Barker as Chief Financial Officer
5th August 2022
Gemini Financial Holdings Corporation (GFHC), the parent company of Olympus Insurance Company, has appointed Mindy Barker to the position of Chief Financial Officer. Barker brings more than 30 years of experience towards the role. She brings a wide variety of public and private company experience in a range of finance and business ... Read the full article
Allstate reports $1bn net loss in Q2 results
4th August 2022
Allstate has announced a second quarter net loss applicable to common shareholders of $1.04 billion, compared to an income of $1.60 billion in the prior year quarter. The company noted that the loss was primarily due to lower underlying underwriting income, higher catastrophe losses, equity valuation declines and losses on fixed ... Read the full article
Centauri carriers’ A rating affirmed as Demotech announces revisions
4th August 2022
The Centauri insurance companies, which operate in Hawaii and along many of the coastal states in the U.S., have had their 'A' (Exceptional) rating affirmed by Demotech, a move it says reflects disciplined underwriting and its robust reinsurance program. The anticipated changes to ratings of property insurers with a Florida focus ... Read the full article
Weaker US personal lines results driven by rising inflation: Fitch Ratings
3rd August 2022
US personal line insurers have been moved to adjust pricing and underwriting in response to weaker results, which have felt the pressure of rising inflation and costs, according to a recent report. Fitch Ratings analysts have reported that US personal lines insurance written premiums saw a 5% increase in last year ... Read the full article
The Hanover sees earnings slip amid personal lines headwinds
3rd August 2022
Property and casualty insurance company, The Hanover Insurance Group, has reported net income of just $22.6 million for the second quarter of 2022, compared with $128.5 million for the same period last year. At the same time, operating income decreased from $104.0 million to $83.9 million, with the company attributed the ... Read the full article
“Large number” of fraudulent smoke and ash damage claims reported
2nd August 2022
Mercury Insurance Special Investigations Unit has discovered that a large number of fraudulent claims were reported for smoke and ash damage by the same public adjuster. Pete Galassi, Mercury Insurance special investigations unit manager, said: “Many were unaware a claim was filed on their homeowner’s policy”. “Some professional entities ... Read the full article
New Zealand claims payouts for extreme weather approaching $200m in H1 2022
1st August 2022
Data released by the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) says that total insurance payments for extreme weather events is already nearing $200m in H1 2022. This compares to last year, when a total of $324m was paid out—an annual record at the time. This new data ... Read the full article
Donegal Group reports Q2 $8.2mn net loss
28th July 2022
US primary holding company Donegal Group posted a net loss of $8.2 million, compared to a net income of $16.2 million in the prior year quarter. Net premiums earned increased 6.0% to $204.1 million, compared to $192.4 million from Q2 21. At the same time, net premiums written were $218.4 million, a ... Read the full article
FedNat CEO Braun steps down, Patterson takes reins
26th July 2022
Florida-based primary insurer FedNat Holding Company has revealed that its Chief Executive Officer (CEO), Michael Braun, has resigned from his position, effective July 24th. Board member David Patterson has been named as interim CEO while the company seeks to find a permanent replacement. Braun’s resignation follows a challenging period for FedNat, as ... Read the full article
KBRA downgrades, withdraws ratings for Kingstone Insurance & Kingstone Companies
26th July 2022
KBRA has downgraded the insurance financial strength rating (IFSR) of Kingstone Insurance Company to BBB+ from A-, and issuer rating and the long-term credit rating of the senior unsecured notes of KICO’s publicly-traded parent, Kingstone Companies, Inc. to BB+ from BBB-. KBRA noted that the ratings reflect Kingstone’s sound investment income, ... Read the full article