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Heritage falls to net loss in Q1 despite strong premium growth
6th May 2022
Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, Inc., has reported a net loss $30.8 million in Q122, compared to a loss of $5.1 million in the prior year quarter. The YoY change stems from a larger underwriting loss driven by higher weather-related losses, partly offset by an increase ... Read the full article
Kin Insurance reports strong Q1 as total written premium grows by 230% YoY
6th May 2022
Kin Insurance has reported a gross written premium (GWP) of $54.1 million for Q122, over three times more than the $16.4 million GWP the company reported in the prior-year period. $52.9 million (98%) of the GWP in Q122 was written through the Kin Interinsurance Network – a reciprocal exchange manged by ... Read the full article
HCI Group sees rise in premiums in strong Q1
5th May 2022
Florida-based insurtech HCI Group has announced consolidated gross written premium (GWP) growth to $177.3 million for the first quarter of 2022, a 40.9% increase from $125.8 million from the same period last year. The company also saw a 36.6% increase in consolidated gross premium as they earned $178.9 million, compared to ... Read the full article
Palomar reports strong Q1 as GWP increases by 65%
5th May 2022
Specialty property insurer Palomar Holdings has reported a net income of $14.5 million for Q122, a 12.6% decline when compared to the same period last year which saw the company report a net income of $16.6 million. Adjusted net income also decreased by 8.9%, as the company reported an adjusted net ... Read the full article
Allstate profits dip amid inflation re-alignment
5th May 2022
Allstate has seen a drop in income and a small 0.9% dip in its consolidated revenues for the first quarter of 2022, as the company attempts to meet the challenge of inflation by re-aligning its business practices. Tom Wilson, Chair, President and CEO of The Allstate Corporation, explained that his company ... Read the full article
Reinsurance results ‘extraordinary’ – CEO and president of Aon
3rd May 2022
Aon’s leadership have referred to the firm’s recent results as being ‘extraordinary’. Referring to the numbers released last week, Greg Case, CEO, and Eric Andersen, president, said that the organic revenue growth in its reinsurance business had been ‘extraodinary’ and that they saw not only ‘tremendous momentum’ in the business ... Read the full article
Florida governor calls special session to salvage state’s insurance market
3rd May 2022
Florida governor Ron DeSantis has called for a special session to consider legislation to improve the affordability of property insurance within the state. In a proclamation, DeSantis has called for the special session to tackle a number of issues within the state’s insurance market. DeSantis is widely considered a frontrunner for ... Read the full article
Universal reports annualised return on equity of nearly 17%
29th April 2022
Universal is reporting an annualised return on equity of nearly 17%, according to its latest company reports. The firm said that its direct written premiums in Q1 2022 were up 8.5% from the same point in the previous year, having reached $396.5m. However, direct premiums earned were only up 10.4% from ... Read the full article
The Hartford reverses underwriting loss in Q1
29th April 2022
US property and casualty insurer, The Hartford, has reported an 80% increase in net income for the first quarter of 2022, ending the period at $440 million. The result was mainly due to a reversal in its underwriting performance, which moved by $435 million from an underwriting loss of $216 million ... Read the full article
Addresscloud & Ambiental Risk Analytics team up for UK flood offering
28th April 2022
Addresscloud and Ambiental Risk Analytics are teaming up to advance climate change data to the insurance market. The companies said that their joint venture would marry Ambiental’s high-resolution flood data and climate risk models within Addresscloud’s existing perils platform. Mark Varley, founder and CEO of Addresscloud, said: “I am proud to be ... Read the full article
FedNat has doubt it can continue amid downgrade and underwriting losses
26th April 2022
Florida headquartered primary insurer FedNat has cast doubt over its ability to continue as a going concern in light of its recent rating downgrade by Demotech, while the firm expects further underwriting losses in Q1 2022 on the back of new catastrophe weather events. Almost a decade ago, FedNat embarked on ... Read the full article
Tech investments main obstacle to growing P&C sales: AM Best
22nd April 2022
A new survey of property and casualty (P&C) insurers by AM Best has found that more than half of respondents consider digitization and technological investments to be the biggest challenges in modernizing distribution and growing sales. The rating agency found that 56% of respondents that viewed digitalization and technological investment as ... Read the full article
JMP optimistic about hard market conditions, but inflation fears growing
19th April 2022
JMP has said it is optimistic about the current state of the market and with the potential for hard conditions to persist. This was revealed in a new note from the company, authored by Matthew J. Carletti and Karol Chmel. The authors wrote about recently going to Bermuda to meet with ... Read the full article
FedNat rating downgraded to ‘S’ by Demotech
18th April 2022
Florida headquartered primary insurer FedNat has lost its 'A' rating as Demotech has downgraded its Financial Stability Ratings (FSR) to 'S' (Substantial), putting the carrier at-risk of its policies not being allowed for mortgaged homes. Only last October Demotech affirmed the 'A' (Exceptional) Financial Stability Rating (FSR) of FedNat Insurance ... Read the full article
Flood Re launches ‘Build Back Better’ scheme to help UK areas affected by flooding
14th April 2022
Flood Re has launched a new scheme in collaboration with the UK government called ‘Build Back Better’ to help those homes and areas affected by flooding. Also participating in the scheme will be Ageas, Aviva, NFU Mutual, Lloyds Banking Group, and LV= General Insurance. Under its auspices, participating home insurers will begin ... Read the full article