Reinsurance News
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AM Best reports US insurance lines bouncing back after 2020
2nd February 2022
The US property and casualty lined showed something of a rebound in 2021, according to new analysis from AM Best. The company just published a special report looking at the figures through Q3 2021. It said that there had been a return to more ‘normal’ results in comparison with 2020. AM Best ... Read the full article
Kin and SPAC terminate planned merger amid unfavourable market conditions
27th January 2022
The proposed business combination agreement between insurtech Kin Insurance and Omnichannel Acquisition Corp., a special-purpose acquisition company (SPAC), has been terminated due to "current unfavourable market conditions." It was revealed in July of 2020 that Kin, a direct-to-consumer homeowners insurance technology company, intended to go public via a $1 billion ... Read the full article
Floridian P&C insurers seek higher rates and sustainable profits
24th January 2022
Concerns over sustainable underwriting profits has seen three domestic property insurers in Florida file for a state-wide average rate change, highlighting that the market for homeowners and commercial property insurance is still under pressure in the state. The carriers believe that significant additional rate is required to make it an economic ... Read the full article
Lousiana insurer placed into receivership following hurricanes
24th January 2022
Beleaguered Louisiana homeowners insurer Americas Insurance Company was officially placed into receivership last week after incurring unmanageable losses first from Hurricane Laura in 2020, and then from Hurricane Ida last year. The decision by the state's Insurance Commissioner, Jim Donelon, represents an important step toward the Louisiana Insurance Guaranty Association (LIGA) ... Read the full article
Travelers reports record Q4 net income, but exhausts agg reinsurance
20th January 2022
The Travelers Companies has today reported its net income of $1.3 billion for the fourth quarter of 2021, which was driven by higher net investment income and a higher underlying underwriting gain. At $1.333 billion, the insurer’s net income hit a record number in comparison to $1.31 billion which was reported ... Read the full article
Latest count shows 1,091 structures destroyed by Marshall Fire
10th January 2022
The latest figures from the Boulder Office of Disaster Management (ODM) show that the late-season Marshall Fire in Boulder County, Colorado has destroyed at least 1,091 structures, with a further 179 damaged. The wildfire, which broke out on December 30th, only burned through an area of some 6,000 acres over two ... Read the full article
P&C rates up through Q4 but increases moderating: MarketScout
6th January 2022
MarketScout data shows that commercial property and casualty (P&C) insurance rates were up through the fourth quarter of 2021, with the composite rate recorded at 5.8%, versus 6.8% in Q3. By line of coverage, MarketScout found the biggest rate increases in the fourth quarter were for umbrella, property and directors and ... Read the full article
Wright National to acquire flood insurance book from Westfield
6th January 2022
Wright National Flood Insurance Company, has agreed to acquire the flood insurance policy book from Westfield Insurance Company (Westfield). Wright Flood will service, administer and issue flood coverage under the National Flood Insurance Program for Westfield policyholders and agents, whilst also assuming the servicing of Westfield's private flood business. Starting from early ... Read the full article
Colorado wildfire approaches 1,000 properties destroyed
4th January 2022
The recent Marshall Fire in Boulder County, Colorado is estimated to have destroyed 991 residential properties, with a further 127 damaged, according to official reports. The wildfire, which broke out on December 30th, only burned through an area of some 6,000 acres over two days, but is still likely to become ... Read the full article
Lighthouse to grow insurance business using $65m capital raise
31st December 2021
Lighthouse Management, LLC has announced that it has successfully completed a $65,000,000 senior note issuance in a private placement. The capital from this transaction will be used to refinance existing debt at the firm's MGA and infuse growth capital into Lighthouse’s affiliated insurance carrier, Lighthouse Property Insurance Corporation, It will also be ... Read the full article
SafePoint assumes Louisiana policies from insolvent insurers
30th December 2021
Florida-based property and casualty insurer SafePoint has been approved to takeover approximately 30,000 homeowners policies in Louisiana from two insurance firms that became insolvent following losses from Hurricane Ida earlier this year. Access Home Insurance Co. and State National Fire Insurance Co. were placed into receivership in November, throwing the coverage ... Read the full article
Non-renewals fall in California, but highest rates seen in wildfire zones
22nd December 2021
The California property insurance market saw the number of homeowners non-renewed by insurance companies falling by 10 percent statewide in 2020, compared to the previous year. Driving this was mandatory moratoriums from Insurance Commissioner Ricardo Lara, which made up over 80% of the statewide reduction in non-renewals. The latest data on California's ... Read the full article
United (UPC Insurance) offloads Southeast personal lines renewal rights to HCI
17th December 2021
Commercial lines insurance holding company, United Insurance Holdings Corp., has reached an agreement in principle to transfer its personal lines business in the states of Georgia, North Carolina, and South Carolina to insurtech company HCI Group. The business being acquired by HCI represents approximately $90 million of annual premiums. Under the terms ... Read the full article
Industry braced for $5bn+ US tornado bill, survey data suggests
16th December 2021
An approach of over 1,000 re/insurance industry participants has found an expectation for costs to run above $5 billion after multiple US states were swarmed unexpectedly by tornados. 53% of respondents to our survey said the industry should expect a bill higher than $5 billion, with 37% predicting a ... Read the full article
Kin expands US reach with carrier takeover
15th December 2021
Kin Insurance, a direct-to-consumer homeowners insurance technology company, has greatly expanded its reach in the US market with the completion of its acquisition of an inactive insurance carrier that holds licenses in 43 states. For Kin, which currently operates in only Florida, Louisiana and California, the deal enables it to serve customers ... Read the full article