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Hippo adds Munich Re’s Laura Hoensch to Spinnaker leadership
14th April 2021
California-headquartered, homeowners focused-insurtech Hippo has recruited Laura Hoensch as the new General Counsel for Spinnaker Insurance Company, which was acquired by Hippo last year. Hoensch most recently served as General Counsel, Chief Compliance Officer and Head of Government and Regulatory Affairs for Digital Partners, a Munich Re company. At the same time, ... Read the full article
P&C underwriters continue to push rates across the board: MarketScout
12th April 2021
Data from MarketScout shows that US property and casualty (P&C) rates continued to increase over the first quarter of 2021, as underwriters successfully pushed for rates across the board. Umbrella, professional liability and D&O led the way with double digit rate increases, and larger accounts were generally priced more modestly than ... Read the full article
Centauri maintains “A” rating following acquisition by Applied Underwriters
23rd March 2021
The Centauri Specialty and National Insurance Companies have sustained a Financial Stability Rating of "A" (Exceptional) from Demotech following their acquisition by Applied Underwriters. Demotech said its decision followed extensive examinations measuring claims paying ability, financial reserves and overall financial stability. It says the Sarasota-based insurer, with over $200 million in annual ... Read the full article
Cincinnati Insurance adopts Zesty.ai’s wildfire risk analysis tool
19th March 2021
Climate risk analytics firm Zesty.ai has announced that The Cincinnati Insurance Company has integrated its predictive wildfire risk analytics solution, Z-FIRE, across the carrier's personal lines property portfolio. With Z-FIRE, Cincinnati hopes to be able to assess wildfire risk using an AI model that's been trained on ... Read the full article
HCI’s net income up to $27.6mn in 2020
12th March 2021
HCI Group, Inc. has reported a slight increase in net income for the full-year 2020 to $27.6 million, despite a significant dip in income for the fourth-quarter to just $2.7 million. Year-on-year, Q4 2020 net income fell by almost 58% from the $6.4 million reported in 2019, as adjusted net income ... Read the full article
RLI Corp. makes several leadership appointments
5th March 2021
US property and casualty insurer RLI Corp. has made several leadership appointments as part of the company's growth plan. Eric Raudins, Vice President, Personal Lines, has been promoted to Senior Vice President, Transactional Insurance Solutions, and will oversee RLI’s Personal Lines and Commercial Transactional Insurance Solutions products. With 37 years of industry ... Read the full article
Hippo to go public following Reinvent merger
4th March 2021
California-headquartered, homeowners focused-insurtech Hippo is set to go public following a merger with Reinvent Technology Partners, a special purpose acquisition company. The transaction is expected to close in mid-2021 and will see the new company have approximately $1.2 billion in cash at closing, including up to approximately $230 million of cash ... Read the full article
Uri losses to sustain reinsurance rates through mid-year: KBW
3rd March 2021
Analysts at KBW have reported that the industry expects losses from Winter Storm Uri to sustain property catastrophe reinsurance rate increases through the mid-year renewals period. According to KBW, most re/insurance executives view a $10 billion to $20 billion loss range as reasonable for Uri, which has brought damaging ice damaging ... Read the full article
FedNat falls to $73m loss, reports on Uri exposure
3rd March 2021
Florida based primary insurer FedNat has reported a net loss of $73.0 million for 2020 due to elevated catastrophe losses, high reinsurance costs and the adverse claims environment in Florida. For the Q4 period, FedNat reported a net loss of $32.9 million and an operating loss of $26.9 million. This included $31 ... Read the full article
Reinsurance will help insurers absorb unusually severe storm Uri losses: S&P
1st March 2021
Early insured loss estimates for the unusually severe winter storm Uri in the United States appear significant, but carriers should be able to absorb the shock thanks to robust capital levels and reinsurance protection, according to S&P Global Ratings. Winter storm Uri has caused significant disruption across a number of southern ... Read the full article
Uri could inflict record Q1 cat losses on US P/C insurers, says Fitch
25th February 2021
Fitch Ratings expects US property/casualty insurers to face record catastrophe losses for this year’s first quarter, following extensive property damage from winter storm Uri. The widespread scale and claims volume of the event could drive ultimate insured losses to a range of $10 billion to $20 billion, the ratings agency said. As ... Read the full article
Applied Underwriters’ Centauri Insurance acquires Gulfstream renewals
23rd February 2021
Centauri Insurance, a subsidiary of risk services firm Applied Underwriters, has acquired the renewal rights to 16,700 policies from Gulfstream Property and Casualty Insurance Company and Gulfstream Select Insurance Company. Gulfstream is a Florida-based insurance company that provides homeowners' insurance. The polices acquired by Centauri relate to business in Alabama, Read the full article
Kin Insurances reaches $10bn insured property value
19th February 2021
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has surpassed $10 billion in total insured property value. The company saw a 400% increase in direct written premiums in Q4 2020 over the previous year, and enjoyed a 92% renewal acceptance rate. “Kin’s growth is evidence ... Read the full article
US winter storm Uri set to inflict record-breaking, multi billion-dollar industry losses
19th February 2021
Winter storm Uri, currently wreaking havoc across southern US states, looks set to become the largest on record for re/insurers, potentially surpassing the cost of 2017’s hurricane Harvey. Storm Uri landed over the US’ President's Day weekend bringing damaging ice in the Northwest and snow across the Midwest and Northeast. Texas has ... Read the full article
TypTap receives New Mexico regulatory approval
16th February 2021
Florida insurtech and subsidiary of HCI Group, TypTap Insurance Company, has received regulatory approval to write homeowners insurance in New Mexico. The company, which provides homeowners and flood insurance, has planned a nationwide expansion which was announced last year. Since the beginning of 2019, TypTap’s premiums in-force for home-owners insurance, its ... Read the full article
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