Reinsurance News
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Midwest tornado reconstruction value estimated at $3.7bn: CoreLogic
15th December 2021
Analysts at CoreLogic have estimated that the reconstruction value of residential buildings that were potentially destroyed in states hit by the recent series of tornados is $3.67 billion, with insured losses likely to exceed $1 billion. Last Friday, devastating tornadoes broke out across the states of Arkansas, Illinois, Kentucky, Mississippi, Missouri, ... Read the full article
SiriusPoint helps create new Floridian insurer VYRD
14th December 2021
A new insurer serving homeowners in Florida has launched as a joint venture between specialty re/insurer SiriusPoint and insurtech Bolt. VYRD is set to deploy cutting-edge technology in its efforts to bring more choice and new solutions to customers in Florida. Residents in the state have faced rising prices as litigation costs ... Read the full article
BLM calls for Irish re/insurance scheme to combat flood risk
10th December 2021
Insurance risk and commercial law firm BLM has called on the Irish Government to consider a review of the flood insurance market in Ireland, including the possibility of establishing an equivalent to the UK’s Flood Re initiative. Devastating flooding has become an increasingly common issue in Ireland, particularly in areas such ... Read the full article
Mercury Insurance adopts CAPE Analytics AI underwriting tools
7th December 2021
Multi-line insurer Mercury Insurance has decided to adopt the suite of property intelligence solutions from CAPE Analytics into its underwriting workflows. CAPE’s property attributes and risk scores will be leveraged by Mercury to instantly assess risk on a property-by-property basis across the states it operates in, including California. By integrating this new ... Read the full article
Louisiana’s insurers set for $100mn Ida hit following collapse of two firms
6th December 2021
Louisiana's insurers are on the hook for $100 million in Hurricane Ida claims left unpaid by two now-defunct carriers in the state. In an Associated Press report, citing The Advocate, it's noted that both Access Home Insurance and State National Fire Insurance shut down in the wake of the costly ... Read the full article
Canopius backed Delos closes $5.3m seed funding round
1st December 2021
Delos Insurance Solutions, a catastrophe insurance managing general agency (MGA) with a focus on California wildfire risks, has successfully closed a $5.3 million seed funding round led by IA Capital, with participation from Avanta Ventures, Red Dog Capital, and Futureland Syndicate. Delos underwrites as an MGA using capacity from Canopius and ... Read the full article
North American P&C insurers show improved GAAP performance: Fitch
24th November 2021
According to a new report from Fitch Ratings, North American Property & Casualty (P&C) re/insurers’ strong premium revenue growth led to improving GAAP operating performance for the nine months in 2021. The revenue growth came from rising commercial rates, reduced incurred losses tied to the coronavirus pandemic and large investment gains ... Read the full article
Slide raises $100mn in Series A funding round
22nd November 2021
Homeowners insurtech Slide has announced it has raised $100 million in a Series A funding round, led by Gries Investment Funds and Tampa Bay Ventures. Slide’s technology leverages a dataset to power new advances in artificial intelligence and machine learning for modern homeowners, who can create bespoke insurance policies that fit ... Read the full article
Reinsurers to absorb most of Louisiana Citizens $461m Ida loss
17th November 2021
Louisiana Citizens Property Insurance, the state-backed insurer of last resort, is expecting to incur $461 million in losses from Hurricane Ida, but says that the vast majority of losses will be absorbed by its reinsurance program. During a recent Board meeting, Louisiana Citizens leaders revealed that the company is only expecting ... Read the full article
Reinsurers will find common ground on pricing at renewals: TigerRisk’s Gulbransen
12th November 2021
Despite significant pressure following another year of elevated catastrophe losses, reinsurers and clients will likely manage to find “common ground” on structure and pricing at the 2022 renewals, according to TigerRisk’s Wade Gulbransen. Gulbransen, who serves as Head of North America at the re/insurance risk, capital and strategic advisor, recently spoke ... Read the full article
United (UPC Insurance) lowers cat retention, continues to reduce exposure
12th November 2021
United Insurance Holdings Corp. (UPC Insurance), the Florida headquartered but regionally expansive insurer, has reported a narrower net loss for the third quarter of 2021, while its premium base continues to decline amid a retreat from the catastrophe space. A net loss of $14.3 million marks an improvement on the net ... Read the full article
HCI Group grows premiums by 50% in Q3
10th November 2021
Florida-based insurtech HCI Group has announced consolidated gross written premium (GWP) growth to $174.3 million for the third quarter of 2021, driven in part by the continued expansion of TypTap Insurance Company. HCI Group's GWP increased by almost 50% from the $116.5 million reported for the third quarter of 2020, primarily ... Read the full article
Lemonade reports $11.7mn in gross profits for Q3
9th November 2021
Insurtech start-up Lemonade has reported a gross profit of $11.7 million for the third quarter of 2021, which increased by $4.4 million compared to the third quarter of 2020. This increase was due to the increase in gross earned premium, partially offset by a higher net loss ratio. Lemonade reported a gross ... Read the full article
Lemonade to acquire Metromile as auto insurer’s valuation falls to $500m
9th November 2021
AI-powered insurtech Lemonade has entered into a definitive agreement to acquire pay-per-mile auto insurer, Metromile Inc., in an all-stock transaction that implies a fully diluted equity value of roughly USD 500 million, or just over USD 200 million net of cash. In late November 2020, it was revealed that Metromile ... Read the full article
FedNat posts $25mn Q3 loss as CR hits 165%
9th November 2021
FedNat has announced a net loss of $24.8 million in the third quarter, a further slide from the $20.7 million loss posted in the prior year period. Meanwhile, the company’s combined ratio reached 165.4%, driven primarily by 37.7 points of net catastrophe losses in the period. Losses and loss adjustment expenses (LAE) ... Read the full article