Reinsurance News
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New Zealand doubles EQC payout cap to $300k
6th October 2021
The Government of New Zealand has announced that it plans to double the pay out cap for residential buildings covered by the New Zealand Earthquake Commission (EQC) from NZ $150,000 to $300,000. According to David Clark, the Minister Responsible for the Earthquake Commission, the higher cap will help to keep private ... Read the full article
Idaho & Wyoming face disproportionate wildfire costs: CoreLogic
30th September 2021
A new report by catastrophe risk modeller CoreLogic has identified Wyoming and Idaho as the states most at risk for a prolonged wildfire recovery. While California traditionally tops the list each year for wildfire risk simply because it’s the most populous state, CoreLogic’s approach for this year’s report used different metrics ... Read the full article
Cover Genius raises AUD$100m in Series C funding led by Sompo Asia
29th September 2021
Cover Genius has raised AUD$100 million in a Series C funding round led by Sompo Holdings Asia (Sompo Asia) who invested AUD$68 million, with participation from G Squared and other existing investors. The latest funding round follows a good six months for the insurtech, during which it tripled its gross written ... Read the full article
Acrisure acquires Tempo Title
27th September 2021
Acrisure has acquired Tempo Title, a private Title Insurance and settlement service provider in the United States, which will mark Acrisure entrance into the real estate services business. Through this acquisition, Acrisure will establish Acrisure Real Estate Services, a new division to provide homeowners, lenders and investors a broad suite of ... Read the full article
Earnings for US P&C insurers materially improved in H1: Fitch
22nd September 2021
According to a new report from Fitch Ratings, statutory earnings for U.S. property/casualty (P&C) insurers materially improved in the first half of this year, with better underwriting performance tied to higher commercial lines pricing and diminishing effects of pandemic-related losses, as well as outsized investment gains. Fitch noted that the industry ... Read the full article
COVID-19 to have both negative and positive effects on P&C insurers: AM Best
20th September 2021
According to a new report by rating agency AM Best, despite the significant returns of premiums during the pandemic in 2020, rated U.S. property/casualty mutual insurance companies still managed to grow premium modestly. The report shows that net premiums written (NPW) for the rated U.S. mutuals grew by 1.4% last year. Although ... Read the full article
Statutory earnings for US P/C insurers materially improved in 1H21, says Fitch
17th September 2021
Statutory earnings for US property/casualty (P/C) insurers materially improved in 1H21, says Fitch Ratings analysts, with better underwriting performance tied to higher commercial lines pricing and diminishing effects of pandemic-related losses, as well as outsized investment gains. The industry is reported to be better positioned for full-year results and will ... Read the full article
RMS raises hurricane Ida insured loss estimate to $31bn – $44bn
17th September 2021
Catastrophe risk modeller RMS has estimated that onshore and offshore U.S. insurance and reinsurance industry losses from Hurricane Ida will be between $31 billion and $44 billion, the majority of which relates to wind and surge impacts in the Gulf region. The latest estimate from RMS now includes inland flood and ... Read the full article
Porch bolsters insurtech, home warranty presence with new acquisitions
13th September 2021
Software company Porch Group has announced the acquisitions of CSE Insurance and American Home Protect (AHP), as it looks to accelerate its insurtech ambitions and enter the home warranty market. CSE is a California-based personal lines insurer focused on property and auto that Porch has agreed to acquire from its current ... Read the full article
NMI promotes Pollitzer to president and CEO
10th September 2021
Mortgage insurance specialist NMI Holdings has appointed Adam Pollitzer, current Executive Vice President and Chief Financial Officer, to President and Chief Executive Officer (CEO). Pollitzer will also join the company’s Board of Directors upon assuming his new role. He succeeds Claudia Merkle, who will step down as CEO and as a ... Read the full article
Flooding in New York & New Jersey could lift hurricane Ida re/insured loss: report
2nd September 2021
After battering Louisiana as a Category 4 hurricane, storm Ida has caused severe flooding in New York and New Jersey which could add to the insurance and reinsurance industry loss, although this is still expected to remain under $25 billion, say analysts at Keefe, Bruyette & Woods (KBW). After making two ... Read the full article
Hurricane Ida insured loss could reach $21 billion: CoreLogic
2nd September 2021
Analysis by catastrophe risk modeller CoreLogic estimates an overall loss from Hurricane Ida of between $27 billion and $40 billion, of which up to $21 billion could be covered by re/insurance protection. The economic loss range from CoreLogic is for losses from wind, storm surge and inland flooding damages to residential ... Read the full article
Ida not a capital event for Louisiana re/insurers: Fitch
31st August 2021
While Hurricane Ida is expected to generate significant economic and insured losses in Louisiana, it is likely to be an earnings event, rather than a capital event, for the re/insurance industry, according to Fitch Ratings. Fitch does not expect Ida to trigger ratings downgrades for individual P&C re/insurers operating in Louisiana, ... Read the full article
Reinsurers could suffer meaningful losses from Hurricane Ida, warns Moody’s
31st August 2021
With the U.S. Gulf Coast being a peak catastrophe zone for reinsurance companies, analysts at Moody's have warned that the impact of Hurricane Ida could drive meaningful losses for those with exposure to Louisiana and surrounding states. Hurricane Ida hit Louisiana on Sunday as a Category 4 hurricane with 150 ... Read the full article
Floridians left without insurance as Gulfstream pulls coverage
23rd August 2021
Some 32,000 Florida residents could be left without property insurance within the next 30 days, after reports suggest that regional insurer Gulfstream has decided to cancel its coverage at short notice. The beleaguered insurer was ordered to enter liquidation by a Florida court last month following a period of administrative supervision. And ... Read the full article