Reinsurance News
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Louisiana Citizens sees continued drop in policies, strong financial position
18th January 2021
Louisiana Citizens Property Insurance, the state-sponsored insurer of last resort, has reported itself to be in a strong financial position after enacting a proactive reinsurance strategy and leveraging models to select polices for depopulation. Insurance Commissioner Jim Donelon noted how Citizens, which covers properties that the private insurance industry won’t, is now ... Read the full article
Porch Group announces four strategic acquisitions
15th January 2021
Porch Group has announced four separate strategic acquisitions aimed at strengthening the company's expanding platform for home service companies and homeowners. Homeowners of America (HOA) is a Managing General Agent and insurance carrier hybrid operating in six states. Porch and HOA have executed a definitive merger agreement for Porch to acquire HOA ... Read the full article
Commercial property rates up 9% in Q4: MarketScout
7th January 2021
New data from MarketScout shows that commercial property insurance rates increased by 9% over the fourth quarter of 2020. Despite significant challenges over the year, the re/insurance industry continued to function efficiently, MarketScout noted, with the Q4 composite rate up 7.1%, and up 6.25% in Q3. The biggest rate increases by line ... Read the full article
Core Specialty names Tyburski as Co-Head, Personal Lines Fronted Programs
4th January 2021
Recently launched specialty insurance carrier, Core Specialty Insurance Holdings, Inc., has hired Adam Tyburski as Co-Head of Personal Lines Fronted Programs, effective January 2021. As Co-founder and most recently Chief Underwriting Officer (CUO) of Spinnaker Insurance Company, Tyburski brings extensive industry experience to Core Specialty. During his time with Spinnaker, he served ... Read the full article
TypTap expands to six new states
29th December 2020
HCI Group-owned insurtech TypTap has received regulatory approval to write homeowners insurance in the states of Indiana, Mississippi, Montana, South Carolina, South Dakota, and Utah. The approvals are part of TypTap’s planned nationwide expansion, which it announced in August. The company, which provides homeowners and flood insurance, had asked Florida insurance ... Read the full article
HCI acquires personal lines business from United (UPC)
17th December 2020
Florida-based insurtech HCI Group has agreed to acquire personal lines insurance business in four northeastern US states from P&C insurer United Insurance Holdings Corp. (UPC). Under the agreement, HCI will provide 69.5% quota share reinsurance on all of United’s in-force, new and renewal policies in Connecticut, Massachusetts, New Jersey, and Rhode ... Read the full article
Lemonade launches in French insurance market
8th December 2020
Insurtech start-up Lemonade has now launched in France, marking the third EU country the company has entered, following a launch in the Netherlands earlier this year, and Germany in June 2019. Lemonade's latest expansion will provide French residents with access to instant renter’s insurance as well as file claims through the ... Read the full article
Neptune Flood expands products to remaining five US states
30th November 2020
Neptune Flood, an insurtech firm focused on the flood market, has expanded its residential products to the remaining five additional states, Montana, South Dakota, Utah, Vermont, Wyoming, and Washington, DC. The expansion completes the company's nationwide rollout of all residential, commercial and RCBAP flood insurance products. The insurer also completed its proprietary ... Read the full article
Insurtech Hippo confirms $350mn Mitsui Sumitomo investment
24th November 2020
California-headquartered, homeowners focused-insurtech Hippo has received a $350 million investment from Mitsui Sumitomo, a subsidiary of MS&AD Insurance Group Holdings. As part of the deal, the corporate venture capital fund of MS&AD will join Hippo’s board of directors as an “observer.” Additionally, Hippo and Mitsui Sumitomo plan on signing a reinsurance treaty, ... Read the full article
Palomar acquires renewal rights for Geovera’s Hawaii hurricane business
13th November 2020
California-based insurance holding company Palomar has announced an agreement between Palomar Specialty Insurance Company, a wholly-owned subsidiary of Palomar, and GeoVera Holdings to acquire the renewal rights to GeoVera’s Hawaii residential Hurricane policies. The transaction will further deepen Palomar’s presence in Hawaii, a market that the Company has served since 2015. Through ... Read the full article
AM Best provides US P&C impairment update
12th November 2020
Rating agency AM Best identified thirteen new insurance company impairments in the US property and casualty (P&C) industry in 2019, which was two more than in the previous year. A new report found that four impairments of medical professional liability writers and another four commercial auto writers led the 2019 impairments. Overall, ... Read the full article
Palomar announces agreement with Marsh’s Torrent Technologies
12th November 2020
California-based insurance holding company Palomar has agreed to integrate its residential flood insurance program Flood Guard onto the flood processing platform of Torrent Technologies, part of Marsh. It's hoped this will provide agents of Torrent's Write-Your-Own (WYO) carriers even more choice to meet the flood risk needs of their customers and help close ... Read the full article
Orchid & Homesite set up new Florida insurer
12th November 2020
Orchid Underwriters Agency, a specialty underwriter of catastrophe-exposed property insurance, has partnered with US property insurer Homesite to create a new Florida-based reciprocal insurance company. The new company, called TRUE (Trusted Resource Underwriters Exchange), is domiciled in Tampa and will offer owner-occupied homeowners insurance, as well as bundled, optional coverages and ... Read the full article
Unprecedented storms drive record quarterly loss at United (UPC)
6th November 2020
United Insurance Holdings Corp. (UPC) has announced a net loss of $74.1 million for the third-quarter of 2020, as its loss ratio increased significantly to 115.8% on the back of quarterly catastrophe losses of $140 million. The record quarterly loss of $74.1 million compares with a loss of $28.3 million for ... Read the full article
FedNat’s CR hits 154.3% in Q3, strategic review committee announced
5th November 2020
Florida based primary insurer FedNat has reported a net loss of $20.7 million for the third quarter, down from a net income of $4.7 million in the prior year quarter. The company also sank to an operating loss of $21.5 million after a $4.3 million profit in the prior year period. A ... Read the full article