Reinsurance News

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Accredited strikes program underwriting partnership with MG Skinner

28th October 2019

Accredited Surety and Casualty Company, the Florida-based subsidiary of Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings, has entered into a new program partnership with M. G. Skinner & Associates Insurance Agency. The deal will see Accredited become the issuing carrier on behalf of MG Skinner for Directors & ... Read the full article

Hiscox illustrates threat of rising sea levels with FloodPlus AR app

24th October 2019

Specialist insurer Hiscox has developed a new app designed to illustrate the potential threat of global sea level rises. FloodPlus AR utilises Augmented Reality to demonstrate the impact a 2.4 meter sea level rise - an increase predicted by certain climate experts - would have on the Hudson County area of ... Read the full article

P&C rate increases climb to 4% in third quarter: MarketScout

9th October 2019

US property and casualty (P&C) insurers continued to see rate increases in almost every industry and line of coverage during the third quarter of 2019, according to analysts at MarketScout. The composite rate increase in Q3 was 4%, climbing from 3% in the previous quarter. By line of coverage, auto underwriters increased ... Read the full article

CoreLogic updates RCT Express solution to include valuations for large tract homes

25th September 2019

Catastrophe risk modeller CoreLogic has released its updated RCT Express reconstruction estimating and risk assessment solution, which now provides re/insurers with the ability to provide valuations for large tract homes (LTH). CoreLogic says that the available update provides users with more powerful coverage adequacy tools, which ultimately enables insurers to better ... Read the full article

Munich Re partners with AAIS to address US flood protection gap

24th September 2019

Munich Re has partnered with not-for-profit advisory organisation the American Association of Insurance Services (AAIS) to focus on improving flood insurance protection for US homeowners. The flood insurance protection gap in the US continues to expand alongside the heightened risk of flood, the partnership noted, particularly for homeowners outside major flood ... Read the full article

AIR Worldwide estimates insured average annual cat losses at $92bn

12th September 2019

Catastrophe modelling firm AIR Worldwide has estimated that the global modelled insured average annual loss (AAL) from catastrophes worldwide is about US $92 billion. The firm released the figure as part of its 2019 Global Modeled Catastrophe Report, which detailed key loss metrics from AIR’s global industry exceedance probability curve (EP) ... Read the full article

AXA XL, insurtech Neptune Flood strike underwriting partnership

12th September 2019

Global re/insurer AXA XL has partnered with Neptune Flood, an all-digital flood platform that leverages data analytics to provide agents and direct buyers the ability to rapidly quote and bind a policy. It’s hoped the underwriting partnership will expand Neptune’s flood insurance capacity to homeowners throughout the US. Chris Bressette, Senior Vice ... Read the full article

Insurtech Kin raises $47m to fund carrier in Florida

28th August 2019

Kin Insurance, an insurtech startup focused on matching US homeowners to insurance policies, has raised $47 million in additional funding. Kin plans on using the capital to launch Kin Interinsurance Network, a Florida insurance carrier that is expected to expand and serve other states in the near future. Using a customers’ home ... Read the full article

Reviving the private US flood market could generate $41.6bn in premiums: Verisk

23rd August 2019

Recent analysis from data analytics provider Verisk suggests that reviving the private flood insurance market in the US could generate $41.6 billion in written premiums for insurers from owner-occupied homes. The figure came as part of a study that concluded 62 million residential locations in the US could be at moderate ... Read the full article

Stonybrook advises on Florida Peninsula’s $30m senior debt raise

22nd August 2019

Investment banking and reinsurance brokerage Stonybrook Capital has announced its involvement as exclusive advisor to homeowners insurer Florida Peninsula on a senior debt facility of up to $30 million. The transaction is believed to have enabled Florida Peninsula to refinance its existing debt and bolster regulatory capital. "The debt market is an ... Read the full article

FedNat’s $51m Maison Insurance acquisition gets regulatory nod

14th August 2019

Florida-based FedNat Holding Company has received regulatory approval from the Florida Officer of Insurance Regulation and the Louisiana Department of Insurance to move forward with its acquisition of the homeowners insurance operations of 1347 Property Insurance Holdings. The previously-announced transaction is expected to close as soon as practicable following November ... Read the full article

“Severe and unusual” cat events drive FedNat Q2 underwriting loss

7th August 2019

Florida-based FedNat Holding Company has posted a combined ratio of 101.5% for the second quarter of 2019, up from 99% in Q2 2018, as hail and wind related storms from twelve catastrophe events hit the states it writes property business. Overall, losses and loss adjustment expenses in Q2 increased $17.7 million, ... Read the full article

National General acquires QBE North America’s National Farmers Union

5th August 2019

National General Holdings Corp. has completed its previously announced acquisition of National Farmers Union Property and Casualty Company (National Farmers Union Insurance) from QBE North America. The purchase price for this deal was $52.8 million subject to customary post-closing adjustments. The firm explains that the change in the closing purchase price ... Read the full article

Universal’s income down 17% in Q2, as loss ratio climbs

1st August 2019

Florida-based property and casualty insurer Universal Insurance has released its results for the first half of 2019, reporting a 16.8% decrease in income before taxes. Income slipped by $10.3 million to $50.9 million in Q2 2019, compared with $61.2 million for the same period in the previous year. Looking at the first ... Read the full article

Re/insurance to cover less than 20% of $200m Ridgecrest quake loss: KCC

24th July 2019

The Magnitude 7.1 earthquake that impacted the towns of Ridgecrest, Argus, and Trona in the U.S. state of California in early July, is expected to result in overall damages of around $200 million, with the insured loss likely to be less than $40 million, according to Karen Clark & Company ... Read the full article