Reinsurance News
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Canopius launches Vave platform as an MGA
7th June 2021
Specialty re/insurer Canopius Group has announced the launch of its algorithmic underwriting platform, Vave, as an MGA. Developed in-house, Vave began trading in May 2019, and has since quoted on over 1.2 million risks, representing $2.2 billion of premium. Vave MGA is forecast to exceed $100 million premium by the end of ... Read the full article
Rate hardening to persist through 2022, says Swiss Re
4th June 2021
According to key market conditions identified by global reinsurer Swiss Re, price rises are expected to continue both this year and next, further increasing the profitability of new business. For example, Swiss Re notes how re/insurance rates have been hardening since 2018, with price momentum having picked up at this year's ... Read the full article
Hippo announces partnership with Cape Analytics
3rd June 2021
Hippo, a California-based insurtech focused on US home insurance, has partnered with Cape Analytics (Cape), a re/insurance data analytics provider, to advance Hippo's automated property analysis capabilities. Throughout this partnership, Hippo will continue to enhance its underwriting and ongoing risk management and mitigation insights to provide home protection. The insurtech firm will ... Read the full article
EQC secures $7bn in earthquake reinsurance
3rd June 2021
The Earthquake Commission (EQC) has agreed a record-high reinsurance cover of nearly $7 billion on the international reinsurance market for the 2021/22 financial year. “We are extremely pleased we have been able to increase the cover for New Zealand homeowners despite the tougher international reinsurance market due to the impact of ... Read the full article
Hurricane season threatens 8 million US homes with storm surge: CoreLogic
2nd June 2021
Catastrophe risk modeller CoreLogic has estimated that nearly 8 million US homes with more than $1.9 trillion in combined reconstruction value (RCV) are at risk of storm surge during the 2021 hurricane season. The analysis includes both single and multifamily residences along the Gulf and Atlantic coasts, and also shows that more ... Read the full article
US insurers braced for ‘above average’ hurricane season, reports Fitch
2nd June 2021
US property and casualty re/insurers are reportedly braced for large potential catastrophe losses as another above-average hurricane season approaches, according to a new Fitch Ratings report. Fitch notes how both P/C insurers and global reinsurers are largely well capitalised following the global pandemic last year, and generally well positioned to withstand ... Read the full article
Universal secures highest level of open market cat capacity at reinsurance renewal
1st June 2021
Universal Insurance Holdings, Inc.'s wholly-owned insurance company subsidiaries have completed their 2021-2022 reinsurance programs, which includes the purchase of more open market catastrophe capacity than ever before. Effective June 1st, 2021, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), have completed their reinsurance ... Read the full article
NFIP reform bills target stronger reinsurance program
24th May 2021
Four bills reintroduced this week to the US congress have proposed a number of reforms to the National Flood Insurance Program (NFIP), among which is the strengthening of FEMA’s authority to purchase reinsurance. The bills were put forward by Missouri Congressman Blaine Luetkemeyer, who asserted that the NFIP has been “mismanaged ... Read the full article
Metromile & Hippo partner on home & auto protection
20th May 2021
San Francisco based car insurance start-up Metromile and homeowners focused-insurtech Hippo have partnered to offer consumers modern auto and homeowners insurance with a new multi-policy discount. Drivers and homeowners will be able to purchase pay-per-mile auto insurance and homeowners insurance from Metromile and Hippo, respectively, in a discounted policy bundle. “Offering choice ... Read the full article
Florida remains challenging despite declining AOB lawsuits, FedNat CEO Braun
10th May 2021
FedNat’s Chief Executive Officer Mike Braun has underlined the continuing challenges posed by Florida’s homeowners market, despite a sharp decline in Assignment of Benefits-related lawsuits. Speaking on a first quarter earnings call, Braun said overall litigation against property insurance companies in the state continues at levels that are far above the ... Read the full article
HCI announces net income of $6.1m for Q1 as GWP increases 64.4%
7th May 2021
InsurTech HCI Group has reported a significant rise in net income for the first quarter of 2021 to $6.1 million, while consolidated gross written premiums (GWP) jumped by 64.4% to $125.8 million for the period. HCI says that the rise in GWP was driven by growth of Homeowners Choice GWP to ... Read the full article
Liberty Mutual’s net income rises by 65% despite $1bn of catastrophe losses
7th May 2021
Liberty Mutual Holding Company Inc. and its subsidiaries has reported an almost 65% rise in net income, year-on-year, to $856 million for the first quarter of the year, despite elevated catastrophe losses. During Q1, the firm's partnership, LLC and other equity method investment portfolio generated $838 million in pre-tax operating ... Read the full article
FedNat reports net loss of $19.4mn
5th May 2021
FedNat Holding Company has reported a net loss of $19.4 million for Q1 2021, compared to a net income of $2.1 million for the prior year period. The net loss was primarily the result of Winter Storm Uri, which caused heavy residential damage in Texas, primarily associated with freezing temperatures causing ... Read the full article
Australia to launch $10bn cyclone reinsurance pool
4th May 2021
Australia's Federal Government has announced the establishment of a $10 billion reinsurance pool to underwrite cover for cyclone and cyclone-related flood for privately-owned homes, strata corporations and small businesses. The scheme will also see the government invest $40 million in making older strata buildings more resilient to extreme weather events. More than ... Read the full article
Neptune Flood launches capacity program
30th April 2021
Neptune Flood, an insurtech firm focused on the flood market, has launched its latest capacity program sponsored by Transverse Insurance Group and backed by a panel of global reinsurers, which was placed through Acrisure Re. Neptune policies placed with the program will carry the Transverse AM Best A- (Excellent) rating. The $30 ... Read the full article