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Heritage grows Q1 income, sees no virus impact

5th May 2020

Florida domiciled property and casualty (P&C) insurer, Heritage Insurance Holdings, Inc., has grown its Q1 income by 9.4% to $7.6 million, citing “virtually no impact” from the COVID-19 pandemic. The results reflected higher net premiums earned and a lower combined ratio, partly offset by lower investment gains and other income and ... Read the full article

AIG’s Syndicate 2019 at Lloyd’s approved to commence underwriting

4th May 2020

American International Group, Inc.'s (AIG) previously announced Lloyd's Syndicate 2019 has received approval to commence underwriting. Described by the insurer and reinsurer as a landmark Syndicate, AIG's Syndicate 2019 is the largest ever to be launched through the specialist Lloyd's of London re/insurance marketplace. The Syndicate will exclusively reinsure risks from ... Read the full article

COVID-19 to trigger major world economy contraction: MAPFRE

24th April 2020

The economic research division of re/insurer MAPFRE has sharply revised its forecasts for the world economy and expects an unprecedented impact on activity due to COVID-19. However its report does underline the uncertainty of the situation and says it is impossible to anticipate the results of economic and social policy decisions. The ... Read the full article

Tokio Marine HCC partners with CyberScout on new offering

23rd April 2020

Tokio Marine HCC, a member of Tokio Marine Group, has partnered with CyberScout to provide cyber insurance, cyber education, identity management and resolution services to insurance carriers throughout the US. CyberScout provides identity theft resolution, data defense and employee benefits services, and serves approximately 17.5 million households worldwide. With this new offering, ... Read the full article

Florida Southern Insurance joins the Patriot platform

21st April 2020

Patriot Growth Insurance Services, LLC has announced the addition of Florida Southern Insurance, LLC (FSI) to the Patriot platform, significantly expanding Patriot's existing property and casualty (P/C) insurance capabilities. FSI is a Florida-based full-service independent agency that provides a range of P/C insurance solutions, including auto, homeowners, business, flood and boat ... Read the full article

The Woodlands Insurance to acquire Gulfstream’s Texas homeowner book

17th April 2020

The Woodlands Insurance Company (TWICO) has completed a renewal rights agreement with Gulfstream Property & Casualty Insurance Company to acquire the company's book of homeowner business in Texas. Under the transaction, approximately $4 million of in-force gross written premium will be transferred to TWICO, which will start offering renewal terms for ... Read the full article

AM Best negative on US commercial lines, stable on personal lines

8th April 2020

AM Best has revised its outlook on the US commercial lines industry to negative from stable due to the impact of COVID-19, but has maintained a stable outlook on US personal lines. The rating agency does not expect significant claims activity in commercial lines owing directly to the pandemic, although virus-related ... Read the full article

Flood insurtech Neptune expands US presence

24th March 2020

Neptune Flood Incorporated, a digital insurtech firm focused on the flood market, has announced its launch into Arkansas, Idaho and Illinois in the US. With its expansion into these states, a potential 6.7 million more households will now have access to Neptune’s flood insurance solution. The firm explained that it launched in ... Read the full article

National Flood Services targets flood insurance modernisation with Trident

11th March 2020

National Flood Services, a U.S. domiciled provider of flood insurance solutions, has launched a new holistic, data-driven platform designed to transform access to flood protection, called Trident. The new solution aims to modernise every aspect of the flood insurance experience for all parties along the chain, from policyholders to back-office operations ... Read the full article

ABI pegs storm Ciara, Dennis payouts at £360mn

9th March 2020

The Association of British Insurers is expecting total payouts for UK storms Ciara and Dennis to exceed £360 million. The ABI says insurers made initial emergency payments of over £7.7 million to help flooded homeowners and businesses in the immediate aftermath of the flooding and wind damage. With repairs to many properties ... Read the full article

Who’s exposed to Tennessee tornado damage?

6th March 2020

Financial analysis firm Demotech has compiled a list of re/insurers who are likely to face the most exposure from the recent outbreak of tornadoes that impacted Tennessee on March 3rd. The tornadoes, which caused major damage in the state capital of Nashville, caused at least two dozen deaths and are expected ... Read the full article

Florida House votes to limit rising attorney fees

6th March 2020

The Florida House of Representatives has passed legislation aimed at limiting exorbitant attorney fees on property insurance lawsuits. It’s hoped this will stop the rising trend of contractors soliciting the transfer of rights from insureds and subsequently inflated repair costs, all while using the legal system to their advantage. For several years ... Read the full article

AmTrust agrees transfer of Republic personal lines renewal rights to Safeco

6th March 2020

AmTrust Financial Services, Inc. and Safeco Insurance, a Liberty Mutual Insurance company, have entered into an agreement around the transfer of the renewal rights for AmTrust's Republic Personal Lines business in six states. AmTrust has announced that, pending regulatory approval, it has decided to exit personal lines products written through its ... Read the full article

Munich Re-backed parametric quake product launched in Mexico by Super

3rd March 2020

Super Seguros Inc., acting through their local subsidiary (which was established as Mexico's first approved insurance MGA), has announced the launch of a new parametric insurance solution to protect against earthquakes for the retail consumer market in Mexico City, backed by reinsurer Munich Re. The new solution, Super Temblor, is a ... Read the full article

FedNat posts 122.1% combined ratio off adverse development

27th February 2020

Florida-based primary insurer FedNat Holding Company has reported a fourth-quarter combined ratio of 122.1%, up 3.8 points from the prior year quarter and representing 4.7 points of net catastrophe losses, 12.6 points of adverse development and 5.3 points from current accident year reserve strengthening. FedNat had previously warned that it ... Read the full article