Reinsurance News
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Arch provides reinsurance capacity for Delos Cali wildfire cover
27th April 2021
Bermuda-based re/insurer Arch Capital Group Ltd. has agreed to provide reinsurance capacity to Delos Insurance Solutions to expand its coverage for wildfire-exposed homes in California. The reinsurance capacity will be provided by Arch Reinsurance Ltd. (Bermuda) and the Lloyd’s of London syndicate, Arch Syndicate 1955 (formerly Barbican Syndicate 1955). Broker Guy Carpenter ... Read the full article
UPC Insurance partners with Mindtree & Duck Creek
27th April 2021
UPC Insurance has partnered with technology services company Mindtree and core system solutions provider Duck Creek Technologies on the implementation of SaaS-based systems to improve customer experience and claims efficiency. This includes policy, billing, claims, data insights, and insurance technology solutions as well as the consolidation of multiple applications on a ... Read the full article
Travelers reports higher Q1 profit result despite $835m cat losses
20th April 2021
The Travelers Companies, Inc. has reported a year-on-year increase in net income to $733 million for Q1 2021, despite catastrophe losses, net of reinsurance, hitting $835 million. Up from $600 million in the prior year period, the increase was driven by higher core income, higher net favourable prior year reserve development ... Read the full article
Kin Insurance surpasses $100m in annual recurring premium
20th April 2021
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has surpassed $100 million in annual recurring premium. The milestone comes after only 21 months as a carrier, and with $52 million in equity funding. Notably, Kin’s growth has been achieved through a direct-to-consumer business model. This ... Read the full article
United pegs Q1 cat losses at $24m; strengthens reserves for litigation in Florida
19th April 2021
Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC Insurance), recently announced first-quarter 2021 current year catastrophe losses of $24 million, pre-tax and net of expected reinsurance recoveries. UPC Insurance's Q1 2021 cat loss bill comes in at approximately $19 million after-tax, and includes claims from winter storm Uri, ... Read the full article
Industry flags litigation as biggest issue facing Florida’s re/insurance market
16th April 2021
An approach of Reinsurance News’ industry contacts has found abusive litigation practices to be the biggest issue currently facing Florida’s insurance and reinsurance market. For several years Florida's property insurance market is perceived to have been plagued by abusive, even underhanded behaviour that has led to elevated loss and litigation costs, ... Read the full article
Auto insurers lead US P&C impairments: AM Best
16th April 2021
Analysts at AM Best identified seven insurance company impairments in the US property and casualty (P&C) industry, which was six fewer than in the previous year. The rating agency noted that five of the impairments involved auto insurers, with the remaining two a workers’ compensation insurer with business written primarily in ... Read the full article
Hippo adds Munich Re’s Laura Hoensch to Spinnaker leadership
14th April 2021
California-headquartered, homeowners focused-insurtech Hippo has recruited Laura Hoensch as the new General Counsel for Spinnaker Insurance Company, which was acquired by Hippo last year. Hoensch most recently served as General Counsel, Chief Compliance Officer and Head of Government and Regulatory Affairs for Digital Partners, a Munich Re company. At the same time, ... Read the full article
P&C underwriters continue to push rates across the board: MarketScout
12th April 2021
Data from MarketScout shows that US property and casualty (P&C) rates continued to increase over the first quarter of 2021, as underwriters successfully pushed for rates across the board. Umbrella, professional liability and D&O led the way with double digit rate increases, and larger accounts were generally priced more modestly than ... Read the full article
Centauri maintains “A” rating following acquisition by Applied Underwriters
23rd March 2021
The Centauri Specialty and National Insurance Companies have sustained a Financial Stability Rating of "A" (Exceptional) from Demotech following their acquisition by Applied Underwriters. Demotech said its decision followed extensive examinations measuring claims paying ability, financial reserves and overall financial stability. It says the Sarasota-based insurer, with over $200 million in annual ... Read the full article
Cincinnati Insurance adopts Zesty.ai’s wildfire risk analysis tool
19th March 2021
Climate risk analytics firm Zesty.ai has announced that The Cincinnati Insurance Company has integrated its predictive wildfire risk analytics solution, Z-FIRE, across the carrier's personal lines property portfolio. With Z-FIRE, Cincinnati hopes to be able to assess wildfire risk using an AI model that's been trained on ... Read the full article
HCI’s net income up to $27.6mn in 2020
12th March 2021
HCI Group, Inc. has reported a slight increase in net income for the full-year 2020 to $27.6 million, despite a significant dip in income for the fourth-quarter to just $2.7 million. Year-on-year, Q4 2020 net income fell by almost 58% from the $6.4 million reported in 2019, as adjusted net income ... Read the full article
RLI Corp. makes several leadership appointments
5th March 2021
US property and casualty insurer RLI Corp. has made several leadership appointments as part of the company's growth plan. Eric Raudins, Vice President, Personal Lines, has been promoted to Senior Vice President, Transactional Insurance Solutions, and will oversee RLI’s Personal Lines and Commercial Transactional Insurance Solutions products. With 37 years of industry ... Read the full article
Hippo to go public following Reinvent merger
4th March 2021
California-headquartered, homeowners focused-insurtech Hippo is set to go public following a merger with Reinvent Technology Partners, a special purpose acquisition company. The transaction is expected to close in mid-2021 and will see the new company have approximately $1.2 billion in cash at closing, including up to approximately $230 million of cash ... Read the full article
Uri losses to sustain reinsurance rates through mid-year: KBW
3rd March 2021
Analysts at KBW have reported that the industry expects losses from Winter Storm Uri to sustain property catastrophe reinsurance rate increases through the mid-year renewals period. According to KBW, most re/insurance executives view a $10 billion to $20 billion loss range as reasonable for Uri, which has brought damaging ice damaging ... Read the full article