Reinsurance News

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NZ Earthquake Commission renews $6.2bn reinsurance programme

18th June 2020

New Zealand's Earthquake Commission (EQC) has announced the successful renewal of its NZ$6.2 billion reinsurance programme for 2020-2021. The reinsurance will cover disaster events such as earthquakes, tsunamis and volcanic eruptions. This year's programme is a renewal of the upsized 2019-2020 reinsurance programme. EQC's Chief Executive Officer (CEO), Sid Miller, said: "International ... Read the full article

US P/C challenged despite segment’s overall improvement: AM Best

15th June 2020

Although the US property/casualty industry’s bottom-line underwriting performance improved noticeably in 2019, several individual lines of business are struggling to generate better results in the face of natural catastrophes and wildfires. A report from AM Best shows that some P/C lines of business such as homeowners multiperil and commercial multiperil, as well ... Read the full article

HCI secures larger reinsurance limit at renewals despite increasing rates

10th June 2020

HCI Group, Inc., a Florida-headquartered property and casualty insurer, grew the size of its catastrophe reinsurance cover by approximately 31% at the mid-year 2020 renewals, securing a total limit of $1.93 billion on a first and second event basis. HCI's two insurance subsidiaries, Homeowners Choice Property & Casualty Insurance Company, Inc. ... Read the full article

Calif. Insurance Commissioner opposes new wildfire bill; warns of unfair rates

8th June 2020

California Insurance Commissioner, Ricardo Lara, alongside the California Department of Insurance and a host of other organisations, have stressed that a new wildfire bill set to be voted on this week would harm policyholders in the region with higher rates. Assembly Bill 2167 is scheduled to be voted on by the ... Read the full article

Stonybrook Capital advises on Anchor Specialty sale

8th June 2020

Stonybrook Capital has announced its role as exclusive strategic and financial advisor to Anchor Insurance Holdings (AIH) on their sale of Anchor Specialty Insurance Company to Weston. A purchase price was not originally disclosed and, according to reports filed with regulators last year, Anchor had 43,209 policies in force representing ... Read the full article

Pandemic to drive significant mortgage reinsurance losses: AM Best

4th June 2020

Analysts at AM Best believe that the COVID-19 pandemic will drive “significant” losses for US mortgage reinsurance business, even as the eventual impact still remains unclear. The rating agency predicts that delinquencies will increase dramatically in the second quarter of 2020 due to forbearance and job losses. While forbearance, loan modifications, and ... Read the full article

InsurTech Hippo adds Spinnaker to family of companies

3rd June 2020

Hippo, the California-headquartered, homeowners focused InsurTech, has entered into a definitive agreement, pending regulatory approval, to acquire Spinnaker Insurance Company. Founded in 2015, Hippo looks to transform home insurance and ownership by providing a more efficient and affordable service to U.S. homeowners. Since 2017, Hippo Insurance Services has partnered with Spinnaker as ... Read the full article

FedNat agrees terms of cat reinsurance renewal, cites hardening market

2nd June 2020

FedNat Holding Company (FedNat) has announced the terms of the renewal of its 2020-2021 catastrophe reinsurance program, securing $1.3 billion of single-event reinsurance coverage and aggregate coverage of up to $1.9 billion. The aggregate reinsurance limit of $1.9 billion represents a slight increase on the previous year, while the single-event cover, ... Read the full article

Storm surge threatens 7.4mn US homes in 2020: CoreLogic

28th May 2020

Ahead of the 2020 hurricane season, property information and analytics provider CoreLogic has estimated that 7.4 million US homes could be at risk of storm surge and possible mandatory evacuation. Together, these homes have an estimated reconstruction cost value (RCV) of $1.8 million, according to analysts. But with the Atlantic hurricane season ... Read the full article

Hurricanes and pandemics are “not a good mix”, warns KCC

27th May 2020

On balance, both losses and loss adjustment expenses from hurricanes will increase as a result of the challenges and disruption being caused by the COVID-19 pandemic, says Karen Clark & Company (KCC) in a new report. Numerous forecasters have said that it's likely the 2020 Atlantic hurricane season will see ... Read the full article

Forced BI claims would put “systemic strain” on the insurance industry: Triple-I CEO

22nd May 2020

The Chief Executive Officer (CEO) of the Insurance Information Institute (Triple-I), Sean Kevelighan, has warned that systematic strains would be placed on the insurance industry if carriers are forced to pay out retroactive claims. As the fallout surrounding business interruption (BI) insurance related to the COVID-19 pandemic has persisted, leaders from ... Read the full article

Palomar completes June reinsurance renewal

19th May 2020

Specialty property insurer Palomar Holdings has announced the successful completion of its June 1, 2020 reinsurance programs. The company procured $200 million of incremental limit for California earthquakes, $300 million of incremental limit for all earthquake zones, and $80 million of incremental windstorm limit. Reinsurance coverage now exhausts at $1.4 billion for ... Read the full article

HSCM Bermuda backs AIG’s Syndicate 2019 at Lloyd’s

11th May 2020

Hudson Structured Capital Management Ltd., the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, has announced that it has provided capital support for Lloyd’s newly launched Syndicate 2019. The investment manager, which conducts its insurance and reinsurance business as HSCM Bermuda, says the move represents an opportunity to access the ... Read the full article

Fednat grows revenue 14%, continues to expand out of Florida

6th May 2020

Florida based primary insurer FedNat has increased its total revenue 14.3% to $14.5 million as it continues to focus on organic growth outside of its home state. This result compares with $101.2 million for the same period in 2019, with the increase driven by net premiums growth, partially offset by investment ... Read the full article

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