Reinsurance News

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Hippo expands reinsurance panel, establishes captive

19th February 2020

California-headquartered, homeowners focused InsurTech firm, Hippo, has announced the expansion of its reinsurance panel and the establishment of its own captive as it eyes continued growth. Founded in 2015, Hippo looks to transform home insurance and ownership by providing a more efficient and affordable service to U.S. homeowners. The InsurTech company first ... Read the full article

New California bill will enforce wildfire-hardening, insurer participation

19th February 2020

New legislation has been introduced in California that would require insurers to provide cover to homes in communities that meet new statewide standards for fire-hardening. The bill would also authorise the insurance commissioner to require insurers to offer financial incentives for homeowners who undertake work towards making their homes more fire-safe. Renew ... Read the full article

Storm Sabine (Ciara) insured losses pegged at €675mn in Germany: GDV

18th February 2020

Storm Sabine (also known as Ciara in the UK) is estimated to have caused re/insurance industry losses of around €675 million in Germany, according to the General Association of the German Insurance Industry (GDV). Sabine caused major disruption in Germany over February 10th and 11th, as winds in excess of 120kmh ... Read the full article

Allstate results benefit from decreased cat losses

5th February 2020

The Allstate Corporation has released its full-year results for 2019, reporting consolidated revenues of $44.7 billion, up 12% on the previous year. Net income also more than doubled compared with the previous year, at $4.7 billion in 2019 versus $2.0 billion in 2018. Results were helped by a decrease in catastrophe losses, ... Read the full article

Aegis General partners with Homesite Insurance Group

27th January 2020

Aegis General Insurance Agency, a subsidiary of K2 Insurance Services, has announced the formation of a strategic partnership with Homesite Underwriting Managers, the program business unit of Homesite Insurance Group. Aegis and Homesite explained that the program administration partnership was based on foundation of common core values and would open up ... Read the full article

The Hanover’s Q4 non-cat property losses above expectations

16th January 2020

The Hanover Insurance Group, Inc. has revealed that it expects its fourth-quarter 2019 non-catastrophe property losses to exceed expectations by roughly $20 million, pre-tax. The holding company states that the losses were mainly driven by non-catastrophe weather activity in homeowners, and also large property losses in commercial multiple peril and certain ... Read the full article

Avatar to acquire Centauri’s coastal underwriting units

16th January 2020

Avatar Partners LP, the parent of Florida's Avatar Property & Casualty Insurance Company, is set to acquire Centauri Specialty Insurance Company and its Louisiana-based subsidiary, Centauri National Insurance Company. Centauri Specialty Insurance Company is part of Centauri Specialty Insurance Holdings, Inc., a Delaware-based holding company. The firm was established in 2006 in ... Read the full article

Weston Insurance to acquire Anchor P&C subsidiary

15th January 2020

Specialty insurer, Weston Insurance Holdings Corporation, is set to acquire Anchor Specialty Insurance Company, a subsidiary of Anchor Property & Casualty Insurance Company. In light of the impending acquisition, financial analysis firm Demotech has announced that the Financial Stability Rating (FSR) of A, Exceptional, assigned to Anchor Specialty is being sustained. Demotech's ... Read the full article

HCI Group subsidiary to acquire policies of P&C insurer Anchor

14th January 2020

Florida-headquartered HCI Group has announced that its subsidiary, Homeowners Choice Property & Casualty Insurance Company, will acquire the insurance policies of Anchor Property & Casualty Insurance Company. A purchase price was not disclosed and, according to reports filed with regulators last year, Anchor had 43,209 policies in force representing approximately $69 ... Read the full article

California extends insurance non-renewal laws to more wildfire-exposed areas

20th December 2019

California has extended its mandatory protections from insurance non-renewals into new areas in both the north and south of the state following recent wildfire disasters. Insurance Commissioner Ricardo Lara claimed that more than one million homes across California will now be protected by the non-renewal law, which was first introduced last ... Read the full article

CoreLogic integrates HOVER 3D tech into underwriting platform

10th December 2019

Property information and analytics provider CoreLogic has announced the integration of HOVER property measurement and 3D technology into its 'UnderwritingCenter' platform for insurance clients. Via the HOVER app users are able to send images of a property and receive accurate measurement, including the total living area down to the inch, as ... Read the full article

California imposes non-renewal moratorium after wildfire crisis

6th December 2019

California has issued a mandatory one-year moratorium on insurance companies non-renewing policyholders in a bid to provide temporary relief to residents hit by recent wildfires. Insurance Commissioner Ricardo Lara believes the moratorium will help at least 800,000 homes in wildfire disaster areas in Northern and Southern California, while helping to stabilise ... Read the full article

Fednat completes takeover of 1347’s insurance operations

3rd December 2019

Florida-based FedNat Holding Company has successfully completed its acquisition of the homeowners insurance operations 1347 Property Insurance Holdings, Inc. (1347 PIH) for $51 million. The deal, first announced in February 2019, sees FedNat take over Maison Insurance Company, Maison Managers, Inc., and ClaimCor LLC (collectively Maison). Maison is a property and ... Read the full article

SageSure names Paul VanderMarck as Chief Tech & Innovation Officer

3rd December 2019

SageSure Insurance Managers, an independent US residential property managing general underwriter, has announced the appointment of Paul VanderMarck as Chief Technology and Innovation Officer. In this role, VanderMarck will lead the teams responsible for SageSure's proprietary technology platform. He will also drive the company's broader innovation strategy, including developing partnerships with emerging ... Read the full article

Florida claims settlements consistent despite hurricane losses: Demotech

26th November 2019

Florida focused property insurers are closing claims at a pace consistent with prior years despite the major storm losses of 2016, 2017 and 2018, according to a new study by financial analysis firm Demotech. The study, which used data from S&P Global, compiled information from the annual statements of 91 insurance ... Read the full article