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U.S. homeowners insurance remains growth engine, says Aon
18th October 2017
U.S. homeowners insurance has remained a growth engine within the otherwise highly saturated U.S. re/insurance markets, with premiums expected to reach $93 billion in 2017, according to Aon’s Homeowner’s ROE Outlook report. This represents a $2 billion growth in premiums from 2016, and shows rate of market growth has been stable ... Read the full article
Allstate’s Harvey estimate suggests $4.5bn auto & homeowners loss: Credit Suisse
25th September 2017
Following insurer Allstate's announced estimated net $553 million hit from the impacts of hurricane Harvey, Credit Suisse analysts have suggested that the personal lines industry loss could reach $4.5 billion. The combined auto and homeowners' insurance industry loss from hurricane Harvey, based on Allstate's estimates, "implies" a personal lines loss ... Read the full article
National General enters into auto & homeowners quota shares with panel of reinsurers
13th July 2017
National General Holdings Corp. has entered into individual two-year quota share reinsurance arrangements with a number of reinsurers, including Hannover Re, Munich Re and Everest Re, covering its auto and homeowners business lines. The first two-year quota share reinsurance agreement concerns National General's auto business, the Auto Quota Share Agreement, and sees the ... Read the full article
Flood Re helps flood hit homeowners access more insurance options
4th July 2017
Flood Re, the UK's government-backed flood reinsurance scheme, said that it has provided reinsurance to back almost 130,000 insurance policies since its launch and assisted homeowners to get more quotes and options when looking to purchase insurance. At the end of its first full year of operations, Flood Re said that ... Read the full article
Loss costs to shrink homeowners’ margins, but reinsurance prices to stabilise rates
18th April 2017
Rising loss cost inflation among U.S. homeowners insurers is expected to result in shrinking margins for the group throughout 2017, but large rate increases may be fended off thanks to the stabilising effect of cheaper property reinsurance. Higher severity losses in the U.S. homeowner insurance market, excluding the impact of catastrophes, ... Read the full article
Porch applies to form reciprocal insurance exchange with Texas Department of Insurance
20th March 2023
Porch Group, Inc., a vertical software company has announced that its insurance business, Homeowners of America (HOA) has filed an application to form and license a Texas reciprocal insurance exchange with the Texas Department of Insurance (TDI). If the application is approved and fully implemented by Porch, its insurance underwriting business ... Read the full article
Canadian personal auto & property rates up through Q4
10th March 2023
The results of the latest Applied Rating Index by Applied Systems show that average premiums for both Personal Auto lines and Personal Property lines increased in Canada year over year in the fourth quarter of 2022. Quarter over quarter, premium rate change increased for both Personal Auto and Personal Property compared ... Read the full article
HCI Group reports Q4 2022 net income of $2.7m
10th March 2023
Florida-based HCI Group has reported a net income of $2.7 million in the fourth quarter of 2022, compared with a net income of $1.4 million, from the fourth quarter of 2021. At the same time, the company’s net loss for the year so far currently stands at $54.6 million compared to ... Read the full article
Enact Mortgage completes $180m XOL reinsurance deal
9th March 2023
Private mortgage insurance provider Enact Holdings has announced that its flagship legal entity, Enact Mortgage Insurance Corporation, has secured $180 million of additional excess of loss (XOL) reinsurance coverage. This credit risk transfer (CRT) transaction covers a portion of current and expected new insurance written for the 2023 book year and ... Read the full article
US P&C industry continues to show resilience despite continual challenges: AM Best
8th March 2023
A new report from AM Best has shown that weather-related losses persisted for the US property & casualty (P/C) insurance segment in 2022, which ultimately pressured financial results in a year that also witnessed a 40-year high for inflation, and the second costliest catastrophe event on record. According to the report, ... Read the full article
Property claim repair time & severity testing insurers’ digital tools: J.D. Power
3rd March 2023
A recent study by J.D. Power has shown that a combination of severe catastrophic losses, supply chain-related delays, and inflation has conspired to make 2022 the worst year financially for homeowners insurance providers in the past decade. According to analysts, the combination of more severe events, as well as rising costs ... Read the full article
AXA XL strengthens US Mid-Market team with senior hires
2nd March 2023
AXA XL Insurance has bolstered its U.S. Mid-Market business with the additions of Bennett Turner as Head of Strategy & Operations and Christopher Fallon as Head of Analytics. Turner joins AXA XL from Liberty Mutual where he most recently led its Equipment Breakdown business including direct insurance and reinsurance for commercial ... Read the full article
Universal reports $25m net income in Q4
24th February 2023
Universal Insurance Holdings has reported a net income of $25.1 million for the fourth quarter of 2022, up from a net loss of $48.1 million in the prior year quarter. The company also reported an adjusted net income of $22.1 million, up from adjusted net loss of $47.8 million in the ... Read the full article
Liberty Mutual sees dip in net income in Q4 results
23rd February 2023
Liberty Mutual Holding Company Inc., (LMHC) and its subsidiaries has reported net income attributable to LMHC of $612 million for the fourth quarter of 2022, a 15.2% decrease from $722 million from the prior year quarter. Net written premium (NWP) for the quarter was $11.524 billion, representing a 4.5% rise from $11.028 billion ... Read the full article
Lemonade posts 64% top line growth in Q4, as loss ratios improve
23rd February 2023
Lemonade has reported a 64% increase in in-force premium for the fourth quarter of 2022, alongside improvements in its loss ratios and a narrower net loss. Premiums totalled $625.1 million at the end of Q4, with Lemonade attributing the increase to a 27% increase in the number of customers as well ... Read the full article
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