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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

Florida’s state insurer and reinsurer face no near-term risks from Ian: Fitch

17th November 2022

Fitch Ratings has said that Florida Citizens Property Insurance Corporation and the Florida Hurricane Catastrophe Fund do not face near-term risks to their capacity to service debt as a result of expected losses arising from Hurricane Ian. However, the firm said in a statement, increasing storm frequency and severity will erode ... Read the full article

Delos launches program to expand wildfire insurance in California

15th November 2022

Delos Insurance Solutions, a catastrophe insurance managing general agency (MGA) with a focus on California wildfire risks, has announced the launch of a new program to expand wildfire insurance options for California homeowners. It will also provide full home insurance policies to homeowners currently on the California Fair Access to Insurance ... Read the full article

P&C underwriting results expected to be worst since 2011, says Triple-I

14th November 2022

The 2022 combined ratio for the P&C insurance industry is set to worsen compared to 2021, driven by Hurricane Ian and significant deterioration in the personal auto line, making it the worst year for the P&C industry since 2011, according to the latest underwriting projections by actuaries at the Insurance ... Read the full article

HCI Group expects there to be enough reinsurance for its needs in 2023: CEO Patel

11th November 2022

Florida-based insurtech HCI Group, Inc.'s Chairman and Chief Executive Officer (CEO), Paresh Patel, expects there to be sufficient reinsurance available for the firm's needs in 2023, despite a reduction in supply in the State of Florida. Prior to the 2022 Atlantic Hurricane season and costly impacts of Hurricane Ian in Florida ... Read the full article

SageSure and Gooshead partner up to launch Elevate

10th November 2022

Insurance provider SageSure and personal lines insurance agency Goosehead are to partner up and launch a reciprocal exchange called Elevate. The Texas-domiciled Elevate will look to protect homeowners in coastal states. It is exclusively available for distribution by Goosehead producers enrolled with SageSure, Elevate homeowners' insurance is developed, underwritten, and serviced by ... Read the full article

HCI Group reports $51.5mn net loss in Q3 results

9th November 2022

HCI Group has reported a net loss of $51.5 million in the third quarter of 2022, compared to a net loss of $4.9 million from the third quarter of 2021. At the same time, the company’s net loss for the year so far currently stands at $57.3 million compared to a ... Read the full article

Cutbacks in capacity & price hikes to follow Ian: Risk Strategies

7th November 2022

A recent report from Risk Strategies suggests property insurance buyers with locations exposed to climate change-related events will see significant reductions in coverage capacity, as well as higher deductibles and pricing well into 2023 following Hurricane Ian, as reinsurers grow increasingly concerned about inadequate values and peril losses. The report observes ... Read the full article

Allstate reports $694mn net loss in Q3 results

3rd November 2022

Allstate has announced a net loss of $694 million for the third quarter of 2022, compared to a net  income of $508 million in the prior year quarter, primarily due to an underwriting loss and equity valuation declines. The company’s adjusted net loss for the quarter was $420 million, compared to ... Read the full article

Wright Flood acquires IAT Insurance Group’s flood policy book

2nd November 2022

Wright National Flood Insurance Company has announced an agreement to acquire the flood insurance policy book from IAT Insurance Group Inc. and its affiliate Occidental Fire and Casualty Company of North Carolina. Beginning in early 2023, Wright Flood will service, administer, and issue flood coverage under the National Flood Insurance Program ... Read the full article

APCIA highlights need for flood insurance & investment in resiliency

1st November 2022

On the ten-year anniversary of Superstorm Sandy, the American Property Casualty Insurance Association (APCIA) released a statement attributed to Don Griffin, department vice president of policy, research, and international highlighting the need for flood insurance and increased investment in resiliency. The widespread devastation brought by superstorm Sandy to the Northeast of ... Read the full article

Kin receives $145mn in debt financing

31st October 2022

Growing homeowners insurtech company, Kin, has announced the closing of a $145 million committed credit facility. The facility, which was led by Runway Growth Capital LLC  and the Avenue Venture Opportunities Fund, L.P. will provide Kin with additional capital to support the expansion of the Kin Interinsurance Network, a reciprocal exchange. Runway ... Read the full article