Reinsurance News
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FedNat to tap reinsurance cover for Hurricane Laura losses
10th September 2020
Florida based primary insurer FedNat is expecting to tap into its reinsurance coverage to pay claims resulting from Hurricane Laura, which are likely to exceed its single-event retention of $25 million. FedNat will bear approximately $19 million of this retention, after accounting for the quota-share treaty that it has in place ... Read the full article
Kin partners with Snapsheet on end-to-end claims management
4th September 2020
Digital claims management company, Snapsheet, has announced a new partnership with InsurTech firm, Kin Insurance. After a successful $35 million Series B funding round, Kin agreed to partner with Snapsheet to enable an automated digital experience, omnichannel engagement, and end-to-end claims management from electronic first notice of loss (FNOL) through settlement. Using ... Read the full article
AXIS Insurance & Simply Business target home-based U.S. businesses
3rd September 2020
AXIS Insurance, the specialty insurance arm of AXIS Capital Holdings, has selected digital insurance agency, Simply Business, Inc., as the first distributer to work on a new insurance solution for entrepreneurs. The new product, AXIS Home Based Business insurance, is for U.S. small business owners who operate from their homes, and ... Read the full article
Hippo completes acquisition of Spinnaker
1st September 2020
Hippo, the California-headquartered, homeowners focused InsurTech, has closed its acquisition of Spinnaker Insurance Company, a national property and casualty insurer licensed in 50 US states. Since 2017, Hippo Insurance Services has partnered with Spinnaker as its largest carrier platform, with Hippo products that are backed by Spinnaker currently available in more ... Read the full article
2020 California wildfires may lead to further spikes in reinsurance rates: AM Best
28th August 2020
Considering the existing rate hardening that has been created by the COVID-19 pandemic, this year's record-breaking California wildfire season could spur further reinsurance rate increases, AM Best says. The 2020 wildfire season has affected coastal areas that do not usually burn and has seen the still-ongoing LNU Lightning Complex event and the SCU ... Read the full article
Hurricane Laura to further stress insurers’ 2020 Earnings : AM Best
27th August 2020
AM Best has underlined Hurricane Laura's potential to stress balance sheets already weakened by COVID-19 and damage insurers' 2020 earnings. Though analysts from the ratings agency believe reinsurance may help mitigate these losses, potential future challenges to future risk management strategies are expected to remain, as loss affected areas see ... Read the full article
Hurricane Laura storm surge threatens homes with RCV of $88.6bn: CoreLogic
25th August 2020
As Hurricane Laura continues its path toward the Louisiana coast, catastrophe risk modeller CoreLogic has warned that almost 432,000 single-family and multi-family homes along the Texas and Louisiana coasts are at potential risk of storm surge damage. This analysis is based on Hurricane Laura making landfall as a Category 3 storm, ... Read the full article
FedNat hires new COO
24th August 2020
Insurance holding company, FedNat Holding Company, has announced the appointment of Patrick McCahill to the newly created role of Chief Operating Officer (COO). McCahill will be reporting to Michael Braun, FedNat’s Chief Executive Officer (CEO). He will have primary oversight of operations including underwriting, claims and information technology. Prior to FedNat, McCahill ... Read the full article
Former Willis Re EVP Grant Owens joins Openly in lead role
14th August 2020
Premium homeowners insurance platform Openly, has added Grant Owens as Chief Product & Underwriting Officer. Most recently an executive vice president at Willis Re, Owens will lead Openly's product team and spearhead product development as the company looks to drive growth and expand nationwide. Openly aims to simplify the homeowner's insurance process ... Read the full article
Rate increases to offset rising reinsurance costs, says FedNat
13th August 2020
FedNat CFO Ronald Jordan has said that filed rate increases are expected to largely offset the company’s higher catastrophe reinsurance costs in the second half of 2020. Speaking alongside the release of FedNat’s Q2 results, Jordan explained that the firm would continue to restrict underwriting in its Florida book until rates ... Read the full article
HCI’s TypTap to expand nationwide
12th August 2020
Florida InsurTech insurer and subsidiary of HCI Group, TypTap Insurance Company, has announced plans to expand nationwide. The company, which provides homeowners and flood insurance, has asked Florida insurance regulators for approval of its expansion plans. With that approval, TypTap can then seek approvals from regulators in other states and expand its ... Read the full article
FedNat falls to net loss of $21.5mn in Q2
6th August 2020
Florida based primary insurer FedNat has posted a net loss of $21.5 million in the second quarter of 2020, following heavy catastrophe losses. The company confirmed that it had incurred $48.3 million of catastrophe costs during the quarter, after warning ahead of the loss back in July. Cat losses were driven ... Read the full article
Palomar improves net income by 79% in Q2
5th August 2020
La Jolla, California-based insurance holding company, Palomar Holdings, Inc., has reported a significant rise in net income to $12 million for the second-quarter of 2020. The insurer's net income jumped by a huge 79.3% from the $6.7 million posted in the second-quarter of 2019, while adjusted net income hiked by 63% ... Read the full article
HCI Group eyes rate increases to counter rising reinsurance costs
4th August 2020
The insurance subsidiaries of HCI Group plan rate increases to offset, in part, increased reinsurance costs. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., has asked state insurance regulators and received approval for a 6.9% rate increase for its homeowners’ and condominium insurance products. The rate increase will take ... Read the full article
Personal lines re/insurers to profit despite COVID-19: Fitch
22nd July 2020
After a profitable 2019, the U.S. personal lines insurance sector is positioned to see underwriting profits in 2020 even against a backdrop of economic uncertainty from the coronavirus pandemic, says Fitch Ratings. The rating agency noted that personal lines insurers have been most affected by the decline in risk exposures tied ... Read the full article