Reinsurance News

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Hurricane Harvey floods could bring NFIP reinsurance into play

29th August 2017

The flooding caused by hurricane Harvey's torrential rainfall continues and is in many cases worsening, with it being termed "catastrophic" and the worst rainstorm in American history. Flood losses to residential homes are of course dealt with by the National Flood Insurance Program (NFIP), where coverage has been purchased and that ... Read the full article

Hurricane Harvey likely to be an earnings event and a reminder to the industry: KBW

25th August 2017

In light of Hurricane Harvey's expected path towards Texas, with reports predicting the storm to intensify to a Category 3 storm as it makes landfall late Friday or early Saturday, analysts at Keefe, Bruyette & Woods (KBW) expect the event to remind re/insurers of hurricane risks as losses are likely ... Read the full article

Legislative assistance needed to address Florida’s AOB crisis: Citizens CEO, Gilway

24th August 2017

The Chief Executive Officer (CEO) of Citizens Property Insurance Corporation, Barry Gilway, recently called for legislative reform to address the growing assignment of benefits (AOB) crisis in Florida, warning of rising homeowners premiums. Addressing the Florida Office of Insurance Regulation (FLOIR), Gilway called for assistance from legislative partners to ensure Citizens was ... Read the full article

Reinsurers welcomed HCI’s use of tech to increase transparency during Matthew

18th August 2017

Paresh Patel, the Chairman and Chief Executive Officer (CEO) of HCI Group, Inc. has revealed how the company's adoption and utilisation of technology turned out to be a big differentiator during hurricane Matthew, raising the homeowners' insurers profile while provide its reinsurers with welcomed transparency. Speaking during the company's second-quarter 2017 ... Read the full article

Schinnerer Group enters agreement to acquire ICAT

11th August 2017

The Schinnerer Group has entered an agreement to acquire International Catastrophe Insurance Managers, LLC (ICAT), a managing general agent for property catastrophe insurance, from the Paraline Group. ICAT is headquartered in Colorado and operates in all U.S. States through agents and wholesale brokers with a focus on the property catastrophe market. The ... Read the full article

Heritage to acquire NBIC Holdings for $250 million

9th August 2017

Heritage Insurance Holdings, Inc. is to acquire NBIC Holdings, Inc., the parent company of Narragansett Bay Insurance Company, for $250 million in a deal that is expected to close in the fourth-quarter of 2017. The acquisition price will be financed with $210 million in cash and $40 million of the firm's common stock, ... Read the full article

Flames engulf Dubai’s Torch Tower, again

4th August 2017

Dubai's Torch Tower, which at 1,105ft is one of the tallest residential buildings in the world, has again caught fire, with reports claiming that a fire broke out on the ninth floor and spread to upper levels, although the blaze is now believed to be under control. This is the same ... Read the full article

‘Tasman Tempest’ storm drives NZ$62 million insured loss

19th July 2017

A storm that struck Auckland and the Coromandel, New Zealand over the 7th and 12th of May, 2017, has resulted in an insurance industry loss of NZ$62 million (roughly US$46 million), an increase of almost 48% from the provisional estimate, according to the Insurance Council of New Zealand (ICNZ). The storm, ... Read the full article

Re/insurance can help close Eastern Canada quake protection gap: Swiss Re

18th July 2017

A recent Swiss Re report highlighted the vulnerability of Eastern Canada to earthquake risk where it said a lack of awareness has led to a high protection gap in a region vastly exposed to high economic and social losses in the case of a major earthquake. A magnitude 7.3 earthquake in ... Read the full article

HCI insurance subsidiary gets approval to write flood insurance in Pennsylvania

18th July 2017

HCI insurance subsidiary, Homeowners Choice Property & Casualty Insurance Company, has received regulatory approval to write flood insurance in Pennsylvania. The re/insurers proposed rates and forms are still awaiting approval from State regulators before HCI can begin expanding into the Pennsylvania market. Last month the re/insurer announced plans to begin the regulatory ... Read the full article

Weather & fire losses expected to push Donegal Group to net loss in Q2

18th July 2017

Increased weather-related and large fire losses during the first six months of 2017, combined with reserving activity, is expected to push Donegal Group Inc. to report a net loss during the second-quarter of 2017. A statement from the company claims that weather-related losses added roughly $20.1 million to its losses for ... Read the full article

U.S. commercial rate movements continue positive trend in Q2: MarketScout

12th July 2017

U.S. commercial property and casualty (P&C) rates increased by an average of 1% year-on-year in the second-quarter of 2017, on the back of an average 1% increase in the first-quarter of the year, according to MarketScout and Keefe, Bruyette, & Woods (KBW). The average 1% increase witnessed in the second-quarter maintains ... Read the full article

Kingstone Companies completes reinsurance treaties under improved terms

12th July 2017

Property and casualty insurance holding company, Kingstone Companies, Inc., has announced that its subsidiary, Kingstone Insurance Company (KICO), has completed various reinsurance agreements for the treaty year commencing July 1st, 2017. According to a statement released by the company it secured increased reinsurance protection under improved terms, and also managed to further ... Read the full article

Assurant secures $1.36 billion catastrophe reinsurance program

11th July 2017

Assurant, Inc. has announced the completion of its 2017, $1.36 billion per-occurrence property catastrophe reinsurance program, enabling the firm to protect 2.8 million homeowners and renters policyholders against catastrophe risks. Assurant, an international provider of risk management solutions, explains that its 2017 global, property catastrophe reinsurance program includes base reinsurance premiums ... Read the full article

Drones “hugely powerful” for re/insurance; Chubb CEO Evan Greenberg

5th July 2017

Evan Greenberg, Chairman and CEO of Chubb called the use of drones "hugely powerful" for the re/insurance industry. Speaking at the MMC Young Professionals Forum 2017 on Thursday, Greenberg called attention to the potential of drones, the digitalisation revolution, and the importance for the future of the re/insurance industry of preserving the ... Read the full article