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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
Federated National completes 2017-2018 catastrophe reinsurance programs
4th July 2017
Federated National Holding Company (FNHC) has announced the completion of its 2017-2018 catastrophe reinsurance programs, at an estimated cost of $180 million, and which provide $2.1 billion of aggregate coverage. Federated National's 2017-2018 reinsurance programs cover both Florida and non-Florida exposures, and are effective July 1st, 2017. This year's program includes ... Read the full article
HCI Group to expand flood insurance offering to nine additional states
23rd June 2017
HCI Group announced its begun the regulatory process to expand flood insurance from its sole Florida market into nine additional states including Arkansas, California, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, and Texas. Paresh Patel, HCI Group’s chairman and chief executive officer, said; “A core part of our long-term ... Read the full article
Universal gets greenlight for New York underwriting operations
21st June 2017
The New York State Department of Financial Services has given Universal Insurance Holdings approval to begin underwriting property insurance in New York through its wholly-owned subsidiary Universal Property & Casualty Insurance Company (UPCIC). Universal Insurance Holdings Chairman and Chief Executive Officer Sean P. Downes said this marks an important step in ... Read the full article
Willis Towers Watson and Roost to set up Home Telematics Consortium
2nd June 2017
Insurance and reinsurance broker Willis Towers Watson has entered into an agreement with Roost - innovator in smart home technology - to establish a Home Telematics Consortium with 5-10 U.S. insurance carriers to help connect property insurers to the Internet of Things. The aim of the consortium is to combine household ... Read the full article
HCI secures 2017 reinsurance programme
2nd June 2017
HCI Group's insurance Subsidiary, Homeowners Choice Property & Casualty Insurance Company (Homeowners Choice), has completed its reinsurance placement for the 2017-2018 year, announcing a comprehensive programme that provides cover against hurricanes and other catastrophic losses up to $968 million for a first event. The first event element of the programme covers a probable ... Read the full article
Hurricane season to bring additional challenges to U.S. P/C industry: Fitch
1st June 2017
The U.S. property & casualty insurance industry is strongly capitalised and has the capacity to withstand what's expected to be an active hurricane season ahead despite the continued challenges of competitive pricing, said Fitch Ratings' in its 2017 hurricane season report. The agency cautioned, however, that a major catastrophic hurricane could be hard-hitting ... Read the full article
RenRe leads Sri Lanka natural disaster reinsurance program: Reports
31st May 2017
Renaissance Reinsurance Singapore, a division of the Bermudian reinsurance firm RenaissanceRe (RenRe), is the lead reinsurer on a 15 billion rupee (around $100m) renewal of the Sri Lanka governments natural disaster program. The program, which covers the entire country of Sri Lanka for natural disaster losses, is now entering in its ... Read the full article
Colorado experiences costliest catastrophe on record
24th May 2017
The Rocky Mountain Insurance Information Association has provided a preliminary insurance industry loss estimate of $1.4 billion for the large hailstorm that struck Colorado on the 8th May, 2017. The event is set to be the most costly catastrophe event ever recorded in the state, after surpassing the $845.5 million loss ... Read the full article
Reinsurance News – Wednesday 19th April 2017
19th April 2017
Here’s your daily Reinsurance News for Wednesday 19th April 2017: U.S. thunderstorm insured loss hits Q1 record at $5.7bn: Aon Benfield Data from Aon Benfield's Impact Forecasting shows that U.S. severe thunderstorms and convective weather in Q1 2017 is expected to have caused re/insurance industry losses of at least $5.7 billion. ... Read the full article
UK’s Flood Re scheme boosts flood insurance uptake
4th April 2017
Newly released data shows that since the introduction of Flood Re one year ago - a world flagship programme developed to provide at risk UK homeowners with more accessible and affordable flood cover - 80% of homeowners with previous flood claims saw a 50% price reduction for available quotes. The scheme ... Read the full article
Coastal MGA Orchid announces new CEO and Chairman
28th March 2017
Specialty underwriter Orchid announced the promotion of Brad Emmons to Chief Executive Officer and Steven Carlsen as new Board of Orchid Chairman succeeding retiree Ken LeStrange. Emmons previously served as President of Orchid, and under his leadership, the firm reported more than doubling its size, expanding in geographic reach and product ... Read the full article
Kingstone’s voluntary NY flood solution brings more risk to private market
23rd March 2017
Property and casualty insurance holding company, Kingstone Company, Inc., has received necessary approval for its innovative voluntary flood solution for National Flood Insurance Program (NFIP) X-Zone residents in New York State, the company has announced. It's believed that this is the first voluntary flood solution in New York State, and enables NFIP X-Zone ... Read the full article
Border tax could raise Florida reinsurance rates by up to 31%
21st March 2017
The Florida insurance and reinsurance market could be set on its heels after the House GOP’s Tax Reform Tax Force proposed a 20% border-adjusted tax, that according to research institute Taxwatch, would raise reinsurance rates by up to 31%. The proposed border-adjusted tax could devastate the Floridian economy and re/insurance market where 91% ... Read the full article
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