Reinsurance News
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Who’s exposed to Tennessee tornado damage?
6th March 2020
Financial analysis firm Demotech has compiled a list of re/insurers who are likely to face the most exposure from the recent outbreak of tornadoes that impacted Tennessee on March 3rd. The tornadoes, which caused major damage in the state capital of Nashville, caused at least two dozen deaths and are expected ... Read the full article
Florida House votes to limit rising attorney fees
6th March 2020
The Florida House of Representatives has passed legislation aimed at limiting exorbitant attorney fees on property insurance lawsuits. It’s hoped this will stop the rising trend of contractors soliciting the transfer of rights from insureds and subsequently inflated repair costs, all while using the legal system to their advantage. For several years ... Read the full article
AmTrust agrees transfer of Republic personal lines renewal rights to Safeco
6th March 2020
AmTrust Financial Services, Inc. and Safeco Insurance, a Liberty Mutual Insurance company, have entered into an agreement around the transfer of the renewal rights for AmTrust's Republic Personal Lines business in six states. AmTrust has announced that, pending regulatory approval, it has decided to exit personal lines products written through its ... Read the full article
Munich Re-backed parametric quake product launched in Mexico by Super
3rd March 2020
Super Seguros Inc., acting through their local subsidiary (which was established as Mexico's first approved insurance MGA), has announced the launch of a new parametric insurance solution to protect against earthquakes for the retail consumer market in Mexico City, backed by reinsurer Munich Re. The new solution, Super Temblor, is a ... Read the full article
FedNat posts 122.1% combined ratio off adverse development
27th February 2020
Florida-based primary insurer FedNat Holding Company has reported a fourth-quarter combined ratio of 122.1%, up 3.8 points from the prior year quarter and representing 4.7 points of net catastrophe losses, 12.6 points of adverse development and 5.3 points from current accident year reserve strengthening. FedNat had previously warned that it ... Read the full article
FedNat bolsters reserves as adverse developments mount
20th February 2020
Florida-based primary insurer FedNat Holding Company has reported that it bolstered its reserves in the fourth quarter of 2019 to reflect adverse prior year developments, as well continued claims costs stemming from assignment of benefits (AOB). For Q4, FedNat expects to report $12.0 million (pre-tax) of adverse prior year reserve development, ... Read the full article
Hippo expands reinsurance panel, establishes captive
19th February 2020
California-headquartered, homeowners focused InsurTech firm, Hippo, has announced the expansion of its reinsurance panel and the establishment of its own captive as it eyes continued growth. Founded in 2015, Hippo looks to transform home insurance and ownership by providing a more efficient and affordable service to U.S. homeowners. The InsurTech company first ... Read the full article
New California bill will enforce wildfire-hardening, insurer participation
19th February 2020
New legislation has been introduced in California that would require insurers to provide cover to homes in communities that meet new statewide standards for fire-hardening. The bill would also authorise the insurance commissioner to require insurers to offer financial incentives for homeowners who undertake work towards making their homes more fire-safe. Renew ... Read the full article
Storm Sabine (Ciara) insured losses pegged at €675mn in Germany: GDV
18th February 2020
Storm Sabine (also known as Ciara in the UK) is estimated to have caused re/insurance industry losses of around €675 million in Germany, according to the General Association of the German Insurance Industry (GDV). Sabine caused major disruption in Germany over February 10th and 11th, as winds in excess of 120kmh ... Read the full article
Allstate results benefit from decreased cat losses
5th February 2020
The Allstate Corporation has released its full-year results for 2019, reporting consolidated revenues of $44.7 billion, up 12% on the previous year. Net income also more than doubled compared with the previous year, at $4.7 billion in 2019 versus $2.0 billion in 2018. Results were helped by a decrease in catastrophe losses, ... Read the full article
Aegis General partners with Homesite Insurance Group
27th January 2020
Aegis General Insurance Agency, a subsidiary of K2 Insurance Services, has announced the formation of a strategic partnership with Homesite Underwriting Managers, the program business unit of Homesite Insurance Group. Aegis and Homesite explained that the program administration partnership was based on foundation of common core values and would open up ... Read the full article
The Hanover’s Q4 non-cat property losses above expectations
16th January 2020
The Hanover Insurance Group, Inc. has revealed that it expects its fourth-quarter 2019 non-catastrophe property losses to exceed expectations by roughly $20 million, pre-tax. The holding company states that the losses were mainly driven by non-catastrophe weather activity in homeowners, and also large property losses in commercial multiple peril and certain ... Read the full article
Avatar to acquire Centauri’s coastal underwriting units
16th January 2020
Avatar Partners LP, the parent of Florida's Avatar Property & Casualty Insurance Company, is set to acquire Centauri Specialty Insurance Company and its Louisiana-based subsidiary, Centauri National Insurance Company. Centauri Specialty Insurance Company is part of Centauri Specialty Insurance Holdings, Inc., a Delaware-based holding company. The firm was established in 2006 in ... Read the full article
Weston Insurance to acquire Anchor P&C subsidiary
15th January 2020
Specialty insurer, Weston Insurance Holdings Corporation, is set to acquire Anchor Specialty Insurance Company, a subsidiary of Anchor Property & Casualty Insurance Company. In light of the impending acquisition, financial analysis firm Demotech has announced that the Financial Stability Rating (FSR) of A, Exceptional, assigned to Anchor Specialty is being sustained. Demotech's ... Read the full article
HCI Group subsidiary to acquire policies of P&C insurer Anchor
14th January 2020
Florida-headquartered HCI Group has announced that its subsidiary, Homeowners Choice Property & Casualty Insurance Company, will acquire the insurance policies of Anchor Property & Casualty Insurance Company. A purchase price was not disclosed and, according to reports filed with regulators last year, Anchor had 43,209 policies in force representing approximately $69 ... Read the full article