Reinsurance News

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FedNat signs FHCF reinsurance deal

4th March 2019

FedNat Holding subsidiaries FedNat Insurance and Monarch Insurance have entered into contracts with Florida’s State Board of Administration (SBA) that will reimburse both firms for covered property losses under their respective homeowners’ insurance policies resulting from hurricanes in the State between 1 June 2019 and 31 May 2020. The SBA is ... Read the full article

Hurricane Michael drives Q4 loss for FedNat while Irma estimate rises

28th February 2019

FedNat Holding Company has reported a net loss of $9.3 million for the fourth-quarter of 2018, which includes a $23.7 million pre-tax catastrophe hit, mostly driven by Hurricane Michael. Overall, Hurricane Michael resulted in a gross loss of $275 million for the firm, with its net loss hitting $23 million. The ... Read the full article

Poor investment result, modest cat losses drive significant 2018 loss for Third Point Re

28th February 2019

Bermuda-based, hedge fund backed reinsurer Third Point Re has reported a net loss for both the fourth-quarter and full-year 2018, driven by a poor investment performance and modest catastrophe losses. For Q4, Third Point Re recorded a net loss of $298 million, driven by a $278 million net investment loss and ... Read the full article

Berkshire Hathaway GUARD to launch new Commercial Package product

27th February 2019

Berkshire Hathaway GUARD Insurance Companies, a U.S subsidiary of Warren Buffett’s global insurance and reinsurance company, is adding a Commercial Package product that will include coverages for Property, General Liability, Umbrella, and Employment-Related Practices Liability Insurance (EPLI). GUARD Chief Executive Officer (CEO) Sy Foguel explained that the company is planning for ... Read the full article

FedNat to purchase 1347’s insurance operations for $51m

26th February 2019

Florida-based FedNat Holding Company is set to acquire the homeowners insurance operations of 1347 Property Insurance Holdings in a cash and stock transaction valued at approximately $51 million. As per the deal, FedNat will acquire Maison Insurance Company, Maison Managers, Inc., and ClaimCor LLC (collectively, Maison). Maison is a property and casualty ... Read the full article

Irma loss creep & AOB costs to drive up primary rates in Florida, says COIN Re

21st February 2019

Unprecedented levels of loss creep stemming from Hurricane Irma, as well as costs related to loss adjustment expenses and assignment of benefits (AOB) lawsuits, are likely to drive up insurance rates for Florida homeowners, according to reinsurance broker COIN Re. Analysts at the Florida-based broker, which was launched in October ... Read the full article

NZ public insurer EQC shakes up coverage

15th February 2019

Significant changes to the law designed to enhance the level of protection provided by New Zealand’s Earthquake Commission (EQC) will see the cap for residential building cover raised from NZ$100,000 (US$68,300) to NZ$150,000 (US$102,409). Lawmakers also removed the NZ$20,000 (US$13,654) EQC cover for contents, a move that Megan Woods (the minister ... Read the full article

MarketScout launches wildfire, brush & quake MGA, WildCat

25th January 2019

U.S. domiciled electronic insurance exchange and specialty managing general agent (MGA), MarketScout, has announced the launch of WildCat, a new MGA facility for insuring wildfire, brush, and earthquake exposures. In response to increasing losses from the wildfire peril over the last two years, most notably from outbreaks in California, WildCat has ... Read the full article

Travelers to pull-back on California wildfire exposure

23rd January 2019

U.S primary insurer Travelers has revealed that it plans to reduce its exposure to California wildfire risk following back-to-back years of elevated losses. Michael Klein, President, Personal Insurance and Head of Enterprise Business Intelligence & Analytics at Travelers, explained that the insurer had “already taken action in 2017 to begin to ... Read the full article

Florida regulator pegs insured Michael losses at $4.9bn

11th January 2019

Total re/insured losses resulting from Hurricane Michael in Florida are estimated to be approximately $4.9 billion, according to data compiled by the Florida Office of Insurance Regulation (FLOIR). The state regulator’s estimate is based on information from claims data filed by insurers, and shows that a total of 136,873 claims have ... Read the full article

Liberty Mutual completes $150m Limestone Re sidecar transaction

9th January 2019

U.S primary insurer Liberty Mutual has secured $150 million of collateralised reinsurance for its U.S property catastrophe program through a new transaction through Limestone Re, its Bermuda domiciled segregated account company. Liberty Mutual said the deal, which is comprised of $58 million of Bermuda Stock Exchange-listed 2019-1 Notes, will also provide ... Read the full article

Florida’s 135,000 AOB lawsuits in 2018 fuelling a re/insurance crisis

13th December 2018

Abuse of Assignment of Benefits (AOB) in Florida has fuelled an insurance crisis that is acting as a “hidden tax” on consumers and helping to increase what are already some of the highest insurance premiums in the country, according to a report by the Insurance Information Institute. According to the report ... Read the full article

PURE Group expands coverage for high-value, high-risk Californian homes

12th December 2018

Owners of high-value, high-risk home in California are being offered broader coverage than is typically found in the high net worth Excess & Surplus (E&S) market by the PURE Group of Insurance Companies. In addition, the group says brokers who serve these individuals will benefit from a faster, easier and more ... Read the full article

AIR Worldwide puts insured Camp Wildfire losses at up to $9 billion

6th December 2018

Catastrophe risk modelling firm AIR Worldwide has estimated that insured losses from the Camp Wildfire, which burnt through California’s Butte County last month, will be in the range of $6 billion to $9 billion. The Camp Wildfire became the deadliest and most destructive wildfire in California’s history after devastating the town ... Read the full article

Munich Re estimates insured Michael losses at $10bn, Florence at $4bn

5th December 2018

Hurricanes Michael and Florence, which battered the east coast of the U.S earlier this year, are likely to have caused insured losses of $10 billion and $4 billion, respectively, according to new estimates from reinsurance giant Munich Re. Insured losses from Hurricane Michael represent 60% of a total economic loss of ... Read the full article