Reinsurance News
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American Family to acquire Auto & Home unit from Ameriprise Financial
3rd April 2019
American Family Insurance Mutual Holding Company, a Wisconsin-based property and casualty (P&C) insurance group, has entered an agreement to acquire Ameriprise Auto & Home (AAH) from its parent, Ameriprise Financial, for $1.05 billion. Based in De Pere, Wisconsin, AAH is a P&C insurance provider that primarily sells its products through a ... Read the full article
Velocity Risk Underwriters expands offering to North Carolina & New York
3rd April 2019
Coastal-focused property insurer, Velocity Risk Underwriters, LLC, recently announced the expansion of its home insurance offerings to provide homeowners policies in both North Carolina and New York. The firm is licenced in 50 states as a general agency and underwrites property programs via A rated carriers. In the aftermath of hurricane Harvey and ... Read the full article
Munich Re U.S to offer new personal lines homesharing product
2nd April 2019
Munich Reinsurance America, Inc. (Munich Re U.S) has announced that it plans to offer a new personal lines homesharing insurance product for hosts who rent their homes out for a profit in the U.S. The coverage will help to enhance a personal lines homeowner, renter or condo insurance policy by filling ... Read the full article
Technology key to Spinnaker’s role as conduit for risk and capital
29th March 2019
Spinnaker Insurance Company, a program and fronting start-up, sees the adoption and use of technology throughout the value chain as critical to its business model as it looks for increased scale. Spinnaker was launched in 2015, and focuses on writing property and casualty exposed programs from U.S. homeowners and specialty business ... Read the full article
Technology is Swiss Re’s solution to market challenges: Ojeisekhoba
25th March 2019
Swiss Re views the integration of new technologies as both a critical opportunity for growth and the solution to many of the challenging market conditions that have tested the re/insurance industry in recent years. This is according to Moses Ojeisekhoba, CEO of Reinsurance at Swiss Re, who told Reinsurance News that ... Read the full article
USAA joins Roost’s smart-home telematics program
21st March 2019
USAA, a provider of insurance for U.S military personnel, has joined the Home Telematics Program (HTP) of Roost, a California-based company that specialises in smart-home technology. Operating in partnership with broker Willis Towers Watson, the HTP applies advanced analytics to produce insights regarding the effect of home telematics on loss mitigation ... Read the full article
Hurricane Michael claims exceed $6bn: FLOIR
19th March 2019
The Florida Office of Insurance Regulation (FLOIR) has revealed that insurance claims from Hurricane Michael have now exceeded $6 billion, up from the $5.53 billion of insurance claims recorded in early February. According to figures from the FLOIR, which is based on claims data reported by insurers that operate in the ... Read the full article
FEMA announces changes to NFIP pricing structure: Reports
19th March 2019
The Federal Emergency Management Agency (FEMA) has announced changes to the National Flood Insurance Program (NFIP), a move that could increase costs for some homeowners, reports Bloomberg. Under the new initiative, called Risk Rating 2.0, NFIP premiums will be tied to the actual flood risk of individual homes, instead of the ... Read the full article
Insurtech firm Hippo Insurance integrates Verisk solutions
8th March 2019
Hippo Insurance, a California-based insurtech company focused on home insurance, has announced that it has integrated Verisk solutions into its full range of products. By using data from Verisk, Hippo says it can automatically fill in the information needed to quote and bind a home insurance policy and supply customers with ... Read the full article
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