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Hippo completes 2023 reinsurance placement on improved terms despite difficult market

18th January 2023

Home insurance group, Hippo, has announced the successful placement of its reinsurance program for the year ahead, which, in spite of challenging market conditions, includes a 32% rise in per-occurrence excess of loss (XoL) limit within the carrier's non-proportional treaty. "In one of the most difficult reinsurance markets in the last ... Read the full article

US commercial and personal lines both see rates up 5% in Q4: MarketScout

9th January 2023

New data from MarketScout, a managing general agent, Lloyd's coverholder and wholesale broker, shows that composite rate increases for both US commercial and personal lines insurance were up by more than 5% through the fourth quarter of the year. The composite rate for US commercial insurance rates was up 5.1% in ... Read the full article

Storm Elliott to have limited impact on Lloyd’s syndicates: Argenta

5th January 2023

Argenta Holdings, the Lloyd's service company, managing agent and syndicate owner, has predicted that Winter Storm Elliott in North America will have only a “limited impact” on the Lloyd’s syndicates market. Reflecting on KCC’s insured loss estimate of $5.4 billion, Argenta says at this level primary carriers will generally not ... Read the full article

Florida market policyholders surplus sees 23.5% deterioration in Q3: Gallagher Re

22nd December 2022

According to Gallagher Re's Q3 Florida Market Watch report, the state's personal property carriers are facing further turmoil this year, with policyholders surplus (PHS) down 23.5% from $12.0Bn to $9.2Bn across the group. Gallagher Re writes that all subgroups have had PHS decreases ranging from 23.5%-32.5% year-to-date, aside from the Florida ... Read the full article

Long-term relief coming for Florida insurance market – AM Best

21st December 2022

A new report from AM Best says that the recent insurance market reforms in Florida mean that long-term relief is drawing nearer, but the state remains buffeted by near-term headwinds. The note follows recent reforms in the state, which Reinsurance News has written on in recent days. Now, AM Best ... Read the full article

Florida governor signs insurance reforms into law

19th December 2022

Florida governor Ron DeSantis has signed two bills, one of which is said to be the most-important insurance reform in the state in recent history. Senate Bill 2-A looks to further reform the state’s property insurance market through a number of actions. These include:

  • Eliminating one-way attorney fees for property insurance claims,
... Read the full article

Property players shift toward embedded insurance due to convenience: Cover Genius

16th December 2022

According to recent research by Momentive ai, commissioned by insurtech Cover Genius, property players demand convenience while poor customer outcomes incite a shift toward embedded insurance at the cost of traditional insurers. Cover Genius said: “Due to convenience, customers worldwide intend to switch to embedded insurance sources in the future (+36%) ... Read the full article

Florida Senate passes property insurance overhaul, now heads to House

14th December 2022

Florida’s property insurance reform bill has now been passed by the state Senate in a 27 to 13 vote that was along mostly party lines. Just one Democrat approved the Republican-brought bill, though two Republican senators voted against it. The proposed bill would create a $1 billion reinsurance fund, reduce litigation costs ... Read the full article

Pressure on Florida Citizens following exodus of private insurers: Fitch

12th December 2022

Fitch Ratings has suggested the pricing uncertainty and possible lack of reinsurance coverage in 2023 following Hurricane Ian may lead to a reduction in the number of Florida private homeowners specialists, highlighting the mounting pressure on state-sponsored Citizens to expand its underwriting exposure base. According to the rating agency, Florida homeowners’ ... Read the full article

More insolvencies possible without immediate Florida reforms: AM Best

8th December 2022

Analysts at AM Best have warned ahead of the second special session of Florida lawmakers that further insurer insolvencies are possible if “immediate and substantive” long-term reforms aren’t realised. Governor of Florida, Ron DeSantis, has called the session in order to work with the Legislature to introduce more competition and ... Read the full article

US policyholders and cedants to claim $13bn from Bermuda due to Hurricane Ian

7th December 2022

Data collected by the Bermuda Monetary Authority (BMA) suggests that re/insurers in the area will incur gross claim losses of more than $13bn in payments to policyholders and cedants in the US due to Hurricane Ian. The BMA said that based on publicly available estimates from catastrophe risk modellers and insurance ... Read the full article

Arbol’s parametric solution delivers $10m payout for Hurricane Ian damages

6th December 2022

Arbol, a global climate risk solutions platform, has announced its parametric reinsurance solution has delivered one of the first payouts for loss or damage attributed to Hurricane Ian. The $10 million payout to Centauri Insurance, a property and casualty insurer operating in nine U.S. states, was executed less than one month ... Read the full article

Florida governor reaffirms target of stabilising state insurance market

2nd December 2022

Florida governor Ron DeSantis has reiterated his and his administration’s aim to improve the state’s insurance market in recent comments. DeSantis was speaking about the continuing work his administration is undertaking to stabilise the state’s insurance market. Recently, it was announced that the state is planning to undertake another Special ... Read the full article

Wildfire cat models would improve insurance access: Milliman

1st December 2022

New analysis from consulting firm Milliman has found that wildfire catastrophe models would improve homeowners’ access to insurance in the face of climate-induced wildfire risk. The work, called Use of Catastrophe Models in California Homeowners Ratemaking Formula, was done by the company on behalf of the Personal Insurance Federation of California ... Read the full article

Shore One appoints Brad Burton SVP, Operations

28th November 2022

US MGA, ShoreOne has announced the appointment of Brad Burton as Senior Vice President, Operations. Burton has more than 25 years of property and casualty industry experience, as well as a strong command of catastrophe management principles and oversight of underwriting and technology teams. He joined ShoreOne from Olympus Insurance Company, where ... Read the full article