Reinsurance News
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Higher reinsurance costs driving E&S property premiums: CRC
11th April 2023
In its 2023 state of the market report CRC Group’s analysts have highlighted that many E&S insurers in the personal property lines have been pushed to increase their premiums as a result of rising reinsurance rates, impacting customers and the possibility of them getting reasonably priced premiums. In the US, the ... Read the full article
Amwins partners with Kettle, PartnerRe on excess wildfire product for California
5th April 2023
Amwins Access, a binding and brokerage platform for the P&C industry, has launched the Excess Wildfire Product that has been designed to complement a self-insured retention plan or the California FAIR (or a similar) plan. Amwins has partnered with PartnerRe Insurance Solutions Bermuda Ltd., a global reinsurer, to offer its excess ... Read the full article
Orion180 raises additional $42.5m of capital
5th April 2023
Insurance solutions provider Orion180 has announced that it has closed on an inaugural $42.5 million senior secured credit facility led by Regions Bank. The senior secured credit facility will add to the capital base of both of Orion180’s carriers: Orion180 Insurance Co., an excess-and-surplus lines insurance carrier, and Orion180 Select Insurance ... Read the full article
California to increase commercial limits for FAIR Plan cedents
31st March 2023
Insurance Commissioner Ricardo Lara and the California FAIR Plan Association have agreed to increase commercial coverage limits to $20 million for businesses unable to find coverage in the normal insurance marketplace. This adjustment more than doubles existing coverage limit options for businesses in the state, which had not been adjusted in ... Read the full article
Struggle continued for U.S. personal auto & Florida specialists in 2022: Fitch
30th March 2023
Despite substantial premium growth for North American P&C insurers overall in 2022, the struggle continued for personal auto business and Florida homeowners insurers, suggest analysts at Fitch Ratings. According to the rating agency's review of the results for 40 North American re/insurers, the aggregate group combined ratio increased by 1.4 percentage ... Read the full article
Louisiana insurers pay out more than $23bn after 2020 & 2021 hurricane seasons: Triple-I
29th March 2023
According to a recent Issues Brief released by the Insurance Information Institute (Triple-I), Louisiana’s insurers paid out more than $23 billion after both the 2020 and 2021 hurricane seasons, driving a number of them into insolvency. Triple-I stated that twelve insurers that write homeowners coverage in Louisiana were declared insolvent between ... Read the full article
Cyclone Gabrielle claims reach $890m: ICNZ
24th March 2023
Cyclone Gabrielle, which impacted parts of New Zealand last month, has generated around 40,000 claims so far worth a collective $890 million, according to the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ). Provisional general insurance claims data for Gabrielle released by ICNZ shows that about $70 million ... Read the full article
Kin increases Series D round to $109mn
23rd March 2023
Kin, a direct-to-consumer home insurance company has announced that it has conducted a third close, an incremental $15 million, to its Series D round in the fourth quarter of 2022. The company confirmed that the investment came from Geodesic Capital, QED Investors, and additional investors, bringing the total Series D funds ... Read the full article
Porch applies to form reciprocal insurance exchange with Texas Department of Insurance
20th March 2023
Porch Group, Inc., a vertical software company has announced that its insurance business, Homeowners of America (HOA) has filed an application to form and license a Texas reciprocal insurance exchange with the Texas Department of Insurance (TDI). If the application is approved and fully implemented by Porch, its insurance underwriting business ... Read the full article
Canadian personal auto & property rates up through Q4
10th March 2023
The results of the latest Applied Rating Index by Applied Systems show that average premiums for both Personal Auto lines and Personal Property lines increased in Canada year over year in the fourth quarter of 2022. Quarter over quarter, premium rate change increased for both Personal Auto and Personal Property compared ... Read the full article
HCI Group reports Q4 2022 net income of $2.7m
10th March 2023
Florida-based HCI Group has reported a net income of $2.7 million in the fourth quarter of 2022, compared with a net income of $1.4 million, from the fourth quarter of 2021. At the same time, the company’s net loss for the year so far currently stands at $54.6 million compared to ... Read the full article
Enact Mortgage completes $180m XOL reinsurance deal
9th March 2023
Private mortgage insurance provider Enact Holdings has announced that its flagship legal entity, Enact Mortgage Insurance Corporation, has secured $180 million of additional excess of loss (XOL) reinsurance coverage. This credit risk transfer (CRT) transaction covers a portion of current and expected new insurance written for the 2023 book year and ... Read the full article
US P&C industry continues to show resilience despite continual challenges: AM Best
8th March 2023
A new report from AM Best has shown that weather-related losses persisted for the US property & casualty (P/C) insurance segment in 2022, which ultimately pressured financial results in a year that also witnessed a 40-year high for inflation, and the second costliest catastrophe event on record. According to the report, ... Read the full article
Property claim repair time & severity testing insurers’ digital tools: J.D. Power
3rd March 2023
A recent study by J.D. Power has shown that a combination of severe catastrophic losses, supply chain-related delays, and inflation has conspired to make 2022 the worst year financially for homeowners insurance providers in the past decade. According to analysts, the combination of more severe events, as well as rising costs ... Read the full article
AXA XL strengthens US Mid-Market team with senior hires
2nd March 2023
AXA XL Insurance has bolstered its U.S. Mid-Market business with the additions of Bennett Turner as Head of Strategy & Operations and Christopher Fallon as Head of Analytics. Turner joins AXA XL from Liberty Mutual where he most recently led its Equipment Breakdown business including direct insurance and reinsurance for commercial ... Read the full article
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