Reinsurance News

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PCF Insurance acquires P&C MGA United Underwriters

12th July 2022

US insurance brokerage firm PCF Insurance Services (PCF), has announced the acquisition of Utah-based property and casualty managing general agent (MGA) United Underwriters. Founded in 1998, United Underwriters offers 150-plus agencies across the Western United States property and casualty MGA services and programs These include homeowners, renters, dwelling, commercial, personal umbrella, earthquake, ... Read the full article

US personal lines rate increases plus 5.16% in Q2 2022

6th July 2022

US personal lines rates stabilised in the second quarter of 2022 with rate increases of plus 5.16%, according to analysts at MarketScout. This percentage almost mirrors the 5.2% increase in the first quarter of 2022, MarketScout noted. Insureds in the US are experiencing rate increases partly as a result of inflation on ... Read the full article

Insurance premiums to reach record highs due to inflation, climate change – Matic

1st July 2022

Matic, an insurtech platform, says that home insurance premiums in the US are rising faster than ever before, increasing at a record rate of 5.5% between June 2021 and May 2022. According to Matic’s 2022 mid-year findings, which aggregated data from a random sample of 70,000 insurance policies, a ... Read the full article

Mid-year renewals a ‘near-perfect storm’ for buyers, ‘true hard’ property market to come: Aon

30th June 2022

Alongside a stable casualty reinsurance market, buyers experienced the most challenging specialty renewals in a generation and also capacity constraints in the property space, as reinsurer appetite for catastrophe risk fell materially at the mid-year renewals, reports insurance and reinsurance broker Aon. For buyers of protection, Aon describes a "near-perfect storm" ... Read the full article

SURE and SageSure launch Texas BOP offering

30th June 2022

SureChoice Underwriters Reciprocal Exchange (SURE) has launched a business owners policy (BOP) aimed at small- and medium-sized businesses in Texas that combines property and general liability coverage. According to the announcement, this is SURE’s - a coastal property reciprocal insurer whose policies are exclusively available through insurtech company SageSure - first ... Read the full article

Alpha Centauri and subsidiaries affirm commitment to Gulf Coast

24th June 2022

Applied Underwriters and its Centauri subsidiaries have affirmed a commitment to underwriting in the Gulf Coast markets, despite recent developments in the sector. The firm said its Centauri Specialty Insurance and Centauri National Insurance offshoots were still writing new business after ending 2021 with good results, entering 2022 with its 'A' ... Read the full article

Florida market “on verge of failure”: Triple-I

24th June 2022

Analysts at the Insurance Information Institute (Triple-I) have warned that Florida's insurance market is “on the verge of failure” despite recent efforts by lawmakers to mitigate its challenging conditions. Triple-I notes that re/insurers are contending with an overabundance of unneeded new roofs on homes and massive settlements on claims, meaning the ... Read the full article

US lightning claims continue downward trend, falling 15 percent between 2020 and 2021

23rd June 2022

More than $1 billion in lightning-caused US homeowners insurance claims were paid out in 2021, according to the Insurance Information Institute (the Triple-I).  The sum was paid to 60,000-plus policyholders, with 40 percent of that figure ($523 million) attributable to California alone.  Florida - the state with the most thunderstorms - remained ... Read the full article

Home insurer Openly secures $75m funding round

23rd June 2022

Homeowners insurance provider Openly, has closed a $75m Series C investment as part of its mission to empower independent insurance agents, according to the company. Backers include a mix of current and new investors, such as Advance Venture Partners, Clocktower Ventures, Obvious Ventures, Gradient Ventures, PJC Ventures, Techstars, and Mtech Capital. The ... Read the full article

United (UPC) shrinks cat reinsurance limit at renewal

20th June 2022

Property and casualty insurance holding company United (UPC Insurance) has disclosed details of its catastrophe reinsurance program for 2022/23, which includes a significant decrease in the occurrence-based limit for its aggregate cover. UPC purchased $2.524 billion of occurrence-based limit in the aggregate for its core cat program, representing a decrease of ... Read the full article

New Florida P&C litigated claims drop 14% in a month

17th June 2022

New litigated claims have fallen 14% since April, according to a new report on Florida litigation management data trends by CaseGlide. May’s total of 4,047 is down from April’s results of 4,702 and is in contrast to a steady three-month increase that occurred between February and April. In February, litigated ... Read the full article

HCI grows TypTap reinsurance program at renewal

17th June 2022

Florida-based insurtech HCI Group has laid out details of the reinsurance programs it secured for its insurance subsidiaries at the June renewals this year, which include significantly expanded coverage for TypTap Insurance Company (TypTap). The 2022-2023 TypTap reinsurance program provides coverage up to $637.3 million for catastrophic losses in a single ... Read the full article

More than 70% of Gulf Coast homes have roofs susceptible to hurricane damage – Arturo

16th June 2022

Proptech firm Arturo says that 71.9% of homes on the Gulf Cost are susceptible to damage from hurricanes. The finding, which would be of upmost importance to insurers because of the potential for increased industry loss from a hurricane event, is contained in the firm’s Hurricane Exposure: The State of Gulf ... Read the full article

UPC Insurance to sell NFIP flood book of business to Wright Flood

15th June 2022

United Property & Casualty Insurance Company (UPC Insurance) has agreed to sell to its flood insurance policy book to Wright National Flood Insurance Company – a leading provider of federal flood insurance. Under the agreement, Wright Flood will service, administer, and issue flood coverage under the National Flood Insurance Program (NFIP) ... Read the full article

US P&C industry’s net incurred losses increases by 12%: AM Best

14th June 2022

According to a new AM Best report, despite witnessing a growth of more than 9% in both direct (DPW) and net premiums (NPW), US property & casualty (P&C) insurers still incurred an $3 billion underwriting loss in 2021. The underwriting loss was largely attributable to a 12.6% increase in net incurred ... Read the full article