Reinsurance News

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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

Universal reports $25m net income in Q4

24th February 2023

Universal Insurance Holdings has reported a net income of $25.1 million for the fourth quarter of 2022, up from a net loss of $48.1 million in the prior year quarter. The company also reported an adjusted net income of $22.1 million, up from adjusted net loss of $47.8 million in the ... Read the full article

Liberty Mutual sees dip in net income in Q4 results

23rd February 2023

Liberty Mutual Holding Company Inc., (LMHC) and its subsidiaries has reported net income attributable to LMHC of $612 million for the fourth quarter of 2022, a 15.2% decrease from $722 million from the prior year quarter. Net written premium (NWP) for the quarter was $11.524 billion, representing a 4.5% rise from $11.028 billion ... Read the full article

Lemonade posts 64% top line growth in Q4, as loss ratios improve

23rd February 2023

Lemonade has reported a 64% increase in in-force premium for the fourth quarter of 2022, alongside improvements in its loss ratios and a narrower net loss. Premiums totalled $625.1 million at the end of Q4, with Lemonade attributing the increase to a 27% increase in the number of customers as well ... Read the full article