Reinsurance News
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VIU by HUB partners with HoneyQuote to provide expanded regional insurance options
16th February 2024
Chicago-domiciled VIU by HUB, an omnichannel insurance brokerage platform, has partnered with HoneyQuote, a Florida home and condo insurance marketplace, to provide expanded regional carrier options and specialized advice for Floridians seeking personal insurance. This partnership comes with the background of increasing rates and diminished choice in one of the costliest ... Read the full article
Allstate estimates $325 million cat losses for January
15th February 2024
The Allstate Corporation has announced estimated catastrophe losses of $325 million for the month of January 2024, primarily driven by two events that comprised approximately 80% of the losses. The U.S. primary insurer stated that these losses drop down to pre-tax cat losses of $276 million ($218 million after-tax) for the ... Read the full article
AM Best suggests pretty significant flood protection gap in California from recent storms
12th February 2024
Recent storms in California have caused heavy flooding in the state resulting in significant economic losses, many of which may not be insured, warned David Blades, associate director, industry research and analytics at AM Best. He stated: “After long periods of drought in California over the past couple decades, the state ... Read the full article
Kin raises $15m in financing from new investor, Activate Capital
6th February 2024
Kin, the digital, direct-to-consumer home insurance organisation, has announced the closing of $15 million in financing from new investor Activate Capital, a growth-stage VC firm that is heavily focused on the sustainable, resilient transformation of the global economy. Kin noted that the investment was made at an increased valuation “greater than $1 ... Read the full article
Farm bureau insurers experience growth despite underwriting challenges: AM Best
5th February 2024
A recent report from AM Best reveals that the U.S. property/casualty (P/C) farm bureau segment has witnessed a 13% increase in premiums over the past two years, largely fueled by personal auto, homeowners, and farmowners’ business lines. The report notes that this growth aligns with the overall expansion of the P/C ... Read the full article
North American insurers expected to balance growth opportunities: Fitch
2nd February 2024
With recession at bay and inflation beginning to cool off, North American insurers are expected to balance growth opportunities while weathering potential impediments to growth this year, according to Fitch Ratings analysts and external panelists at the agency’s Insurance Insights 2024 North America investor forum. Fitch noted that the sector outlooks for ... Read the full article
KBRA revises Conifer’s outlook to stable, downgrades credit ratings
2nd February 2024
Credit rating agency KBRA has downgraded Conifer Holdings and its subsidiaries credit ratings, and revised its negative outlook to stable. Conifer Insurance Company (CIC) financial strength ratings (IFSR) were downgraded to BBB from BBB+ for, and to BBB- from BBB+ for White Pine Insurance Company (WPIC) (together, referred to as Conifer). Additionally, ... Read the full article
Insurance industry faces challenges amidst severe weather and economic trends: Triple-I/Milliman
1st February 2024
In a recent virtual webinar, the Insurance Information Institute (Triple-I) and Milliman shared underwriting projections and insights into the property/casualty insurance industry, shedding light on challenges and trends shaping the sector. The forecast for the 2023 net combined ratio for the property/casualty industry is 103.9, with commercial lines outperforming personal lines. Commercial ... Read the full article
RAA advocates for NFIP reauthorisation and private flood insurance market
26th January 2024
In advance of the Senate Committee on Banking, Housing, and Urban Affairs' hearing on the "Reauthorization of the National Flood Insurance Program: Local Perspectives on Challenges and Solutions," Lee Covington, President of the Reinsurance Association of America (RAA), submitted a statement urging comprehensive reforms for the NFIP. Covington commended Chairman Sherrod ... Read the full article
Aon and Porch enter $30m strategic agreement including release of Vesttoo fraud claims
26th January 2024
Porch Group, a software-driven financial services firm and Aon have entered into a $30 million strategic agreement whereby the re/insurance broker will provide services to the company. Interestingly, the agreement includes the release of all claims Porch had against the broker related to the Vesttoo fraud. This collaboration is with Aon ... Read the full article
Aviva highlights flood risks in recent UK housing developments
26th January 2024
A recent analysis by Aviva, the UK's largest home insurer, has unveiled concerning findings regarding the vulnerability of new homes in England to flooding. The study reveals that 8% of new homes built in the last decade, equivalent to nearly 110,000 properties, are located in flood-prone areas, specifically in national flood ... Read the full article
Canadian Personal Auto & Personal Property rates up in Q4: Applied Systems
26th January 2024
The results of the latest Applied Rating Index by Applied Systems shows that average premiums for both Personal Auto lines and Personal Property lines increased in Canada year over year, in the fourth quarter of 2023. According to Applied Systems, quarter over quarter, premium rate change increased for Personal Auto, and ... Read the full article
CoreLogic and Artigem to launch new contents estimation capabilities
24th January 2024
Global provider of property information, analytics, and data-enabled solutions, CoreLogic is working with insurtech Artigem to launch new contents estimation capabilities within the CoreLogic Claims | Workspace platform. With these new capabilities, insurance claims professionals can access all tools needed to provide homeowners with accurate estimates in a timely manner following ... Read the full article
Allstate makes progress on profitability plan with substantial rate increases in 2023
18th January 2024
US primary insurer Allstate has reported that it continued to make progress on its plan to improve profitability in 2023, with rate increases in its auto insurance and homeowners insurance lines that resulted in premium impacts of 16.4% and 11.3%, respectively. “In 2023, rate increases for Allstate brand auto insurance resulted ... Read the full article
TRUE reciprocal acquisition to help create “healthy competition”: Florida CFO
12th January 2024
Florida's Chief Financial Officer (CFO), Jimmy Patronis, has lauded the recent developments in the state's insurance market, particularly with the approval of the acquisition of Trusted Resource Underwriters Exchange (TRUE). The move is expected to not only bolster the existing company's presence in Florida but also ignite a surge in healthy ... Read the full article