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Insurance companies fared better than expected in 2023: MarketScout
9th January 2024
According to recent analysis from MarketScout, the composite rate increase for personal lines insurance across the United States was plus 4.75% for Q4 2023. The analysis states that insurers made it through 2023 better than expected, with a composite rate increase of 4.61% when examining the full 2023 year. Richard Kerr, Chief ... Read the full article
US P&C insurers cut expenses following deteriorating personal lines results: AM Best
8th January 2024
Global credit ratings agency AM Best, has highlighted how despite the ongoing pressures from catastrophe-related and secondary peril losses, insurance firms within the US property & casualty (P&C) industry have been ablet to bolster their bottom-line financial results by cutting underwriting expenses. The US P&C industry segment has cut 2.6 percentage ... Read the full article
ShoreOne Insurance hires Carlson as CFO
5th January 2024
ShoreOne Insurance Managers has appointed Russell (Russ) Carlson as Chief Financial Officer (CFO), joining the executive leadership team, where he will report to the company's Chairman & Chief Executive Officer, Nick Steffey. Based in Massachusetts, Carlson brings more than 20 years of financial leadership and insurance expertise towards his new role. He ... Read the full article
HCI’s Condo Owners Reciprocal Exchange gets ‘A’ rating from Demotech
4th January 2024
HCI-sponsored reciprocal insurer, Condo Owners Reciprocal Exchange (CORE), has secured a Financial Stability Rating of ‘A’, Exceptional, from Demotech. Paresh Patel, HCI’s chairman and CEO, commented, “HCI has had a positive long-term relationship with Demotech that extends back over 15 years when Demotech initially provided a rating to HCI insurance subsidiary, ... Read the full article
Enact enters into new quota share reinsurance agreement
4th January 2024
Enact Holdings, Inc., the private mortgage insurer through its insurance subsidiaries, has entered into a quota share reinsurance agreement with a broad panel of highly rated reinsurers. This transaction is done by the company through its flagship legal entity, Enact Mortgage Insurance Corporation. Enact will cede approximately 21% of a portion of ... Read the full article
Kingstone completes quota share reinsurance program for 2024
4th January 2024
P&C insurance holding company Kingstone has announced that its quota share reinsurance program for 2024 has been fully placed. Meryl Golden, Kingstone CEO, stated, "I am delighted to let you know that Kingstone has finalized its quota share reinsurance treaties for 2024. "Under the new agreements, Kingstone will cede, subject to certain ... Read the full article
Gallatin Point and American Family partner on reciprocal insurer TRUE
3rd January 2024
Private investment firm Gallatin Point Capital and insurer, American Family Insurance Group, have successfully closed a new partnership whereby funds managed by Gallatin Point will acquire a majority stake in the attorney-in-fact for Trusted Resource Underwriters Exchange (TRUE). TRUE is a reciprocal insurer established by American Family in 2020 to serve ... Read the full article
Insurers settle 87% of claims from Cyclone Gabrielle & Auckland Anniversary: ICNZ
29th December 2023
Insurers have successfully settled 87% of all private insurance claims stemming from the Auckland Anniversary weekend and Cyclone Gabrielle weather events, according to the Insurance Council of New Zealand (ICNZ). These two incidents stand out as the largest insurance weather events in Aotearoa's history, leaving a notable impact on property and ... Read the full article
ICA reports significant rise in claims for Australian Christmas storms
29th December 2023
Insurance companies have received 18,174 claims related to the recent storms across Queensland, New South Wales and Victoria, with the Insurance Council of Australia (ICA) highlighting escalating severity and threat of further extreme weather events over the coming days. Earlier this week, the ICA declared a ‘Significant Event’ for the ... Read the full article
ICA declares Christmas storms a ‘Significant Event’ for three states
27th December 2023
The Insurance Council of Australia (ICA) has declared a ‘Significant Event’ for regions of Queensland, New South Wales and Victoria impacted by severe storms between 23 December and Boxing Day. As per reports, the severe storms brought torrential rains which caused flash floods, large hailstones, and violent winds. Ten people have lost ... Read the full article
KBW anticipates casualty reinsurance conditions to “broadly improve” in 2024
22nd December 2023
Analysts at KBW anticipate casualty reinsurance conditions will "broadly improve" in 2024 as fears over domestic social inflation sustain primary rate increases, which "should drive down ceding commissions". "Core commercial lines’ reserve development (excluding personal auto liability, homeowners, and surprisingly persistent workers' compensation reserve releases) for accident years 2014-2019 has been ... Read the full article
HCI’s TypTap assumes $30m of in-force premium from Citizens
20th December 2023
HCI has announced that its majority-owned subsidiary, TypTap Insurance Company, has successfully assumed approximately $30 million of in-force premium from Citizens Property Insurance Corporation, Florida’s state-backed insurance company. The assumption, effective from December 19, 2023, is based upon an approval in October 2023 by the Florida Office of Insurance Regulation. ... Read the full article
Difficult market conditions to continue in personal lines and small commercial property: AMWINS
14th December 2023
As insurers stop selling new policies or fully exiting distressed markets like California and Florida, and with remaining carriers raising rates, tightening terms and cutting capacity, AMWINS expects difficult market conditions will continue in personal lines and small commercial property. At the same time, analysts highlight that “as homeowners and small ... Read the full article
Florida insurers navigate 2023 successes amidst 2024 uncertainty: KBRA
12th December 2023
Florida's homeowner insurers have experienced a positive turn of events in 2023, benefiting from a milder hurricane season and groundbreaking legislative reforms, according to KBRA. The state's insurance landscape, marred by years of significant catastrophe losses and a litigious environment, saw a welcome respite. The 2023 hurricane season, despite above-average storm activity, ... Read the full article
HCI Group closes public offering, raising $85 million
12th December 2023
Florida-based HCI Group, Inc. has closed the underwritten public offering of 1,150,000 shares of its common stock at $78 per share, before underwriting discounts and commissions. HCI confirms that this includes the underwriters' option to purchase up to an additional 150,000 shares of common stock in the offering, which was fully exercised. This ... Read the full article