Reinsurance News
Your search for “homeowners”
Florida Peninsula Insurance announces 2% reduction in homeowners premiums
12th April 2024
Florida Peninsula Insurance Company has announced a 2% statewide decrease in homeowners insurance premiums. This reduction is partly due to recent legislative changes and the diligent efforts of the analyst team at Florida Peninsula Insurance, who have identified opportunities for additional savings to benefit policyholders across Florida. Clint Strauch, President of Florida ... Read the full article
Lemonade launches Homeowners insurance in France
10th April 2024
Expanding on its existing partnership with BNP Paribas Cardif, digital insurance company Lemonade has launched Homeowners insurance in France. Lemonade noted that with its European business making significant strides in 2023, the launch of Homeowners insurance throughout France will support its global expansion plans. Daniel Schreiber, Lemonade CEO and co-founder, commented, “The ... Read the full article
Coastal insurer SURE to offer surplus lines homeowners in California
22nd March 2024
Demotech-rated SureChoice Underwriters (SURE), a policyholder-owned coastal insurer, has launched its surplus lines homeowners insurance products in California, in partnership with managing general underwriters SageSure. With this new insurance solution, SURE is the first Demotech-rated carrier to offer surplus lines homeowners insurance in the California market. Demotech became the financial analysis firm ... Read the full article
SURE launches surplus lines homeowners insurance in California to address capacity gap
7th February 2024
SureChoice Underwriters Reciprocal Exchange (SURE), in partnership with SageSure, a managing general underwriter focused on catastrophe-exposed markets, has entered the Californian market with the launch of its surplus lines homeowners insurance. The new product addresses critical capacity gap amid a retrenching market - seven of the state’s largest insurers have restricted ... Read the full article
OIR reports decline in percentage of nationwide homeowners’ lawsuits opened in Florida
11th January 2024
Data from the Florida Office of Insurance Regulation (OIR) suggests that the introduction of legislation and reforms designed to curb excessive litigation associated with the use of Assignment of Benefits (AOB), and ultimately stabilise the state's property insurance market, could be working. The OIR's recently published Property Insurance Stability Report explores ... Read the full article
Loggerhead introduces “much-needed” capacity to Florida homeowners market
3rd January 2024
Socotra has revealed that Loggerhead Insurance, a Florida-based provider of homeowners insurance coverage in the state, has struck a deal to offer replacement coverage to those who will be issued policy non-renewal notices by Progressive Home. With Progressive Home reportedly set to non-renew some 115,000 policies in the state of Florida, ... Read the full article
Slide acquires renewal rights for 86,000 Farmers Insurance Homeowners Policies in Florida
13th October 2023
Slide Insurance, the full-stack homeowners insurtech, has acquired renewal rights for 86,000 Florida homeowners insurance policies from Farmers Insurance. The transaction, however, does not include Farmers Insurance renters, auto, or umbrella policies. It has been confirmed, that to facilitate a seamless transition, Farmers agents across Florida will be offered an appointment with ... Read the full article
Florida homeowners premiums unlikely to reduce amid reinsurance costs & inflation: KCC
11th October 2023
A new report authored by Karen Clark, Co-founder and CEO of Karen Clark & Company (KCC), explores the concern among Florida homeowners of increasing insurance premiums, which in turn is driving demand for legislative actions to reduce costs. On the back of hurricanes, other weather-related events, inflation, and excess litigation, insured losses ... Read the full article
Homeowners renewal rates surge in September 2023: KBW
5th October 2023
In a recent report, KBW (Keefe, Bruyette & Woods) has unveiled that homeowners' insurance renewal rates have experienced a significant uptick in September 2023. The estimated industry-wide renewal rate change for homeowners' insurance policies stood at a remarkable +9.2% year-over-year (YoY) during September. This represents a notable acceleration from August, which saw ... Read the full article
MSI and MS Transverse launch new high net worth homeowners program
29th September 2023
Millennial Specialty Insurance, LLC (MSI), an indirect subsidiary of BRP Group, Inc., has launched a new homeowners program catering to High-Net-Worth (HNW) customers in collaboration with MS Transverse. The enhancements to the policy include flexibility to insure homes with a replacement value of up to $10 million, choice of deductibles ranging ... Read the full article
Homeowners deal with rising insurance rates as floods, wildfires & storms become more common
22nd September 2023
A growing number of US citizens are facing difficulties in affording insurance on their homes, a problem that is only expected to worsen because insurers and lawmakers are said to have underestimated the impact of climate change, a new report from First Street Foundation says. According to the report, 39 million ... Read the full article
AM Best negative on US homeowners, says return to underwriting profit unlikely in 2023
18th September 2023
Global ratings agency AM Best has revised its outlook for the U.S. homeowners segment to negative from stable, citing the deterioration of underwriting results, rising loss costs, inflation, firm reinsurance market conditions, and the retreat from catastrophe-exposed states. AM Best notes that its negative outlook reflects a number of ongoing challenges ... Read the full article
RAA releases white paper addressing California homeowners insurance crisis
8th September 2023
In response to the ongoing crisis in California's homeowners insurance market, the Reinsurance Association of America (RAA) has released a comprehensive white paper offering insights and recommendations to address the challenges posed by wildfire-related risks and changing environmental conditions. Since the devastating wildfire losses experienced in 2017 and 2018, the insurance ... Read the full article
OIR approves Orion180 to enter homeowners and wind market
5th September 2023
The Florida Office of Insurance Regulation (OIR) has approved the Orion180 subsidiaries, Orion180 Select Insurance Co. and Orion180 Insurance Co., to enter the homeowners and wind market. Recently, FLOIR approved the companies to form property and casualty (P&C) insurers in Florida. Orion180 is a provider of insurance solutions that was launched ... Read the full article
Florida’s homeowners insurance market faces strains amid hurricane season challenges: Moody’s
31st August 2023
As the 2023 Atlantic hurricane season unfolds, the homeowners insurance market in Florida is grappling with a series of formidable challenges, according to a recent Moody's report. These include elevated catastrophe exposures, dwindling insurance capacity, surging total insured values, and more expensive reinsurance coverage. While there was enough reinsurance capacity available for ... Read the full article