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LA wildfires an earnings event that will mostly affect US renewals: S&P

21st March 2025

Despite significant losses from the California wildfires in January 2025, S&P Global Ratings considers it an earnings event and expects it to mostly affect US renewals rather than global markets, according to Taoufik Gharib, Director & Lead Analyst, Reinsurance Ratings. Speaking during S&P’s Fourth Quarter U.S. Insurance Webinar, Gharib noted that ... Read the full article

US P&C insurance industry generated $170bn net income in 2024: Verisk, APCIA

21st March 2025

According to Verisk, a provider of data analytics and technology solutions, and the American Property Casualty Insurance Association (APCIA), the primary national trade association for home, auto, and business insurers, the US property and casualty insurance industry is estimated to have earned $170 billion in net income for 2024. However, it's ... Read the full article

Prolonged US tariffs expected to impact insurers’ loss costs, says AM Best

20th March 2025

AM Best, a credit rating agency focused on the insurance industry, has warned that the planned imposition of a 25% tariff on imports from Canada and Mexico, along with increased tariffs on China, is likely to negatively affect the insurance industry, particularly in the US homeowners’ and auto insurance sectors. According ... Read the full article

Lemonade adopts ZestyAI’s platform to enhance underwriting

17th March 2025

ZestyAI, a provider of AI-driven climate and property risk analytics, has confirmed that Lemonade, the digital insurer powered by AI, has adopted its platform to further optimise underwriting for key catastrophe perils in the US. The pair stated that their partnership reflects a shared vision for addressing increasing climate risks and ... Read the full article

Flood Re secures £140m in flood retro with debut cat bond

17th March 2025

To bolster its financial resilience against UK flood risks, Flood Re has successfully launched its first catastrophe bond, Vision 2039 – Series 2025-1, securing £140 million in retrocession reinsurance coverage. This transaction is a first for the UK flood insurance scheme, and with it Flood Re marks its entry into ... Read the full article

State Farm’s request for emergency interim rate increase conditionally approved

17th March 2025

California Insurance Commissioner Ricardo Lara has conditionally approved State Farm's request for an emergency interim rate increase following recent destructive wildfires in Los Angeles, provided the company can substantiate the need with data during a public hearing set for April 8, 2025. State Farm submitted its request in a letter to ... Read the full article

Five Bays Capital acquires Firezat to expand wildfire protection amid growing crisis

12th March 2025

Five Bays Capital, a private investment firm specialising in high-growth, mission-driven companies, has acquired Firezat, a leading provider of wildfire structure protection, as fires grow increasingly severe across California and other high-risk states. Founded in 2006, Firezat has supplied millions of square feet of its patent-pending aluminum-based Wildfire Ember Shields and ... Read the full article

Porch Group appoints Emmanuel Bellegarde as Head of Reinsurance

11th March 2025

Porch Group, a homeowners insurance and vertical software platform, has announced the addition of four insurance industry veterans to strengthen the organisation, including the appointment of Emmanuel Bellegarde as Head of Reinsurance. In his new role, Bellegarde will play a key part in driving the reinsurance strategy, structuring placements, and securing ... Read the full article

Louisiana property insurance market shows improvement after reform package

11th March 2025

Since the implementation of Commissioner Tim Temple's property insurance reform package in 2024, Louisiana's insurance market has seen notable improvements, with new insurers entering the market and existing ones reducing their rate increases. The Louisiana Department of Insurance (LDI) has approved the licensing of 10 new homeowners insurers since early 2024, ... Read the full article

ZestyAI partners with Colorado FAIR Plan to help expand insurance accessibility

7th March 2025

ZestyAI, a provider of AI-driven climate and property risk analytics, has partnered with the Colorado FAIR Plan to expand insurance access for homeowners facing coverage challenges amid the climate crisis. The Colorado FAIR Plan will leverage ZestyAI's AI-driven risk models, Z-FIRE™, Z-HAIL™, and Z-WIND™, to provide property-specific risk assessments for wildfire, ... Read the full article

Multiple factors hinder insurance protection gap collaboration, reveals poll

7th March 2025

In 2024, economic losses from natural disasters exceeded $300 billion for the ninth consecutive year, and while insured losses were also high, the persistent protection gap, estimated at 60%, underscores the urgent need for comprehensive solutions in both developed and emerging markets. Analysts emphasize that collaborative efforts are paramount to effectively ... Read the full article

Kin expands into California with new home insurance option

5th March 2025

Kin, a digital home insurance provider, has announced the launch of a new home insurance option in California, as part of its mission to provide necessary coverage in markets that are increasingly underserved due to catastrophic events. California has faced a persistent shortage of insurance options, exacerbated by the rising threat ... Read the full article

Amwins acquires Community Association Insurance Solutions

5th March 2025

Amwins, a distributor of specialty insurance products and services, has acquired Community Association Insurance Solutions (CAIS), a Managing General Agent (MGA) and Programme Administrator specialising in insurance solutions for homeowners' associations, townhomes, condominiums, and planned unit developments. As per the terms, CAIS will continue its ongoing operations as part of Amwins ... Read the full article

HCI Group reveals new structure to enhance efficiency and strategic focus

3rd March 2025

HCI Group, Inc., a holding company primarily focused on property and casualty insurance, has announced a refined organisational structure designed to better align with its long-term strategic goals. The company will now operate through two distinct units, each with its own dedicated management team and clear operational objectives. “Each operating unit is ... Read the full article

Flood Re appoints Perry Thomas as CEO

3rd March 2025

UK flood reinsurance scheme, Flood Re, has announced that Perry Thomas has been appointed to take over from Stuart Logue as its new Chief Executive Officer (CEO), effective immediately, subject to regulatory approvals. Logue previously served as Flood Re's Chief Financial Officer (CFO), and was named Interim CEO last year ... Read the full article