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United (UPC) suspends new homeowners business in Florida
11th February 2022
United Insurance Holdings Corp. (UPC Insurance), the Florida-headquartered property and casualty (P&C) insurer, has officially ceased writing new homeowners business in the state, as of January 1st, 2022. In a memo sent to agents, seen by Reinsurance News, the company cited high catastrophe losses from the 2020 storm season, rising reinsurance ... Read the full article
KBW predicts homeowners’ rates to accelerate soon
7th February 2022
Despite homeowners’ rate increases being lower, analysts at KBW have said they expect them to accelerate soon. Predicting a period comparable to that between 2007 and 2009, KBW said that the accelerating broad rate increases will come as a response to ‘persistently accelerating loss cost trends’, excluding catastrophes. Writing in its latest ... Read the full article
US tornados to hit commercial multiperil, homeowners lines: AM Best
14th December 2021
AM Best is expecting losses from the weekend's devastating tornado outbreak to be concentrated in the commercial multiperil and homeowners lines, with some losses borne by auto physical damage. On December 10 more than 30 tornadoes were reported across five states—Arkansas, Illinois, Kentucky, Missouri, and Tennessee—causing widespread devastation and ... Read the full article
Hippo launches homeowners association insurance product
27th July 2021
Home insurer Hippo has announced its expansion into commercial Insurance, with the launch of a tailored homeowners association (HOA) product. The product is designed to provide broader protection alongside a streamlined claims process. Commercial customers will have access to Hippo’s personalised coverage, backed by the company’s data-driven underwriting, satellite and aerial imagery, ... Read the full article
German floods show climate challenge for homeowners insurers: Moody’s
22nd July 2021
Analysts at Moody’s have labelled the recent catastrophic flooding in Germany as a “consequence of climate change,” and warned that German insurers could find it challenging to protect homeowners against climate risk in future without significant price increases. The floods, which impacted the southern part of the German federal states of ... Read the full article
HCI details 2021 reinsurance plan for Homeowners Choice & TypTap
19th July 2021
Florida-based insurtech HCI Group has detailed the 2021 reinsurance coverage that it has secured for its two insurance subsidiaries, Homeowners Choice Property & Casualty Insurance Company, Inc. (Homeowners Choice) and TypTap Insurance Company (TypTap). The 2021-2022 Homeowners Choice Florida reinsurance program provides coverage up to $967.6 million for catastrophic losses in ... Read the full article
BRP names Naimish Patel President of Homeowners Insurance Group
21st June 2021
Independent insurance distribution firm BRP has announced the appointment of Naimish Patel as President of its newly established Homeowners Insurance Group, which now sits within Millennial Specialty Insurance. Patel reports to Jim Roche, Founder and Managing Partner of MSI, and will build and lead a new team dedicated to scaling a ... Read the full article
Porch Group completes Homeowners of America takeover
7th April 2021
Software company Porch Group has completed its previously announced acquisition of Homeowners of America (HOA), a property and casualty insurance company that specializes in residential property coverage for homeowners and investors. HOA is a managing general agent and insurance carrier hybrid and primarily operates in Texas, Arizona, North Carolina, South ... Read the full article
Heaviest volume of Uri claims from homeowners, commercial property & auto: AM Best
22nd February 2021
AM Best analysts believe the heaviest volume of claims from winter storm Uri will be in the homeowners, commercial property, and auto lines of business. Uri has caused significant disruption across a number of southern US states, especially Texas, which has faced record-low temperatures and had seen several inches of snow ... Read the full article
Homeowners insurance to show modest underwriting loss: Fitch
19th February 2021
Global rating agency, Fitch Ratings has released a report which suggests that the U.S. P&C industry will to shift to a modest statutory underwriting loss in homeowners’ insurance for 2020 reported results. U.S personal lines underwriters have been faced with unique challenges in the homeowners’ line, with losses rising as a ... Read the full article
ICAT launches new insurance solution for cat exposed homeowners
17th November 2020
ICAT, an underwriter and producer of US catastrophe insurance, has announced a new insurance solution for catastrophe-exposed homeowners in Alabama, Mississippi, Louisiana, and Texas. Future expansion is planned in Florida and tier 1 and 2 counties along the Eastern Seaboard. The new homeowners insurance policy can reportadly be quoted and bound through ... Read the full article
Berkshire Hathaway GUARD further expands US homeowners coverage
13th November 2020
Berkshire Hathaway GUARD Insurance Companies has added Indiana, Kansas, Kentucky, Nevada, and Oregon to the list of states where its homeowners product is available. Chief Insurance Officer Lyle Hitt said he has been pleased with the caliber of submissions already experienced in previous states, and fully expects to see the trend ... Read the full article
Aon forecasts continued growth for US homeowners insurers
11th November 2020
Analysis by global insurance and reinsurance broker, Aon, claims that U.S. homeowners direct written premiums are projected to hit $105 billion in 2020, representing an increase from the $104 billion total recorded for 2019. Aon's latest Homeowners ROE Outlook report, which is developed by the firm's Reinsurance Solutions' Analytics team, predicts ... Read the full article
Flood Re says all homeowners policies should include flood insurance
6th November 2020
Flood Re, the UK’s government-backed reinsurance scheme, has welcomed the key findings of a review into a 2019 flooding disaster, which recommends that all homeowners policies should include flood cover as standard. The Blanc review, commissioned by the UK government back in April, sought to investigate why many of the ... Read the full article
Universal announces homeowners insurance in Iowa
3rd November 2020
Florida headquartered and expansive primary insurance carrier Universal Insurance Holdings, has announced that its wholly-owned subsidiary, Universal Property & Casualty Insurance Company (Universal Property), has written multiple policies in Iowa since the end of Q3 2020. This will mark the 19th state where consumers can purchase a Universal Property policy through ... Read the full article
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