You searched for homeowners - Page 28 of 83

US homeowner’s insurance segment suffers worst underwriting loss this century, AM Best

26th July 2024

As the U.S. homeowner's insurance segment experiences its worst underwriting results since at least 2000, rating agency AM Best has cited the continued shift in population towards catastrophe prone regions of the US, as being a key driver towards this. The segment suffered a $15.2 billion underwriting loss in 2023, which ... Read the full article

The Hartford reports 35% rise in Q2’24 net income

26th July 2024

Property and casualty (P&C) insurer The Hartford has reported a 35% year-on-year increase in net income to $733 million for the second quarter of 2024, driven by a higher underwriting gain in P&C, stronger net investment income, and an improved Group Benefits loss ratio. Alongside the rise in net income, the ... Read the full article

Travelers buys more Northeast cover at July reinsurance renewal

19th July 2024

US primary insurer Travelers decided to increase the size of its Northeast property catastrophe excess-of-loss (XoL) reinsurance treaty by $150 million at the July renewals, and also renewed its personal insurance hurricane cat XoL treaty with a higher retention. Alongside the release of its second-quarter 2024 financial results, Travelers has provided ... Read the full article

The Hanover expects $157.1m of catastrophe losses for Q2’24

19th July 2024

Property and casualty insurance holding company, The Hanover Insurance Group, Inc., has preliminary estimated pre-tax catastrophe losses of $157.1 million, or 10.7 points of net earned premium for the second quarter of 2024. The insurer has stated that the losses were primarily driven by severe convective storm activity and mostly impacted ... Read the full article

Lemonade expands Aviva partnership with UK buildings & contents cover launch

17th July 2024

Lemonade, the digital insurance organisation, has expanded its UK homeowners offering with the launch of buildings and contents insurance, in a continuation of the firm's ongoing partnership with Aviva. According to the announcement, homeowners throughout the UK will now be able to purchase extensive coverage for their home and belongings. It has ... Read the full article

P&C premium growth showing some promise, may see profitability in 2025: Triple-I/Milliman

12th July 2024

Favourable first-quarter economic and underwriting results for property & casualty (P&C) insurance are reportedly in line with projections that the sector will see a small underwriting loss in 2024, but achieve profitability in 2025, according to a new forecasting report from Insurance Information Institute (Triple-I) and Milliman, a collaborating partner. The report also ... Read the full article

Hurricane Beryl insured wind losses in Texas to be between $2.5bn and $3.5bn: CoreLogic

12th July 2024

Catastrophe risk modeller CoreLogic has updated its insurance industry loss estimate for the impacts of hurricane Beryl, putting the total for wind losses in Texas at between $2.5 billion and $3.5 billion. At the same time, CoreLogic has updated its estimate for insurable losses in the Caribbean, with $1 billion to ... Read the full article

Orion180’s 2024 hurricane season reinsurance tower grows 47%

11th July 2024

Orion180 has completed its reinsurance placement for excess-of-loss (XOL) and net quota share agreements for the 2024 hurricane season, marking a 47% increase in the firm's tower from 2023. According to Orion180, with this strategic placement, it will continue to deliver a wide range of personalised homeowners insurance products and anticipates ... Read the full article

US P&C sector to return to profitability: Fitch Ratings

8th July 2024

The US property and casualty (P&C) market is well on its way to returning to underwriting profitability along with a significant return on capital improvement for the full year, driven by lower winter storm losses and a recovery in personal auto results, according to Fitch Ratings. However, the ratings company has ... Read the full article

No significant rate movements in US P&C as insurers remain comfortable: Novatae

4th July 2024

With the composite rate for US P&C insurance increasing slightly from 3.9% in Q1 to 4.36% in Q2, Richard Kerr, CEO of Novatae Risk Group, noted that "there was no significant movement in rates for any coverage or industry group" given that insurers are comfortable with pricing. Kerr's comments come as ... Read the full article

American Integrity reduces its rates by 6.9%

3rd July 2024

Florida domiciled property insurer, American Integrity Insurance, has significantly reduced its rates by 6.9%, benefiting more than 55,000 customers. At the same time, the insurer has revealed that nearly 215,000 homeowners can now enjoy stable rates, with no increases following the annual filing set for mid-July 2024. This rate reduction directly results ... Read the full article

Arthur J. Gallagher & Co. acquires California-based Cornerstone

3rd July 2024

Re/insurance broker Arthur J. Gallagher & Co. has acquired California-based Cornerstone Commercial & Personal Insurance Services, Inc. (Cornerstone) in an undisclosed transaction. Cornerstone has been serving both commercial and personal clients, particularly in San Bernardino and Riverside counties in California. The agency’s specialisation in commercial real estate, construction, and homeowners associations is ... Read the full article

US P/C industry saw $22bn underwriting loss in 2023: AM Best

2nd July 2024

AM Best reports that the US Property/Casualty (P/C) insurance industry faced another year of underwriting losses surpassing $20 billion in 2023, at $21.7 billion, largely driven by unprofitable private passenger auto and homeowners/farm owners market segments. Together, these sectors incurred a combined net underwriting loss of $32.8 billion in 2023, showing ... Read the full article

Westfield launches smart home technology Ting to help prevent electrical fires

2nd July 2024

Westfield, a US-based property and casualty company, has announced a new program designed to help prevent home electrical fires. The new solution, Ting, uses advanced smart plug-in sensors to monitor the electrical network of a home to help detect electrical hazards, alert homeowners, and lead them through timely repairs to avoid ... Read the full article

Slide secures $175m senior credit facility

27th June 2024

Slide Insurance, the technology-enabled insurance company, has secured a $175 million senior credit facility led by Regions Bank in its capacity as Administrative Agent, Joint Lead Arranger, and Joint Bookrunner. As well as this, Synovus Bank and Texas Capital Bank, through its TCBI Securities Inc. division, also supported the transaction as ... Read the full article