Reinsurance News
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Brown & Brown completes acquisition of Orchid & CrossCover
1st April 2022
Brown & Brown has completed its purchase of Orchid Underwriters Agency and CrossCover Insurance Services. The deal was originally announced at the end of February, when the firm entered into an agreement to purchase the two firms. As we reported, following the acquisition by Brown & Brown, Orchid will continue to ... Read the full article
Boon time coming for US P&C sector?
30th March 2022
The US P&C insurance industry may soon be seeing outstanding results, according to a new note from ALIRT Insurance Research. That firm has just published its US P&C Insurance Industry Market Overview: Full Year 2021, which looks at the state of the market. The overall mood among insurance management, said the ... Read the full article
The Hanover publishes select historical financial information
29th March 2022
Property and casualty (P&C) insurance company The Hanover Insurance Group has published select historical quarterly and annual financial information reflecting the planned changes to the company's segment reporting. Beginning with first quarter 2022 reporting, the company will disaggregate the former Commercial Lines segment into Core Commercial and Specialty segments, including expenses, ... Read the full article
ICA monitoring severe weather warnings
29th March 2022
The Insurance Council of Australia (ICA) has said that it is closely monitoring the severe weather and flood warnings currently in place across south-east Queensland and New South Wales, and that at least 14 recovery centres, including Lismore and Mullumbimby, have closed in the past 24-hours to ensure the safety ... Read the full article
MAPFRE outlines new strategy, targets 6% premium growth
14th March 2022
Spanish insurer MAPFRE has outlined a new strategic plan for 2022-2024, which includes a premium growth target of 5-6%, as well as an average ROE of 9-10%. The company recently reported a 45.3% increase in earnings for 2021, which totalled €765 million, backed by double-digit top-line growth and a significant ... Read the full article
MP’s call for Australia’s cyclone reinsurance scheme to cover fires and floods
10th March 2022
The Guardian Australia has reported that state and federal MPs representing flood-affected communities in Australia have called for the planned commonwealth cyclone reinsurance scheme to be expanded to cover other natural disasters. According to the Insurance Council of Australia, the estimated current cost of claims is now just over $1 ... Read the full article
HCI’s 2021 income drops despite premium growth
9th March 2022
Florida-based insurtech HCI Group has reported a decrease in net income from $27.6 million to $7.2 million over 2021, despite growing its gross written premiums by roughly a third. The company attributed the decrease in income to a one-time gain of $37.0 million on an involuntary sale of real estate included ... Read the full article
FedNat loss grows, reinsurance costs blamed
4th March 2022
Florida based primary insurer FedNat has reported a net loss of $103.1 million for 2021, compared with a loss of $78.2 million in the previous year. The company says the larger loss in 2021 was primarily the result of higher reinsurance costs and the lack of any income tax benefits in ... Read the full article
Commissioner Lara sets new regulations to lower cost of insurance
1st March 2022
Insurance Commissioner Ricardo Lara has created new regulations to improve wildfire safety and drive down the cost of insurance for homeowners and businesses, which would see insurers being required to factor consumers’ and businesses’ wildfire safety actions into their pricing of residential and commercial coverage. The new regulations also will provide ... Read the full article
Brown & Brown to acquire Orchid & CrossCover
28th February 2022
Global insurance brokerage Brown & Brown has entered into an agreement to acquire Orchid Underwriters Agency and CrossCover Insurance Services. Established in 1998, Orchid is a specialty underwriter of catastrophe-exposed property insurance for homeowners in coastal zones and for high net worth customers. The Orchid management team partnered with industry veteran, Scott ... Read the full article
Australia floods trigger insurance catastrophe declaration
28th February 2022
Severe weather and flooding has resulted in the Insurance Council of Australia (ICA) declaring an insurance catastrophe for Southeast Queensland, as well as areas of New South Wales and the Mid-North Coast region. The catastrophic conditions have now been ongoing since February 21st, with record flood levels recorded in the Mary ... Read the full article
14.5mn+ homes impacted by 2021’s nat cat events: CoreLogic
17th February 2022
Analysts at CoreLogic, a global provider of property information, analytics, and data-enabled solutions, have released a new report which reveals that over 14.5 million single and multifamily homes were impacted by the largest natural catastrophe events of 2021, with an estimated $56.92 billion in property damage. The report looked at thirteen ... Read the full article
Australia finalises cyclone reinsurance pool details
7th February 2022
Australia’s government has finalised the design of the reinsurance pool for cyclone and related flood damage. According to a statement from the Australian government, over 880,000 residential, strata, and small business property insurance policies in northern Australia are expected to be eligible to be covered by the reinsurance pool. The pool is ... Read the full article
Verisk and HOVER team up to help streamline property claims
3rd February 2022
Verisk and HOVER are working together to help insurers, adjusters, restorers, and policyholders streamline claims. The two companies are teaming up to combine Verisk’s Xactimate with technology from HOVER that can take smartphone photographs and turns them into a ‘digital twin with valuable 3D data’. Property professionals and policyholders can use the ... Read the full article
Allstate reports YoY growth in revenues of 20.7%
3rd February 2022
The Allstate Corporation has reported a YoY increase in revenues of 20.7% in its latest results. The insurance giant reported that its consolidated revenues rose from $41,909m across the whole of 2020 to $50,588m in 2021. It was also reported by the firm that its Q4 revenues in 2021 were 18.7% higher ... Read the full article