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Florida market stabilisation continues following “historic” reforms: OIR
21st May 2024
The Florida Office of Insurance Regulation (OIR) has noted that it continues to see overall market stabilisation following the "historic" legislative reforms of 2022/2023 that have reportedly enhanced consumer protections, strengthened Citizens Property Insurance Corporation, and encouraged investment by re/insurers. This news follows the signing of House Bill 1611 by Governor ... Read the full article
Rising insurance premiums’ impact on US home prices: S&P
20th May 2024
The increasing frequency of climate-related events in the US is driving up insurance premiums in certain areas, but it's unclear how this affects home prices and affordability, prompting the need for further analysis, according to analysts at S&P Global Ratings. S&P highlights significant differences in home insurance costs, partly based on ... Read the full article
American Coastal completes run-off of personal lines book with sale of Interboro to Forza
10th May 2024
American Coastal Insurance Corporation has announced the sale of its New York domiciled insurer, Interboro Insurance Company, to Forza Insurance Holdings, LLC, a move which completes the run-off of American Coastal's personal lines portfolio. The definitive agreement sees Forza acquire 100% of the issued and outstanding stock of Interboro and enables ... Read the full article
Assurant’s net income increases 108% in Q1’24
8th May 2024
US specialty insurance group Assurant has reported a GAAP net income of $236.4 million for the first quarter of 2024, representing a 108% increase compared to the $113.6 million reported in the same period last year. According to the company, this increase was mainly due to higher segment earnings and lower ... Read the full article
Florida Peninsula partners with ZestyAI for enhanced property risk assessment
29th April 2024
ZestyAI, a company that leverages artificial intelligence (AI) for risk assessment, has announced its partnership with Florida Peninsula Insurance Company, integrating ZestyAI's Z-PROPERTY Location Insights solution to enhance underwriting precision and elevate customer experience. ZestyAI's advanced property analytics solutions employ cutting-edge computer vision and machine learning technologies to extract valuable insights ... Read the full article
Allstate will return to writing policies in California when reforms are enacted: report
26th April 2024
U.S. primary insurer Allstate will be open to business in nearly every part of California once new regulations are enacted that enable the firm to factor in the output of forward-looking catastrophe models and its reinsurance costs, reports Bloomberg. Last month, we discussed new regulation announced by the state's Insurance ... Read the full article
Louisiana’s property insurance market faces rising costs and climate risks: Moody’s
25th April 2024
The property insurance market in hurricane-prone Louisiana faces escalating challenges due to rising premiums and the expenses of claims following severe weather events, according to analysts at Moody’s Ratings. Moody’s recent report highlights Louisiana's vulnerability to destructive storms, prompting insurers to exit the market. Consequently, premiums in the state rank highest ... Read the full article
Urgent need for predictive data to mitigate growing risks of hailstorms in Colorado: Arturo
23rd April 2024
A new report by Arturo, a property intelligence company offering AI-based solutions to insurers, has emphasised the urgent need for predictive data and science-based measures to mitigate the growing risks of hailstorms on homes in Colorado, one of the most hail-prone states in the US. Arturo has published its report as ... Read the full article
Applied Underwriters to sell Centauri to Arbol subsidiary Lilypad Insurance
18th April 2024
Applied Underwriters has revealed its plan to sell Centauri Insurance to the newly formed Arbol subsidiary, Lilypad Insurance. The transaction is subject to regulatory approval and is anticipated to close within the next 45 days. As per Applied, Lilypad Insurance, consolidated with the Florida and Louisiana domiciled Centauri companies, will address the ... Read the full article
Allstate pegs total catastrophe losses for Q1 2024 at $731m
18th April 2024
U.S. primary insurer Allstate has estimated that total catastrophe losses for Q1 of 2024 were $731 million, pre-tax, much below the $1.69 billion recorded in Q1 of 2023. The firm also disclosed catastrophe losses for March 2024 of $328 million or $259 million, after-tax. As per Allstate, March catastrophe losses included ... Read the full article
PURE sees 2023 combined ratio improve, direct written premiums increase 14%
18th April 2024
High net worth insurance specialist PURE Insurance has revealed that its direct combined ratio for 2023 fell to 102.2%, an improvement compared to the last two years, mainly due to stricter underwriting guidelines, pricing enhancements, and management’s efforts to reduce operating costs. However, while the firm noted it is pleased to ... Read the full article
Travelers starts 2024 with strong Q1 reporting net income of $1.123bn
17th April 2024
Primary insurance group Travelers has published its first quarter 2024 financial results, reporting 16% growth in net income despite an elevated level of catastrophe losses compared to the prior year quarter. The insurer saw its net income rise to $1.123 billion in Q1 2024, a figure that compares to the $975 ... Read the full article
Record £573m paid out in weather-related home insurance claims in 2023: ABI
15th April 2024
Home insurance claims for weather-related damage reached a record £573 million last year, making it the highest on record and 36% greater than 2022's £421 million, according to the Association of British Insurers (ABI). This substantial rise was mostly due to the succession of storms, including Babet, Ciaran and Debi that ... Read the full article
American European partners with ShoreOne to complete $125m cat bond
12th April 2024
American European Insurance Company and ShoreOne Insurance Managers, Inc. have revealed their successful sponsorship of the $125 million Charles River Re Ltd. Series 2024-1 catastrophe bond. American European is entering into a reinsurance contract with Charles River Re Ltd. which offers protection against named storms for business written by ShoreOne on ... Read the full article
PURE Specialty Exchange expands high-risk home coverage to six new states
8th April 2024
PURE Specialty Exchange (PSE) has recently extended its High Value Homeowners coverage to six additional states: Arizona, Colorado, Hawaii, Montana, Utah, and Wyoming. This coverage caters to homes situated in areas susceptible to coastal hazards, wildfires, and other risks, including short-term rentals. Offering coverage of up to $50 million, it accommodates properties ... Read the full article
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