Reinsurance News

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Applied Underwriters’ Centauri Insurance acquires Gulfstream renewals

23rd February 2021

Centauri Insurance, a subsidiary of risk services firm Applied Underwriters, has acquired the renewal rights to 16,700 policies from Gulfstream Property and Casualty Insurance Company and Gulfstream Select Insurance Company. Gulfstream is a Florida-based insurance company that provides homeowners' insurance. The polices acquired by Centauri relate to business in Alabama, Read the full article

Kin Insurances reaches $10bn insured property value

19th February 2021

Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has surpassed $10 billion in total insured property value. The company saw a 400% increase in direct written premiums in Q4 2020 over the previous year, and enjoyed a 92% renewal acceptance rate. “Kin’s growth is evidence ... Read the full article

US winter storm Uri set to inflict record-breaking, multi billion-dollar industry losses

19th February 2021

Winter storm Uri, currently wreaking havoc across southern US states, looks set to become the largest on record for re/insurers, potentially surpassing the cost of 2017’s hurricane Harvey. Storm Uri landed over the US’ President's Day weekend bringing damaging ice in the Northwest and snow across the Midwest and Northeast. Texas has ... Read the full article

TypTap receives New Mexico regulatory approval

16th February 2021

Florida insurtech and subsidiary of HCI Group, TypTap Insurance Company, has received regulatory approval to write homeowners insurance in New Mexico. The company, which provides homeowners and flood insurance, has planned a nationwide expansion which was announced last year. Since the beginning of 2019, TypTap’s premiums in-force for home-owners insurance, its ... Read the full article

FedNat puts Q4 cat losses at $31m, updates on reinsurance

15th February 2021

Florida based primary insurer FedNat has estimated that catastrophe weather losses incurred during the fourth quarter of 2020 will reduce its net income by $31.1 million, pre-tax. Losses were driven primarily by Hurricanes Delta, Zeta and Eta, which together impacted parts of Louisiana, Florida, Texas and Alabama. Louisana made up the largest ... Read the full article

Flood Re welcomes flood-resilience targets

8th February 2021

State-backed reinsurance scheme Flood Re has welcomed a report published by the Environment, Food and Rural Affairs (EFRA) Select Committee, which calls for clear flood-resilience targets. It explored different measures to help tackle flooding, which include continuing investment in new and maintenance of existing flood defences, as well as improvements in ... Read the full article

US MGA ShoreOne launches to tackle inadequate flood coverage

1st February 2021

ShoreOne, a new Massachusetts-based managing general agent, has announced its launch, combining traditional homeowners insurance with full flood coverage in a single policy. Its combined policy has been described as capable of filling the coverage gap affecting 4.8 million National Flood Insurance Program (NFIP) policyholders. ShoreOne will start in South Carolina, a ... Read the full article

Munich Re backs smart home tech firm Span

26th January 2021

Reinsurer Munich Re has led a funding round for smart home technology firm Span, raising $20 million to support growth and provide integrated energy solutions for homes. Span’s electrical panel enables users to monitor and control their home energy, promoting more convenient and sustainable living. Munich Re Venture’s HSB Fund was joined ... Read the full article

Storm Christoph losses could reach £120mn: PwC

22nd January 2021

Analysts at PwC have estimated that insurance industry losses from Storm Christoph in the UK will likely total between £80 million and £120 million. Christoph brought widespread flooding across England and Wales this week, prompting evacuations from a “large number” of homes in South Wales. About 2,000 homes in the Didsbury and ... Read the full article

American Integrity partners with Cape Analytics

21st January 2021

Florida-based property insurer American Integrity Insurance Company has partnered with Cape Analytics, allowing American Integrity to assess properties remotely to keep its agents, employees and customers safe, an essential capability throughout the COVID-19 pandemic. The insurer will be using Cape Analytics’ geospatial property intelligence, such as roof condition rating, roof geometry, ... Read the full article

Louisiana Citizens sees continued drop in policies, strong financial position

18th January 2021

Louisiana Citizens Property Insurance, the state-sponsored insurer of last resort, has reported itself to be in a strong financial position after enacting a proactive reinsurance strategy and leveraging models to select polices for depopulation. Insurance Commissioner Jim Donelon noted how Citizens, which covers properties that the private insurance industry won’t, is now ... Read the full article

Porch Group announces four strategic acquisitions

15th January 2021

Porch Group has announced four separate strategic acquisitions aimed at strengthening the company's expanding platform for home service companies and homeowners. Homeowners of America (HOA) is a Managing General Agent and insurance carrier hybrid operating in six states. Porch and HOA have executed a definitive merger agreement for Porch to acquire HOA ... Read the full article

Commercial property rates up 9% in Q4: MarketScout

7th January 2021

New data from MarketScout shows that commercial property insurance rates increased by 9% over the fourth quarter of 2020. Despite significant challenges over the year, the re/insurance industry continued to function efficiently, MarketScout noted, with the Q4 composite rate up 7.1%, and up 6.25% in Q3. The biggest rate increases by line ... Read the full article

Core Specialty names Tyburski as Co-Head, Personal Lines Fronted Programs

4th January 2021

Recently launched specialty insurance carrier, Core Specialty Insurance Holdings, Inc., has hired Adam Tyburski as Co-Head of Personal Lines Fronted Programs, effective January 2021. As Co-founder and most recently Chief Underwriting Officer (CUO) of Spinnaker Insurance Company, Tyburski brings extensive industry experience to Core Specialty. During his time with Spinnaker, he served ... Read the full article

TypTap expands to six new states

29th December 2020

HCI Group-owned insurtech TypTap has received regulatory approval to write homeowners insurance in the states of Indiana, Mississippi, Montana, South Carolina, South Dakota, and Utah. The approvals are part of TypTap’s planned nationwide expansion, which it announced in August. The company, which provides homeowners and flood insurance, had asked Florida insurance ... Read the full article