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NJ/NYC earthquake serves as a reminder of the risk despite minimal damage: CoreLogic
8th April 2024
According to CoreLogic, the global provider of property information, analytics, and data-enabled solutions, the recent M4.8 earthquake that occurred in Hunterdon County, New Jersey serves as a reminder that low risk does not mean no risk. Although the probability of damage is low, CoreLogic has encouraged homeowners and insurers to be ... Read the full article
Conifer Holdings reports $143.8m GWP in FY23 results
8th April 2024
In their results for the full-year 2023, Conifer Holdings has reported a 4.2% increase in gross written premium (GWP), as it reached $143.8 million, compared to the previous year's $138 million. Net written premiums however, saw a 24.7% decline, coming in at $68.6 million for the period, compared to last year's ... Read the full article
US commercial P&C rates decelerate in Q1’24, personal lines steady: MarketScout
5th April 2024
Commercial rates in the US went up 3.9% on all property and casualty placements in the first quarter of 2024, a notable decline compared to the plus 5.6% in Q4 2023, while personal insurance rates held steady at plus 4.75% in the period, according to MarketScout. “January and February posted very ... Read the full article
Windward Risk Managers brings additional capacity to Florida market with new P&C insurer
5th April 2024
Windward Risk Managers, the management company behind Florida Peninsula and Edison Insurance, is bringing additional capital and capacity to the Florida market with the launch of Ovation Home Insurance Exchange. Scheduled to begin writing policies in June of 2024, Ovation will be a Florida domiciled reciprocal insurer that will be an ... Read the full article
American Integrity offers affordable property insurance for Florida residents
5th April 2024
American Integrity, a Florida-based property insurer, has launched a new product called ValueGuard Property Insurance, aiming to provide essential home protection for Florida residents at a more affordable price. Tailored specifically for the needs of Florida homeowners, ValueGuard offers affordable coverage against core perils such as fire and windstorm, ensuring that ... Read the full article
Faura raises $500k to help insurers better understand their portfolio risk
2nd April 2024
Insurtech Faura has successfully raised $500k to help insurance companies and homeowners reduce their natural disaster risk. Cities throughout the US have been impacted by natural catastrophes, like wildfires in Maui and flooding across the Northeast and Florida, in recent years; disaster activity that only keeps growing. This has left ... Read the full article
Chubb’s new platform to provide agents quicker access to flood quotes
28th March 2024
Chubb Personal Risk Services (PRS) has launched Flood Insurance System, a new self-service platform designed to give agents quicker access to flood quotes. Integrated with the Chubb Agent Portal and Masterpiece EZ Quote homeowners platform, this new platform will give seamless support to agent’s personal lines business for primary and excess ... Read the full article
California property insurance markets to continue facing pricing and availability pressures: ALIRT
22nd March 2024
With State Farm General Insurance Company (SFGIC) announcing it will be exiting more California property risks starting in mid-2024, ALIRT Insurance Research has noted that state homeowners and commercial property insurance markets will likely continue to face pricing and availability pressures. SFGIC's recent pull includes approximately 30,000 largely non-commercial risks ... Read the full article
Allstate’s February 2024 cat losses below $150m reporting threshold
21st March 2024
US primary insurer Allstate has announced that its estimated catastrophe losses for February 2024 were under the $150 million reporting threshold, which is down on the $241 million of cat losses seen in February of last year. Last month, Allstate announced estimated catastrophe losses of $325 million for January 2024, ... Read the full article
State Farm to pull out of 72,000 California insurance policies
21st March 2024
State Farm General Insurance Company has announced that it will non-renew approximately 30,000 California homeowners, rental dwelling, and other property insurance policies. If you recall, last May, the insurer halted new homeowners policies being issued in the state, citing exposure related issues and a challenging reinsurance market environment. However, State Farm General ... Read the full article
California looks to expand use of cat models to wildfire, terrorism, & flood: Commissioner Lara
20th March 2024
In a move to help drive back a developing insurance crisis across the state of California, that has witnessed companies pulling back on underwriting property insurance there, or exiting the state completely, Insurance Commissioner Ricardo Lara has unveiled a regulation to allow for an expanded use of catastrophe models to ... Read the full article
Greenlight Re pleased with 1/1 renewals, optimistic on Lloyd’s in 2024: Patrick O’Brien
8th March 2024
During Greenlight Re's 2023 earnings call, Patrick O'Brien, Chief Executive Officer (CEO), Director, Greenlight Re Ireland, noted the still very attractive conditions at the January 1st, 2024, reinsurance renewals, when over 60% of the company's business incepts. "We are very pleased with how January 1, 2024, progressed. Market conditions remain very ... Read the full article
Porch Group sees net loss improvement in Q4 2023
8th March 2024
Porch Group, a homeowners insurance and vertical software platform, has reported a net loss of $2.5mn in the fourth quarter of 2023, an improvement from $35.5mn in Q4 2022; with a total revenue of $114.6mn, which increased 79% compared to the prior year. The company also reported a revenue less cost ... Read the full article
Safepoint’s new reciprocal exchange Manatee gets ‘A’ rating by Demotech
8th March 2024
Safepoint Group's newest reciprocal exchange, Manatee Insurance Exchange (Manatee), has been assigned a Financial Stability Rating of 'A', Exceptional, by Demotech, Inc. Manatee was formed to focus on providing insurance solutions to Florida homeowners and business owners. Joseph L. Petrelli, President and Co-founder, Demotech, Inc., commented: "Insurers without sufficient representative operating ... Read the full article
P&C execs optimistic about earnings outlook: KBW
7th March 2024
In Keefe, Bruyette & Woods, Inc, (KBW) recent analysis of the 2024 Association of Insurance and Financial Analysts (AIFA) conference, they found that management teams across virtually all Property & Casualty (P&C) sub-sectors are appropriately optimistic about their earnings outlook. KBW highlights that brokers are optimistic about their growth prospects, stating, ... Read the full article
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