Reinsurance News

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HCI acquires personal lines business from United (UPC)

17th December 2020

Florida-based insurtech HCI Group has agreed to acquire personal lines insurance business in four northeastern US states from P&C insurer United Insurance Holdings Corp. (UPC). Under the agreement, HCI will provide 69.5% quota share reinsurance on all of United’s in-force, new and renewal policies in Connecticut, Massachusetts, New Jersey, and Rhode ... Read the full article

Lemonade launches in French insurance market

8th December 2020

Insurtech start-up Lemonade has now launched in France, marking the third EU country the company has entered, following a launch in the Netherlands earlier this year, and Germany in June 2019. Lemonade's latest expansion will provide French residents with access to instant renter’s insurance as well as file claims through the ... Read the full article

Neptune Flood expands products to remaining five US states

30th November 2020

Neptune Flood, an insurtech firm focused on the flood market, has expanded its residential products to the remaining five additional states, Montana, South Dakota, Utah, Vermont, Wyoming, and Washington, DC. The expansion completes the company's nationwide rollout of all residential, commercial and RCBAP flood insurance products. The insurer also completed its proprietary ... Read the full article

Insurtech Hippo confirms $350mn Mitsui Sumitomo investment

24th November 2020

California-headquartered, homeowners focused-insurtech Hippo has received a $350 million investment from Mitsui Sumitomo, a subsidiary of MS&AD Insurance Group Holdings. As part of the deal, the corporate venture capital fund of MS&AD will join Hippo’s board of directors as an “observer.” Additionally, Hippo and Mitsui Sumitomo plan on signing a reinsurance treaty, ... Read the full article

Palomar acquires renewal rights for Geovera’s Hawaii hurricane business

13th November 2020

California-based insurance holding company Palomar has announced an agreement between Palomar Specialty Insurance Company, a wholly-owned subsidiary of Palomar, and GeoVera Holdings to acquire the renewal rights to GeoVera’s Hawaii residential Hurricane policies. The transaction will further deepen Palomar’s presence in Hawaii, a market that the Company has served since 2015. Through ... Read the full article

AM Best provides US P&C impairment update

12th November 2020

Rating agency AM Best identified thirteen new insurance company impairments in the US property and casualty (P&C) industry in 2019, which was two more than in the previous year. A new report found that four impairments of medical professional liability writers and another four commercial auto writers led the 2019 impairments. Overall, ... Read the full article

Palomar announces agreement with Marsh’s Torrent Technologies

12th November 2020

California-based insurance holding company Palomar has agreed to integrate its residential flood insurance program Flood Guard onto the flood processing platform of Torrent Technologies, part of Marsh. It's hoped this will provide agents of Torrent's Write-Your-Own (WYO) carriers even more choice to meet the flood risk needs of their customers and help close ... Read the full article

Orchid & Homesite set up new Florida insurer

12th November 2020

Orchid Underwriters Agency, a specialty underwriter of catastrophe-exposed property insurance, has partnered with US property insurer Homesite to create a new Florida-based reciprocal insurance company. The new company, called TRUE (Trusted Resource Underwriters Exchange), is domiciled in Tampa and will offer owner-occupied homeowners insurance, as well as bundled, optional coverages and ... Read the full article

Unprecedented storms drive record quarterly loss at United (UPC)

6th November 2020

United Insurance Holdings Corp. (UPC) has announced a net loss of $74.1 million for the third-quarter of 2020, as its loss ratio increased significantly to 115.8% on the back of quarterly catastrophe losses of $140 million. The record quarterly loss of $74.1 million compares with a loss of $28.3 million for ... Read the full article

FedNat’s CR hits 154.3% in Q3, strategic review committee announced

5th November 2020

Florida based primary insurer FedNat has reported a net loss of $20.7 million for the third quarter, down from a net income of $4.7 million in the prior year quarter. The company also sank to an operating loss of $21.5 million after a $4.3 million profit in the prior year period. A ... Read the full article

Hudson Structured to take majority stake in Southern Fidelity

3rd November 2020

Hudson Structured Capital Management Ltd. (HSCM Bermuda), the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, has announced plans to take a majority ownership of Southern Fidelity Insurance Company (SFIC). In exchange for its majority stake, HSCM Bermuda will provide a capital injection into SFIC. HSCM Bermuda will also take an ... Read the full article

Heritage names Ernie Garateix as CEO

3rd November 2020

Florida headquartered property casualty insurance holding company, Heritage Insurance Holdings, Inc., has announced the promotion of Ernie Garateix to CEO. Garateix, who currently serves as Heritage’s Chief Operating Officer (COO), will also join the company’s Board of Directors. He will take over from Heritage’s co-founder, Bruce Lucas, who is set to retire ... Read the full article

AIR pegs Hurricane Zeta loss at between $1.5bn – $3.5bn

2nd November 2020

Catastrophe risk modelling firm AIR Worldwide has revealed its estimated losses from Hurricane Zeta’s winds and storm surge to be from USD 1.5 billion to USD 3.5 billion. Included in AIR’s estimates are losses to onshore residential, commercial, and industrial properties and automobiles for their building, contents, and time element coverage. According ... Read the full article

Donegal improves Q3 income to $11.8mn

29th October 2020

US primary holding company Donegal Group has posted a net income of $11.8 million for the third quarter of 2020, driven by better underwriting performance and investment gains. The result represented a 128.2% increase from the $5.2 million that Donegal reported for the same period last year. President and CEO Kevin Burke ... Read the full article

HCI reports estimated Q3 losses

23rd October 2020

Florida-based insurtech HCI Group announced its initial catastrophe loss estimate for the third quarter of 2020. HCI’s homeowners and flood insurance operations, which are primarily in Florida, experienced only one catastrophic event during the quarter, which was Hurricane Sally. The hurricane made landfall near Gulf Shores, Alabama, but impacted the Florida panhandle ... Read the full article