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RAA advocates for NFIP reauthorisation and private flood insurance market
26th January 2024
In advance of the Senate Committee on Banking, Housing, and Urban Affairs' hearing on the "Reauthorization of the National Flood Insurance Program: Local Perspectives on Challenges and Solutions," Lee Covington, President of the Reinsurance Association of America (RAA), submitted a statement urging comprehensive reforms for the NFIP. Covington commended Chairman Sherrod ... Read the full article
Aon and Porch enter $30m strategic agreement including release of Vesttoo fraud claims
26th January 2024
Porch Group, a software-driven financial services firm and Aon have entered into a $30 million strategic agreement whereby the re/insurance broker will provide services to the company. Interestingly, the agreement includes the release of all claims Porch had against the broker related to the Vesttoo fraud. This collaboration is with Aon ... Read the full article
Aviva highlights flood risks in recent UK housing developments
26th January 2024
A recent analysis by Aviva, the UK's largest home insurer, has unveiled concerning findings regarding the vulnerability of new homes in England to flooding. The study reveals that 8% of new homes built in the last decade, equivalent to nearly 110,000 properties, are located in flood-prone areas, specifically in national flood ... Read the full article
Canadian Personal Auto & Personal Property rates up in Q4: Applied Systems
26th January 2024
The results of the latest Applied Rating Index by Applied Systems shows that average premiums for both Personal Auto lines and Personal Property lines increased in Canada year over year, in the fourth quarter of 2023. According to Applied Systems, quarter over quarter, premium rate change increased for Personal Auto, and ... Read the full article
CoreLogic and Artigem to launch new contents estimation capabilities
24th January 2024
Global provider of property information, analytics, and data-enabled solutions, CoreLogic is working with insurtech Artigem to launch new contents estimation capabilities within the CoreLogic Claims | Workspace platform. With these new capabilities, insurance claims professionals can access all tools needed to provide homeowners with accurate estimates in a timely manner following ... Read the full article
Allstate makes progress on profitability plan with substantial rate increases in 2023
18th January 2024
US primary insurer Allstate has reported that it continued to make progress on its plan to improve profitability in 2023, with rate increases in its auto insurance and homeowners insurance lines that resulted in premium impacts of 16.4% and 11.3%, respectively. “In 2023, rate increases for Allstate brand auto insurance resulted ... Read the full article
TRUE reciprocal acquisition to help create “healthy competition”: Florida CFO
12th January 2024
Florida's Chief Financial Officer (CFO), Jimmy Patronis, has lauded the recent developments in the state's insurance market, particularly with the approval of the acquisition of Trusted Resource Underwriters Exchange (TRUE). The move is expected to not only bolster the existing company's presence in Florida but also ignite a surge in healthy ... Read the full article
Insurance companies fared better than expected in 2023: MarketScout
9th January 2024
According to recent analysis from MarketScout, the composite rate increase for personal lines insurance across the United States was plus 4.75% for Q4 2023. The analysis states that insurers made it through 2023 better than expected, with a composite rate increase of 4.61% when examining the full 2023 year. Richard Kerr, Chief ... Read the full article
US P&C insurers cut expenses following deteriorating personal lines results: AM Best
8th January 2024
Global credit ratings agency AM Best, has highlighted how despite the ongoing pressures from catastrophe-related and secondary peril losses, insurance firms within the US property & casualty (P&C) industry have been ablet to bolster their bottom-line financial results by cutting underwriting expenses. The US P&C industry segment has cut 2.6 percentage ... Read the full article
ShoreOne Insurance hires Carlson as CFO
5th January 2024
ShoreOne Insurance Managers has appointed Russell (Russ) Carlson as Chief Financial Officer (CFO), joining the executive leadership team, where he will report to the company's Chairman & Chief Executive Officer, Nick Steffey. Based in Massachusetts, Carlson brings more than 20 years of financial leadership and insurance expertise towards his new role. He ... Read the full article
HCI’s Condo Owners Reciprocal Exchange gets ‘A’ rating from Demotech
4th January 2024
HCI-sponsored reciprocal insurer, Condo Owners Reciprocal Exchange (CORE), has secured a Financial Stability Rating of ‘A’, Exceptional, from Demotech. Paresh Patel, HCI’s chairman and CEO, commented, “HCI has had a positive long-term relationship with Demotech that extends back over 15 years when Demotech initially provided a rating to HCI insurance subsidiary, ... Read the full article
Enact enters into new quota share reinsurance agreement
4th January 2024
Enact Holdings, Inc., the private mortgage insurer through its insurance subsidiaries, has entered into a quota share reinsurance agreement with a broad panel of highly rated reinsurers. This transaction is done by the company through its flagship legal entity, Enact Mortgage Insurance Corporation. Enact will cede approximately 21% of a portion of ... Read the full article
Kingstone completes quota share reinsurance program for 2024
4th January 2024
P&C insurance holding company Kingstone has announced that its quota share reinsurance program for 2024 has been fully placed. Meryl Golden, Kingstone CEO, stated, "I am delighted to let you know that Kingstone has finalized its quota share reinsurance treaties for 2024. "Under the new agreements, Kingstone will cede, subject to certain ... Read the full article
Gallatin Point and American Family partner on reciprocal insurer TRUE
3rd January 2024
Private investment firm Gallatin Point Capital and insurer, American Family Insurance Group, have successfully closed a new partnership whereby funds managed by Gallatin Point will acquire a majority stake in the attorney-in-fact for Trusted Resource Underwriters Exchange (TRUE). TRUE is a reciprocal insurer established by American Family in 2020 to serve ... Read the full article
Insurers settle 87% of claims from Cyclone Gabrielle & Auckland Anniversary: ICNZ
29th December 2023
Insurers have successfully settled 87% of all private insurance claims stemming from the Auckland Anniversary weekend and Cyclone Gabrielle weather events, according to the Insurance Council of New Zealand (ICNZ). These two incidents stand out as the largest insurance weather events in Aotearoa's history, leaving a notable impact on property and ... Read the full article
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