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HCI Group subsidiary assumes more than 53,000 policies from Florida Citizens

22nd November 2023

The largest subsidiary of HCI Group, Inc., Homeowners Choice Property & Casualty Insurance Company, has successfully assumed approximately 53,750 policies from Citizens Property Insurance Corporation, Florida's state-backed insurer. These assumed policies total roughly $196 million of in-force premium. The assumption is effective from November 21st, 2023, and is based upon an approval ... Read the full article

Rising repair costs & natural disasters making US home insurance less affordable: IRC

20th November 2023

A combination of both the growing frequency and severity of natural disasters, along with rising home repair costs and other economic factors, have contributed to less affordable homeowners insurance, according to a brief from the Insurance Research Council (IRC). The IRC, an affiliate of The Institutes, a provider of risk management and insurance ... Read the full article

KBRA assigns rating to new Florida insurer Orange

16th November 2023

Credit rating agency KBRA has assigned Orange Insurance Exchange, a new Florida-based insurer, an Insurance Financial Strength Rating (IFSR) of BBB, and given it a Stable Outlook. Launched in early November, Orange is a new domestic reciprocal property and casualty insurance company headquartered in Newberry, Florida. Headed by Chief Executive Officer, ... Read the full article

New Zealand home insurance doubles EQCover amid rising hazards

16th November 2023

In a significant move to bolster home insurance against natural disasters, New Zealand's Earthquake Commission (EQC) has successfully implemented a law change doubling EQCover for homes in 2022. The amendment saw the EQC building cover surge from $150,000 to $300,000 (+ GST), providing homeowners with enhanced protection against damage from named ... Read the full article

HCI Group posts Q3’23 net income vs year-ago net loss

8th November 2023

Florida-based insurtech HCI Group has reported a net income of $15.7 million in the third quarter of 2023, compared to a net loss net loss of $51.5 million in the second quarter of 2022. Adjusted net income was $16.5 million for the quarter, compared to an adjusted net loss of $51.2 ... Read the full article

Porch Group insurance carrier HOA released from regulatory supervision

6th November 2023

Software company Porch Group has announced that Homeowners of America Insurance Company (HOA), its wholly owned insurance carrier subsidiary, has been released from the Texas Department of Insurance (TDI) temporary regulatory supervision. According to the announcement, the TDI “is satisfied with HOA’s capital surplus, financials, and operating plan following Porch Group’s ... Read the full article

John Rollins appointed Anchor Insurance Holdings CEO

6th November 2023

The Board of Directors of Anchor Insurance Holdings have appointed John Rollins as Chief Executive Officer. Anchor was a provider of insurance coverage to homeowners in need, particularly those who live in storm-prone areas. The firm previously offered home insurance in 13 states, including South Carolina, Georgia, Mississippi, Louisiana, Texas, Oklahoma, Tennessee, ... Read the full article

Allstate posts narrower Q3 net loss despite rise in catastrophe losses

2nd November 2023

U.S. primary insurer Allstate has fallen to a net loss for the third quarter and first nine months of 2023, although the underwriting performance did improve in parts of the business during the quarter despite higher catastrophe losses year-on-year. Allstate has reported a net loss of $41 million for Q3 2023 ... Read the full article

California FAIR Plan partners with ZestyAI to determine appropriate pricing

30th October 2023

The California FAIR Plan Association, the state’s property “insurer of last resort,” has partnered with ZestyAI, a provider of climate and property risk analytics solutions, to access its wildfire risk analytics product to properly assess wildfire risk in the state. Through this partnership, FAIR Plan - the California Fair Access to ... Read the full article

White Mountains to acquire 70% stake in California MGA Bamboo

20th October 2023

White Mountains Insurance Group, Ltd. has entered into an agreement to acquire a majority stake in Bamboo Ide8 Insurance Services, LLC, a provider of homeowners' insurance for over 100,000 California policyholders. White Mountains is expected to invest approximately $285 million in the capital-light, tech and data-enabled insurance distribution platform, along with primary ... Read the full article

Canadian personal auto & property rates up through Q3’23: Applied Systems

20th October 2023

The results of the latest Applied Rating Index by Applied Systems shows that average premiums for both Personal Auto and Personal Property lines increased in Canada year over year in the third quarter of 2023. Quarter over quarter, premium rate change increased for both Personal Auto and Personal Property compared to ... Read the full article

Allstate estimates cat losses for September of $317m

19th October 2023

US primary insurer Allstate has announced estimated catastrophe losses for the month of September of $317 million and third quarter cat losses of $1.18 billion. The primary insurer’s September catastrophe losses include 17 events estimated at $357 million, with approximately 80% of the losses related to two wind and hail events, ... Read the full article

The Hanover reports estimated cat losses of $196m for Q3 2023

19th October 2023

The Hanover Insurance Group, Inc. has preliminary estimated catastrophe losses of $195.8 million, before taxes, for the third quarter of 2023, which translates to 13.7 points of net earned premium. Multiple convective storms across the Midwestern United States along with hail and wind damage have been attributed to the majority of ... Read the full article

Travelers reports Q3 net income of $404m despite underwriting loss

18th October 2023

Primary insurance group Travelers has reported a net income of $404m in the third quarter of 2023, driven by investment income growth, despite seeing an underwriting loss of $136m, as a result of higher catastrophes losses of $850m for the period. The insurer’s net income in Q3, lower due to core ... Read the full article

Florida residents the most dissatisfied home insurance customers: Clearsurance.com

9th October 2023

Florida has been ranked number one, compared to any other US state, in homeowners insurance dissatisfaction, a Clearsurance.com report has revealed. There are several issues that Florida homeowners encounter that make their home insurance situation more challenging than in other states, with hurricanes being one of the most significant risk factors. According ... Read the full article