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FedNat estimates $48.3mn Q2 cat loss
21st July 2020
Florida based primary insurer FedNat is anticipating catastrophe losses in the second quarter to reach $48.3 million, net of all recoveries, including reinsurance. These catastrophe losses were driven by severe weather events that occurred during the second quarter in states in which the company does business, including Florida ($21.5mn), Texas ($14.6mn) ... Read the full article
US commercial prices rise during Q2: MarketScout
21st July 2020
The US composite commercial property and casualty rates increased slightly from up 4.5% in the first quarter 2020 to up 4.8% in the second quarter, according to analysis by MarketScout. MarketScout Chief Executive Officer Richard Kerr notes how, while Almost all US insurers are assessing rate increases, surplus lines insurers are ... Read the full article
Strong June 1, July 1 property cat reinsurance rate increases: KBW
13th July 2020
Analysis by KBW shows the second quarter 2020 reinsurance renewals, most prominently the Florida-focused June 1 and broader, southeastern US-focused July 1, included significant property catastrophe reinsurance rate increases. Analysts think these increases reflect a number of related factors, including the fact reinsurance capital providers (both traditional reinsurers and insurance linked securities ... Read the full article
ReAlign acquires National Lloyds, American Summit Insurance Companies
9th July 2020
ReAlign Insurance Holdings, a new insurance holding company formed by ReAlign Capital Strategies, has completed its acquisition of National Lloyds Insurance Company (NLIC) and American Summit Insurance Company (ASIC) from Align NL Holdings. Both are Texas-domiciled admitted insurance firms that write specialty personal property insurance including homeowners, low value dwelling, mobile and ... Read the full article
COVID-19 to compound Florida property insurers’ woes: AM Best
7th July 2020
The numerous headwinds in Florida's property insurance market have become more complex amid the COVID-19 pandemic, according to a new report by AM Best. Challenges such as higher reinsurance pricing and social inflation continue to challenge the financial strength of Florida's personal property writers and impact coverage availability and affordability in the ... Read the full article
NZ Earthquake Commission renews $6.2bn reinsurance programme
18th June 2020
New Zealand's Earthquake Commission (EQC) has announced the successful renewal of its NZ$6.2 billion reinsurance programme for 2020-2021. The reinsurance will cover disaster events such as earthquakes, tsunamis and volcanic eruptions. This year's programme is a renewal of the upsized 2019-2020 reinsurance programme. EQC's Chief Executive Officer (CEO), Sid Miller, said: "International ... Read the full article
US P/C challenged despite segment’s overall improvement: AM Best
15th June 2020
Although the US property/casualty industry’s bottom-line underwriting performance improved noticeably in 2019, several individual lines of business are struggling to generate better results in the face of natural catastrophes and wildfires. A report from AM Best shows that some P/C lines of business such as homeowners multiperil and commercial multiperil, as well ... Read the full article
HCI secures larger reinsurance limit at renewals despite increasing rates
10th June 2020
HCI Group, Inc., a Florida-headquartered property and casualty insurer, grew the size of its catastrophe reinsurance cover by approximately 31% at the mid-year 2020 renewals, securing a total limit of $1.93 billion on a first and second event basis. HCI's two insurance subsidiaries, Homeowners Choice Property & Casualty Insurance Company, Inc. ... Read the full article
Calif. Insurance Commissioner opposes new wildfire bill; warns of unfair rates
8th June 2020
California Insurance Commissioner, Ricardo Lara, alongside the California Department of Insurance and a host of other organisations, have stressed that a new wildfire bill set to be voted on this week would harm policyholders in the region with higher rates. Assembly Bill 2167 is scheduled to be voted on by the ... Read the full article
Stonybrook Capital advises on Anchor Specialty sale
8th June 2020
Stonybrook Capital has announced its role as exclusive strategic and financial advisor to Anchor Insurance Holdings (AIH) on their sale of Anchor Specialty Insurance Company to Weston. A purchase price was not originally disclosed and, according to reports filed with regulators last year, Anchor had 43,209 policies in force representing ... Read the full article
Pandemic to drive significant mortgage reinsurance losses: AM Best
4th June 2020
Analysts at AM Best believe that the COVID-19 pandemic will drive “significant” losses for US mortgage reinsurance business, even as the eventual impact still remains unclear. The rating agency predicts that delinquencies will increase dramatically in the second quarter of 2020 due to forbearance and job losses. While forbearance, loan modifications, and ... Read the full article
InsurTech Hippo adds Spinnaker to family of companies
3rd June 2020
Hippo, the California-headquartered, homeowners focused InsurTech, has entered into a definitive agreement, pending regulatory approval, to acquire Spinnaker Insurance Company. Founded in 2015, Hippo looks to transform home insurance and ownership by providing a more efficient and affordable service to U.S. homeowners. Since 2017, Hippo Insurance Services has partnered with Spinnaker as ... Read the full article
FedNat agrees terms of cat reinsurance renewal, cites hardening market
2nd June 2020
FedNat Holding Company (FedNat) has announced the terms of the renewal of its 2020-2021 catastrophe reinsurance program, securing $1.3 billion of single-event reinsurance coverage and aggregate coverage of up to $1.9 billion. The aggregate reinsurance limit of $1.9 billion represents a slight increase on the previous year, while the single-event cover, ... Read the full article
Storm surge threatens 7.4mn US homes in 2020: CoreLogic
28th May 2020
Ahead of the 2020 hurricane season, property information and analytics provider CoreLogic has estimated that 7.4 million US homes could be at risk of storm surge and possible mandatory evacuation. Together, these homes have an estimated reconstruction cost value (RCV) of $1.8 million, according to analysts. But with the Atlantic hurricane season ... Read the full article
Hurricanes and pandemics are “not a good mix”, warns KCC
27th May 2020
On balance, both losses and loss adjustment expenses from hurricanes will increase as a result of the challenges and disruption being caused by the COVID-19 pandemic, says Karen Clark & Company (KCC) in a new report. Numerous forecasters have said that it's likely the 2020 Atlantic hurricane season will see ... Read the full article
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