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FedNat falls to $73m loss, reports on Uri exposure
3rd March 2021
Florida based primary insurer FedNat has reported a net loss of $73.0 million for 2020 due to elevated catastrophe losses, high reinsurance costs and the adverse claims environment in Florida. For the Q4 period, FedNat reported a net loss of $32.9 million and an operating loss of $26.9 million. This included $31 ... Read the full article
Reinsurance will help insurers absorb unusually severe storm Uri losses: S&P
1st March 2021
Early insured loss estimates for the unusually severe winter storm Uri in the United States appear significant, but carriers should be able to absorb the shock thanks to robust capital levels and reinsurance protection, according to S&P Global Ratings. Winter storm Uri has caused significant disruption across a number of southern ... Read the full article
Uri could inflict record Q1 cat losses on US P/C insurers, says Fitch
25th February 2021
Fitch Ratings expects US property/casualty insurers to face record catastrophe losses for this year’s first quarter, following extensive property damage from winter storm Uri. The widespread scale and claims volume of the event could drive ultimate insured losses to a range of $10 billion to $20 billion, the ratings agency said. As ... Read the full article
Applied Underwriters’ Centauri Insurance acquires Gulfstream renewals
23rd February 2021
Centauri Insurance, a subsidiary of risk services firm Applied Underwriters, has acquired the renewal rights to 16,700 policies from Gulfstream Property and Casualty Insurance Company and Gulfstream Select Insurance Company. Gulfstream is a Florida-based insurance company that provides homeowners' insurance. The polices acquired by Centauri relate to business in Alabama, Read the full article
Kin Insurances reaches $10bn insured property value
19th February 2021
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has surpassed $10 billion in total insured property value. The company saw a 400% increase in direct written premiums in Q4 2020 over the previous year, and enjoyed a 92% renewal acceptance rate. “Kin’s growth is evidence ... Read the full article
US winter storm Uri set to inflict record-breaking, multi billion-dollar industry losses
19th February 2021
Winter storm Uri, currently wreaking havoc across southern US states, looks set to become the largest on record for re/insurers, potentially surpassing the cost of 2017’s hurricane Harvey. Storm Uri landed over the US’ President's Day weekend bringing damaging ice in the Northwest and snow across the Midwest and Northeast. Texas has ... Read the full article
TypTap receives New Mexico regulatory approval
16th February 2021
Florida insurtech and subsidiary of HCI Group, TypTap Insurance Company, has received regulatory approval to write homeowners insurance in New Mexico. The company, which provides homeowners and flood insurance, has planned a nationwide expansion which was announced last year. Since the beginning of 2019, TypTap’s premiums in-force for home-owners insurance, its ... Read the full article
FedNat puts Q4 cat losses at $31m, updates on reinsurance
15th February 2021
Florida based primary insurer FedNat has estimated that catastrophe weather losses incurred during the fourth quarter of 2020 will reduce its net income by $31.1 million, pre-tax. Losses were driven primarily by Hurricanes Delta, Zeta and Eta, which together impacted parts of Louisiana, Florida, Texas and Alabama. Louisana made up the largest ... Read the full article
Flood Re welcomes flood-resilience targets
8th February 2021
State-backed reinsurance scheme Flood Re has welcomed a report published by the Environment, Food and Rural Affairs (EFRA) Select Committee, which calls for clear flood-resilience targets. It explored different measures to help tackle flooding, which include continuing investment in new and maintenance of existing flood defences, as well as improvements in ... Read the full article
US MGA ShoreOne launches to tackle inadequate flood coverage
1st February 2021
ShoreOne, a new Massachusetts-based managing general agent, has announced its launch, combining traditional homeowners insurance with full flood coverage in a single policy. Its combined policy has been described as capable of filling the coverage gap affecting 4.8 million National Flood Insurance Program (NFIP) policyholders. ShoreOne will start in South Carolina, a ... Read the full article
Munich Re backs smart home tech firm Span
26th January 2021
Reinsurer Munich Re has led a funding round for smart home technology firm Span, raising $20 million to support growth and provide integrated energy solutions for homes. Span’s electrical panel enables users to monitor and control their home energy, promoting more convenient and sustainable living. Munich Re Venture’s HSB Fund was joined ... Read the full article
Storm Christoph losses could reach £120mn: PwC
22nd January 2021
Analysts at PwC have estimated that insurance industry losses from Storm Christoph in the UK will likely total between £80 million and £120 million. Christoph brought widespread flooding across England and Wales this week, prompting evacuations from a “large number” of homes in South Wales. About 2,000 homes in the Didsbury and ... Read the full article
American Integrity partners with Cape Analytics
21st January 2021
Florida-based property insurer American Integrity Insurance Company has partnered with Cape Analytics, allowing American Integrity to assess properties remotely to keep its agents, employees and customers safe, an essential capability throughout the COVID-19 pandemic. The insurer will be using Cape Analytics’ geospatial property intelligence, such as roof condition rating, roof geometry, ... Read the full article
Louisiana Citizens sees continued drop in policies, strong financial position
18th January 2021
Louisiana Citizens Property Insurance, the state-sponsored insurer of last resort, has reported itself to be in a strong financial position after enacting a proactive reinsurance strategy and leveraging models to select polices for depopulation. Insurance Commissioner Jim Donelon noted how Citizens, which covers properties that the private insurance industry won’t, is now ... Read the full article
Porch Group announces four strategic acquisitions
15th January 2021
Porch Group has announced four separate strategic acquisitions aimed at strengthening the company's expanding platform for home service companies and homeowners. Homeowners of America (HOA) is a Managing General Agent and insurance carrier hybrid operating in six states. Porch and HOA have executed a definitive merger agreement for Porch to acquire HOA ... Read the full article