Reinsurance News

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Heritage names Tim Johns as President & CEO of Zephyr Insurance

11th April 2018

Heritage Insurance Holdings, a property and casualty (P&C) re/insurance holding company, has named Tim Johns as the next President and Chief Executive Officer (CEO) of Zephyr Insurance Company. Johns will succeed Richard Toyama as head of Zephyr, which is a provider of residential hurricane re/insurance coverage in Hawaii. Johns is already familiar ... Read the full article

IBHS names FEMA’s Roy Wright as successive President and CEO

6th April 2018

The Insurance Institute for Business & Home Safety (IBHS) has named Roy E. Wright as the successor to Julie Rochman, who is retiring from her current role as company President and Chief Executive Officer (CEO) at the end of June 2018. Wright is currently Deputy Associate Administrator for Insurance and Mitigation ... Read the full article

U.S. commercial lines up 2% in Q1 2018: MarketScout

6th April 2018

Analysis by MarketScout reveals that year-on-year, commercial U.S. property and casualty (P&C) rates increased by 2% in the first-quarter of 2018, while personal lines insurers are tweaking pricing by line of coverage. MarketScout's first-quarter 2018 commercial insurance rate barometer shows an overall 2% P&C rate increase, which is in line with ... Read the full article

WMIH Corp and Nationstar Mortgage enter merger agreement

21st February 2018

WMIH Corp and Nationstar Mortgage Holdings with its flagship brand Mr. Cooper have announced that they have entered into a definitive merger agreement. WMIH Chief Executive Officer (CEO) Bill Gallagher, said; “Nationstar aligns perfectly with our acquisition strategy and has a strong track record of providing mortgage servicing and loan and ... Read the full article

Palomar Specialty expands Flex Choice earthquake cover to Mississippi & South Carolina

15th February 2018

Palomar Specialty Insurance has announced the expansion of its Flex Choice residential earthquake insurance product into Mississippi and South Carolina from its current offer in Arkansas, Illinois, Indiana, Kentucky, Missouri Tennessee and Utah. Flex Choice allows consumers to tailor make residential earthquake coverage to meet their specific needs. The bespoke earthquake cover offers homeowners ... Read the full article

California insurers told to honour wildfire-related mudslide claims

30th January 2018

California Insurance Commissioner Dave Jones has issued a formal notice to all property and casualty insurers as a reminder to honour mudslide, landslide, and debris flow claims if the wildfire can be shown to be the cause. "Californians have suffered greatly with all of the devastating losses from wildfires that struck ... Read the full article

Radian enhances reinsurance at renewal after proposed changes to PMIERs

18th January 2018

Radian Group subsidiary, Radian Guaranty, has announced enhancements to its Single-Premium Mortgage Insurance (MI) Reinsurance Program, in response to proposed changes to Private Mortgage Insurer Eligibility Requirements (PMIERs). The enhancements include an increased cession of business for its single-premium MI quota share reinsurance arrangement, which it entered into in 2016, from 35% to ... Read the full article

Growing prevalence of risk-based capital regimes to drive reinsurance demand: Aon Benfield

17th January 2018

Aon Benfield's 2018 reinsurance market outlook forecasts a continued modest upturn in reinsurance demand globally driven by the growing prevalence of risk-based capital regimes and emerging areas of risk transfer. Reinsurance demand could also benefit from modest global economic growth alongside heightened risk awareness following a record-setting catastrophe loss year. Additional demand ... Read the full article

Verisk’s ISO business expands personal lines flood insurance programme

12th January 2018

Verisk has launched a new personal lines flood insurance program designed to make flood coverage widely available to homeowners anywhere in the United States through its ISO business. "The floods of recent years have highlighted the inadequacy or complete lack of coverage for many Americans, including those who didn't think they ... Read the full article

InsurTech Hippo partners with Spinnaker to expand U.S. smart home cover

11th January 2018

California-based InsurTech firm Hippo announced a strategic partnership with Spinnaker Insurance Company, with the ambitious aim to expand its U.S. presence and smart home cover to over 60% of the population by the end of the year. The partnership - Spinnaker's first with an InsurTech - enables Hippo to leverage Spinnaker's ... Read the full article

A.M. Best maintains stable outlook for personal lines segment

9th January 2018

A.M. Best has maintained its stable outlook for the personal lines segment as it expects companies to be able to effectively navigate challenging market dynamics, despite the high level of catastrophe losses in 2017. 2017 was a challenging time for personal lines players, as both auto and homeowners' lines suffered from ... Read the full article

U.S. commercial P&C rates up by an average of 2% in Q4: MarketScout

8th January 2018

Analysis from MarketScout reveals that U.S. commercial property and casualty (P&C) insurance rates increased by an average of 2% in the fourth-quarter of 2017, compared with a 1% increase in the previous quarter and a 1.3% decline in Q4 2016. After the devastating impacts of third-quarter 2017 catastrophe events, underlined by ... Read the full article

AmWINS to acquire personal lines specialty MGA Seacoast Brokers

3rd January 2018

Specialty insurer AmWINS Group has reached an agreement to acquire personal lines specialty MGA Seacoast Brokers, LLC, with the transaction due to close following regulatory approval. Steven DeCarlo, Chief Executive Officer of AmWINS, said; “the addition of Seacoast to our AmWINS Access division significantly increases our personal lines products and services. “Seacoast’s ... Read the full article

California wildfires could trigger higher reinsurance rates: A.M. Best

22nd December 2017

Lines of business impacted by the California wildfires may see an uptick in pricing which could trigger higher reinsurance costs as pricing for perils such as smoke, ash, and brush fire may have to be re-evaluated along will terms and conditions for replacement cost values and living expenses, according to ... Read the full article

Australian government won’t intervene on cyclone re/insurance

19th December 2017

The Australian Turnbull Government has said that it "will not intervene directly in the insurance market" as a way to reduce insurance premiums in regions at high risk of impact from tropical cyclones, a Minister said yesterday. Under consideration had been the establishment of a mutual cyclone reinsurance company, backed by ... Read the full article