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‘Tasman Tempest’ storm drives NZ$62 million insured loss

19th July 2017

A storm that struck Auckland and the Coromandel, New Zealand over the 7th and 12th of May, 2017, has resulted in an insurance industry loss of NZ$62 million (roughly US$46 million), an increase of almost 48% from the provisional estimate, according to the Insurance Council of New Zealand (ICNZ). The storm, ... Read the full article

Re/insurance can help close Eastern Canada quake protection gap: Swiss Re

18th July 2017

A recent Swiss Re report highlighted the vulnerability of Eastern Canada to earthquake risk where it said a lack of awareness has led to a high protection gap in a region vastly exposed to high economic and social losses in the case of a major earthquake. A magnitude 7.3 earthquake in ... Read the full article

HCI insurance subsidiary gets approval to write flood insurance in Pennsylvania

18th July 2017

HCI insurance subsidiary, Homeowners Choice Property & Casualty Insurance Company, has received regulatory approval to write flood insurance in Pennsylvania. The re/insurers proposed rates and forms are still awaiting approval from State regulators before HCI can begin expanding into the Pennsylvania market. Last month the re/insurer announced plans to begin the regulatory ... Read the full article

Weather & fire losses expected to push Donegal Group to net loss in Q2

18th July 2017

Increased weather-related and large fire losses during the first six months of 2017, combined with reserving activity, is expected to push Donegal Group Inc. to report a net loss during the second-quarter of 2017. A statement from the company claims that weather-related losses added roughly $20.1 million to its losses for ... Read the full article

U.S. commercial rate movements continue positive trend in Q2: MarketScout

12th July 2017

U.S. commercial property and casualty (P&C) rates increased by an average of 1% year-on-year in the second-quarter of 2017, on the back of an average 1% increase in the first-quarter of the year, according to MarketScout and Keefe, Bruyette, & Woods (KBW). The average 1% increase witnessed in the second-quarter maintains ... Read the full article

Kingstone Companies completes reinsurance treaties under improved terms

12th July 2017

Property and casualty insurance holding company, Kingstone Companies, Inc., has announced that its subsidiary, Kingstone Insurance Company (KICO), has completed various reinsurance agreements for the treaty year commencing July 1st, 2017. According to a statement released by the company it secured increased reinsurance protection under improved terms, and also managed to further ... Read the full article

Assurant secures $1.36 billion catastrophe reinsurance program

11th July 2017

Assurant, Inc. has announced the completion of its 2017, $1.36 billion per-occurrence property catastrophe reinsurance program, enabling the firm to protect 2.8 million homeowners and renters policyholders against catastrophe risks. Assurant, an international provider of risk management solutions, explains that its 2017 global, property catastrophe reinsurance program includes base reinsurance premiums ... Read the full article

Drones “hugely powerful” for re/insurance; Chubb CEO Evan Greenberg

5th July 2017

Evan Greenberg, Chairman and CEO of Chubb called the use of drones "hugely powerful" for the re/insurance industry. Speaking at the MMC Young Professionals Forum 2017 on Thursday, Greenberg called attention to the potential of drones, the digitalisation revolution, and the importance for the future of the re/insurance industry of preserving the ... Read the full article

Federated National completes 2017-2018 catastrophe reinsurance programs

4th July 2017

Federated National Holding Company (FNHC) has announced the completion of its 2017-2018 catastrophe reinsurance programs, at an estimated cost of $180 million, and which provide $2.1 billion of aggregate coverage. Federated National's 2017-2018 reinsurance programs cover both Florida and non-Florida exposures, and are effective July 1st, 2017. This year's program includes ... Read the full article

HCI Group to expand flood insurance offering to nine additional states

23rd June 2017

HCI Group announced its begun the regulatory process to expand flood insurance from its sole Florida market into nine additional states including Arkansas, California, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, and Texas. Paresh Patel, HCI Group’s chairman and chief executive officer, said;  “A core part of our long-term ... Read the full article

Universal gets greenlight for New York underwriting operations

21st June 2017

The New York State Department of Financial Services has given Universal Insurance Holdings approval to begin underwriting property insurance in New York through its wholly-owned subsidiary Universal Property & Casualty Insurance Company (UPCIC). Universal Insurance Holdings Chairman and Chief Executive Officer Sean P. Downes said this marks an important step in ... Read the full article

Willis Towers Watson and Roost to set up Home Telematics Consortium

2nd June 2017

Insurance and reinsurance broker Willis Towers Watson has entered into an agreement with Roost - innovator in smart home technology - to establish a Home Telematics Consortium with 5-10 U.S. insurance carriers to help connect property insurers to the Internet of Things. The aim of the consortium is to combine household ... Read the full article

HCI secures 2017 reinsurance programme

2nd June 2017

HCI Group's insurance Subsidiary, Homeowners Choice Property & Casualty Insurance Company (Homeowners Choice), has completed its reinsurance placement for the 2017-2018 year, announcing a comprehensive programme that provides cover against hurricanes and other catastrophic losses up to $968 million for a first event. The first event element of the programme covers a probable ... Read the full article

Hurricane season to bring additional challenges to U.S. P/C industry: Fitch

1st June 2017

The U.S. property & casualty insurance industry is strongly capitalised and has the capacity to withstand what's expected to be an active hurricane season ahead despite the continued challenges of competitive pricing, said Fitch Ratings' in its 2017 hurricane season report. The agency cautioned, however, that a major catastrophic hurricane could be hard-hitting ... Read the full article

RenRe leads Sri Lanka natural disaster reinsurance program: Reports

31st May 2017

Renaissance Reinsurance Singapore, a division of the Bermudian reinsurance firm RenaissanceRe (RenRe), is the lead reinsurer on a 15 billion rupee (around $100m) renewal of the Sri Lanka governments natural disaster program. The program, which covers the entire country of Sri Lanka for natural disaster losses, is now entering in its ... Read the full article