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U.S. homeowners insurance remains growth engine, says Aon

18th October 2017

U.S. homeowners insurance has remained a growth engine within the otherwise highly saturated U.S. re/insurance markets, with premiums expected to reach $93 billion in 2017, according to Aon’s Homeowner’s ROE Outlook report. This represents a $2 billion growth in premiums from 2016, and shows rate of market growth has been stable ... Read the full article

Allstate’s Harvey estimate suggests $4.5bn auto & homeowners loss: Credit Suisse

25th September 2017

Following insurer Allstate's announced estimated net $553 million hit from the impacts of hurricane Harvey, Credit Suisse analysts have suggested that the personal lines industry loss could reach $4.5 billion. The combined auto and homeowners' insurance industry loss from hurricane Harvey, based on Allstate's estimates, "implies" a personal lines loss ... Read the full article

National General enters into auto & homeowners quota shares with panel of reinsurers

13th July 2017

National General Holdings Corp. has entered into individual two-year quota share reinsurance arrangements with a number of reinsurers, including Hannover Re, Munich Re and Everest Re, covering its auto and homeowners business lines. The first two-year quota share reinsurance agreement concerns National General's auto business, the Auto Quota Share Agreement, and sees the ... Read the full article

Flood Re helps flood hit homeowners access more insurance options

4th July 2017

Flood Re, the UK's government-backed flood reinsurance scheme, said that it has provided reinsurance to back almost 130,000 insurance policies since its launch and assisted homeowners to get more quotes and options when looking to purchase insurance. At the end of its first full year of operations, Flood Re said that ... Read the full article

Loss costs to shrink homeowners’ margins, but reinsurance prices to stabilise rates

18th April 2017

Rising loss cost inflation among U.S. homeowners insurers is expected to result in shrinking margins for the group throughout 2017, but large rate increases may be fended off thanks to the stabilising effect of cheaper property reinsurance. Higher severity losses in the U.S. homeowner insurance market, excluding the impact of catastrophes, ... Read the full article

Allstate reports net loss of $310m in Q4 results

2nd February 2023

US primary insurer Allstate has posted a net loss of $310 million for Q4 of 2022, primarily driven by auto insurance underwriting losses. This compares to a net income of $790 million in the same quarter of 2021. Adjusted net loss was $359 million, or $1.36 per diluted share, compared to adjusted ... Read the full article

Slide acquires Florida renewal rights & intellectual property from UPC

1st February 2023

Full-stack insurtech Slide Insurance has acquired the exclusive renewal rights for over 91,400 Florida homeowners insurance policies from UPC Insurance. Slide suggests that the acquired policies represent $272 million in annual premium, bringing its total in-force premium value to $560 million. Under the terms of the transaction, UPC will cancel most of ... Read the full article

CoreLogic appoints Selma Hepp as Chief Economist

27th January 2023

CoreLogic, a global provider of property information, analytics, and data-enabled solutions, has appointed Selma Hepp as Chief Economist. In July 2022, she was named interim chief economist. Prior to her interim role, Hepp served as an executive of research and insights in the Office of the Chief Economist. Within her role, she leads ... Read the full article

Florida Peninsula closes $70mn of senior credit facilities

26th January 2023

The Florida Peninsula Insurance family of companies has closed on $70 million of senior credit facilities. Leading the transaction was Regions Bank, followed by Synovus who was the joint lead arranger, The facilities consisted of a $40 million term loan, a $20 million delayed draw term loan, and a $10 million line ... Read the full article

Moody’s RMS estimates $5-7bn in economic losses from California flooding

25th January 2023

Global catastrophe and risk modelling solutions firm, Moody’s RMS estimates total US economic losses from the recent California flooding to be between $5-7 billion. This estimate reflects inland flood impacts for the US, which includes damage to infrastructure. The insured losses are anticipated to be between $0.5-1.5 billion, including losses to ... Read the full article

FutureProof appoints Ram Keralapura as Chief Technology Officer

23rd January 2023

FutureProof, a climate-focused MGA, has appointed Dr. Ram Keralapura as its new Chief Technology Officer. Dr. Keralapura brings nearly two decades of engineering, data science and leadership experience towards the role. Additionally, he also brings a deep level of expertise in cybersecurity, complex risk analysis, and building digital platforms towards the ... Read the full article

California flooding losses to exceed $30bn, just $1bn to be insured: Argenta

19th January 2023

Only $1bn is expected to be insured from an estimated economic loss of over $30bn caused by fierce storms, torrential rain, high winds and flooding that the state of California has experienced since late December 2022, according to Argenta analysts. These events have pushed thousands of people to evacuate their homes, ... Read the full article

Allstate falls to Q4 loss as Storm Elliott drives $779m cat bill

19th January 2023

US primary insurer Allstate has reported a preliminary net loss for the fourth quarter of 2022, as costs from Winter Storm Elliott contributed to an overall catastrophe loss of $779 million for the Q4 period, pre-tax. The company estimates its overall Q4 loss at between $285 million and $335 million, or ... Read the full article

Kin launches home & property insurance offering in South Carolina

18th January 2023

Digital insurer, Kin has announced its expansion into South Carolina. The insurer is set to enter the US state, where it will offer a seamless way for homeowners and landlords to protect their most valuable assets, despite being exposed to several risks. South Carolina’s proximity to the Atlantic Coast makes it extremely ... Read the full article

California flooding will shine a spotlight on private flood insurance: AM Best

18th January 2023

A report from AM Best has suggested that the historic ongoing flooding in California highlights a need for a robust private flood market. Since late December, California has been hit with extreme rain and winds, leaving entire neighbourhoods under water, downing trees, and causing severe mudslides. AM Best's report explains that the ... Read the full article