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Slide fortifies financial position with additional $35m of capital

22nd June 2023

Full-stack homeowners insuretech Slide Insurance has announced the closing of a $35 million senior credit facility with Regions Bank. This investment fortifies the financial position of the Florida-based firm, according to the announcement. “Securing the capital structure to support our technology development and growth has been a key focus since our inception," ... Read the full article

AIG and Farmers join other insurers in pulling back from climate and cat exposed property risks

9th June 2023

Large insurers AIG and Farmers Group are pulling back from climate and catastrophe exposed property risks, joining other insurers that have either reduced or ceased offerings altogether in U.S. regions vulnerable to floods, storms, and wildfires, reports the Wall Street Journal (WSJ). The publication has reported that AIG is planning to ... Read the full article

Incline P&C Group secures $125 million investment from Braemont Capital to drive expansion

8th June 2023

Incline P&C Group, the leading insurance program market services firm, has secured a significant investment of $125 million from Braemont Capital. Braemont, known for partnering with exceptional companies during their growth inflection points, aims to support Incline in expanding its platform and remaining at the forefront of innovation in the insurance ... Read the full article

Florida Governor DeSantis signs new consumer protection legislation

7th June 2023

Florida Governor Ron DeSantis signed new consumer protection legislation that will “expand the state’s home hardening and hazard mitigation programs, and further protect consumers against bad actors.” DeSantis also announced the approval of an additional $100m in the 2023–24 General Appropriations Act for the My Safe Florida Home Program which provides ... Read the full article

Florida reinsurance market shows signs of recovery with strong rate momentum: Berenberg

5th June 2023

In a positive turn of events for the Florida reinsurance market, industry analysts from investment bank Berenberg have reported that the market is experiencing strong rate momentum and renewed interest from reinsurers. The current rate increases and expected profitability have attracted players such as Berkshire Hathaway, DE Shaw, Ariel Re, and ... Read the full article

CSU increases number of anticipated hurricanes for 2023 Atlantic season

2nd June 2023

An updated 2023 Atlantic hurricane season forecast recently released by Colorado State University (CSU) envisions a “near-average” level of tropical cyclone activity in the Atlantic basin between June and November. Led by Phil Klotzbach, PhD, a non-resident scholar at the Insurance Information Institute (Triple-I), the CSU forecast team released its initial 2023 seasonal outlook on April 13. The updated ... Read the full article

Hippo completes $110m debut catastrophe bond

1st June 2023

Spinnaker Insurance Company, a wholly owned subsidiary of Hippo Holdings Inc., has announced the successful sponsorship of Mountain Re Ltd. Series 2023-1 catastrophe bond. As part of the transaction, Spinnaker is entering into a reinsurance contract with Mountain Re that offers protection against a variety of perils, including named storms, fire ... Read the full article

VYRD confirms completion of 2023 Florida reinsurance program

1st June 2023

VYRD Insurance Co., an admitted Florida-domiciled Property and Casualty insurance firm, has successfully completed its 2023 reinsurance program for the upcoming Atlantic hurricane season. VYRD suggests that its reinsurance program "exceeds regulatory and rating agency requirements and provides coverage for multiple catastrophic events." The program runs from June 1, 2023, through May ... Read the full article

Toka Tū Ake EQC renews record reinsurance program, gets first cat bond

31st May 2023

New Zealand’s state-owned residential property disaster insurance entity, Toka Tū Ake EQC, has completed a renewal for a record level of reinsurance of just under $8.2 billion for New Zealand homeowners, including reinsurance via catastrophe bonds, which it has secured for the first time. Toka Tū Ake EQC Chief Executive, Tina ... Read the full article

Canadian personal auto & property rates up through Q1: Applied Systems

30th May 2023

The results of the latest Applied Rating Index by Applied Systems shows that average premiums for both Personal Auto and Personal Property lines increased in Canada year over year in the first quarter of 2023. Quarter over quarter, premium rate change decreased for both Personal Auto and Personal Property compared to ... Read the full article

State Farm stops writing California property, cites exposure & reinsurance challenges

29th May 2023

US primary insurance giant State Farm is ceasing to underwrite commercial and residential property in the State of California, citing exposure related issues and a challenging reinsurance market environment. The company said that its State Farm General Insurance Company, the firms homeowners insurer in California, will "cease accepting new applications including ... Read the full article

Slide Insurance places reinsurance program for 2023 hurricane season

26th May 2023

Full-stack homeowners insuretech Slide Insurance has completed its reinsurance program for the 2023 hurricane season, bolstering its ability to protect policyholders across Florida and South Carolina. According to Slide, its reinsurance program exceeds regulatory and rating agency requirements. The comprehensive reinsurance tower protects the firm to the 185-year return period, reduces retention ... Read the full article

Kin completes $860 million nat cat reinsurance program

25th May 2023

Homeowners insurtech Kin Insurance has announced the successful completion of its reinsurance program for the Kin Interinsurance Network in Florida. The program, covering the period from June 1, 2023, to May 31, 2024, offers extensive coverage of $860 million for natural catastrophes. This reinsurance initiative provides protection up to a one-in-200 year ... Read the full article

Florida renewal sees orderly process and price increases, driven by recent reforms: JMP Securities

22nd May 2023

The Florida insurance market is poised to experience a marked contrast during its June 1 renewal, characterised by an early and orderly process, according to JMP Securities. However, the renewal will also bring significant price increases as the market seeks to stabilise and address ongoing challenges, the report noted. Industry experts ... Read the full article

Flood Re launches ‘Be Flood Smart’ campaign in partnership with Environment Agency