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Travelers reports $975m net income in Q1 with net written premiums up 12%

19th April 2023

Primary insurance group The Travelers Companies, Inc. has reported net income of $975 million for the first quarter of 2023, which also included an elevated level of catastrophe losses of $535 million pre-tax and a one-time tax benefit of $211 million. The company’s net income went down 4% this Q1 2023 ... Read the full article

OIR approves Tailrow’s application to form as authorised domestic insurer

18th April 2023

The Florida Office of Insurance Regulation (OIR) has approved the application of HCI Group's Tailrow Insurance Company for the issuance of a permit to become an authorised domestic insurer and write homeowners multi-peril line of insurance in the state. This announcement marks Tailrow as the first company to be approved as ... Read the full article

Personal lines rates moderate through Q1: MarketScout

14th April 2023

Data from MarketScout shows that personal lines rates decreased slightly through the first quarter of 2023, with the US composite rate recorded at plus 5%. Homeowners and personal articles insurance on a composite basis were both down slightly in the Q1, analysts reported. But automobile insurance rates are increasing at plus 6.3% ... Read the full article

Home insurer Kin announces expansion into Mississippi

12th April 2023

Kin, a direct-to-consumer digital home and property insurer, has announced its expansion into Mississippi, a state that has been hit by a fair number of powerful tornadoes due to its location. In 2022, Mississippi was hit with 184 tornadoes and ranked third in the nation for tornado activity. Additionally, Mississippi has ... Read the full article

Higher reinsurance costs driving E&S property premiums: CRC

11th April 2023

In its 2023 state of the market report CRC Group’s analysts have highlighted that many E&S insurers in the personal property lines have been pushed to increase their premiums as a result of rising reinsurance rates, impacting customers and the possibility of them getting reasonably priced premiums. In the US, the ... Read the full article

Amwins partners with Kettle, PartnerRe on excess wildfire product for California

5th April 2023

Amwins Access, a binding and brokerage platform for the P&C industry, has launched the Excess Wildfire Product that has been designed to complement a self-insured retention plan or the California FAIR (or a similar) plan. Amwins has partnered with PartnerRe Insurance Solutions Bermuda Ltd., a global reinsurer, to offer its excess ... Read the full article

Orion180 raises additional $42.5m of capital

5th April 2023

Insurance solutions provider Orion180 has announced that it has closed on an inaugural $42.5 million senior secured credit facility led by Regions Bank. The senior secured credit facility will add to the capital base of both of Orion180’s carriers: Orion180 Insurance Co., an excess-and-surplus lines insurance carrier, and Orion180 Select Insurance ... Read the full article

California to increase commercial limits for FAIR Plan cedents

31st March 2023

Insurance Commissioner Ricardo Lara and the California FAIR Plan Association have agreed to increase commercial coverage limits to $20 million for businesses unable to find coverage in the normal insurance marketplace. This adjustment more than doubles existing coverage limit options for businesses in the state, which had not been adjusted in ... Read the full article

Struggle continued for U.S. personal auto & Florida specialists in 2022: Fitch

30th March 2023

Despite substantial premium growth for North American P&C insurers overall in 2022, the struggle continued for personal auto business and Florida homeowners insurers, suggest analysts at Fitch Ratings. According to the rating agency's review of the results for 40 North American re/insurers, the aggregate group combined ratio increased by 1.4 percentage ... Read the full article

Louisiana insurers pay out more than $23bn after 2020 & 2021 hurricane seasons: Triple-I

29th March 2023

According to a recent Issues Brief released by the Insurance Information Institute (Triple-I), Louisiana’s insurers paid out more than $23 billion after both the 2020 and 2021 hurricane seasons, driving a number of them into insolvency. Triple-I stated that twelve insurers that write homeowners coverage in Louisiana were declared insolvent between ... Read the full article

Cyclone Gabrielle claims reach $890m: ICNZ

24th March 2023

Cyclone Gabrielle, which impacted parts of New Zealand last month, has generated around 40,000 claims so far worth a collective $890 million, according to the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ). Provisional general insurance claims data for Gabrielle released by ICNZ shows that about $70 million ... Read the full article

Kin increases Series D round to $109mn

23rd March 2023

Kin, a direct-to-consumer home insurance company has announced that it has conducted a third close, an incremental $15 million, to its Series D round in the fourth quarter of 2022. The company confirmed that the investment came from Geodesic Capital, QED Investors, and additional investors, bringing the total Series D funds ... Read the full article

Porch applies to form reciprocal insurance exchange with Texas Department of Insurance

20th March 2023

Porch Group, Inc., a vertical software company has announced that its insurance business, Homeowners of America (HOA) has filed an application to form and license a Texas reciprocal insurance exchange with the Texas Department of Insurance (TDI). If the application is approved and fully implemented by Porch, its insurance underwriting business ... Read the full article

Canadian personal auto & property rates up through Q4

10th March 2023

The results of the latest Applied Rating Index by Applied Systems show that average premiums for both Personal Auto lines and Personal Property lines increased in Canada year over year in the fourth quarter of 2022. Quarter over quarter, premium rate change increased for both Personal Auto and Personal Property compared ... Read the full article

HCI Group reports Q4 2022 net income of $2.7m

10th March 2023

Florida-based HCI Group has reported a net income of $2.7 million in the fourth quarter of 2022, compared with a net income of $1.4 million, from the fourth quarter of 2021. At the same time, the company’s net loss for the year so far currently stands at $54.6 million compared to ... Read the full article