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InsurTech Hippo adds Spinnaker to family of companies
3rd June 2020
Hippo, the California-headquartered, homeowners focused InsurTech, has entered into a definitive agreement, pending regulatory approval, to acquire Spinnaker Insurance Company. Founded in 2015, Hippo looks to transform home insurance and ownership by providing a more efficient and affordable service to U.S. homeowners. Since 2017, Hippo Insurance Services has partnered with Spinnaker as ... Read the full article
FedNat agrees terms of cat reinsurance renewal, cites hardening market
2nd June 2020
FedNat Holding Company (FedNat) has announced the terms of the renewal of its 2020-2021 catastrophe reinsurance program, securing $1.3 billion of single-event reinsurance coverage and aggregate coverage of up to $1.9 billion. The aggregate reinsurance limit of $1.9 billion represents a slight increase on the previous year, while the single-event cover, ... Read the full article
Storm surge threatens 7.4mn US homes in 2020: CoreLogic
28th May 2020
Ahead of the 2020 hurricane season, property information and analytics provider CoreLogic has estimated that 7.4 million US homes could be at risk of storm surge and possible mandatory evacuation. Together, these homes have an estimated reconstruction cost value (RCV) of $1.8 million, according to analysts. But with the Atlantic hurricane season ... Read the full article
Hurricanes and pandemics are “not a good mix”, warns KCC
27th May 2020
On balance, both losses and loss adjustment expenses from hurricanes will increase as a result of the challenges and disruption being caused by the COVID-19 pandemic, says Karen Clark & Company (KCC) in a new report. Numerous forecasters have said that it's likely the 2020 Atlantic hurricane season will see ... Read the full article
Forced BI claims would put “systemic strain” on the insurance industry: Triple-I CEO
22nd May 2020
The Chief Executive Officer (CEO) of the Insurance Information Institute (Triple-I), Sean Kevelighan, has warned that systematic strains would be placed on the insurance industry if carriers are forced to pay out retroactive claims. As the fallout surrounding business interruption (BI) insurance related to the COVID-19 pandemic has persisted, leaders from ... Read the full article
Palomar completes June reinsurance renewal
19th May 2020
Specialty property insurer Palomar Holdings has announced the successful completion of its June 1, 2020 reinsurance programs. The company procured $200 million of incremental limit for California earthquakes, $300 million of incremental limit for all earthquake zones, and $80 million of incremental windstorm limit. Reinsurance coverage now exhausts at $1.4 billion for ... Read the full article
HSCM Bermuda backs AIG’s Syndicate 2019 at Lloyd’s
11th May 2020
Hudson Structured Capital Management Ltd., the insurance-linked securities (ILS), reinsurance and transportation focused investment manager, has announced that it has provided capital support for Lloyd’s newly launched Syndicate 2019. The investment manager, which conducts its insurance and reinsurance business as HSCM Bermuda, says the move represents an opportunity to access the ... Read the full article
Fednat grows revenue 14%, continues to expand out of Florida
6th May 2020
Florida based primary insurer FedNat has increased its total revenue 14.3% to $14.5 million as it continues to focus on organic growth outside of its home state. This result compares with $101.2 million for the same period in 2019, with the increase driven by net premiums growth, partially offset by investment ... Read the full article
Heritage grows Q1 income, sees no virus impact
5th May 2020
Florida domiciled property and casualty (P&C) insurer, Heritage Insurance Holdings, Inc., has grown its Q1 income by 9.4% to $7.6 million, citing “virtually no impact” from the COVID-19 pandemic. The results reflected higher net premiums earned and a lower combined ratio, partly offset by lower investment gains and other income and ... Read the full article
AIG’s Syndicate 2019 at Lloyd’s approved to commence underwriting
4th May 2020
American International Group, Inc.'s (AIG) previously announced Lloyd's Syndicate 2019 has received approval to commence underwriting. Described by the insurer and reinsurer as a landmark Syndicate, AIG's Syndicate 2019 is the largest ever to be launched through the specialist Lloyd's of London re/insurance marketplace. The Syndicate will exclusively reinsure risks from ... Read the full article
COVID-19 to trigger major world economy contraction: MAPFRE
24th April 2020
The economic research division of re/insurer MAPFRE has sharply revised its forecasts for the world economy and expects an unprecedented impact on activity due to COVID-19. However its report does underline the uncertainty of the situation and says it is impossible to anticipate the results of economic and social policy decisions. The ... Read the full article
Tokio Marine HCC partners with CyberScout on new offering
23rd April 2020
Tokio Marine HCC, a member of Tokio Marine Group, has partnered with CyberScout to provide cyber insurance, cyber education, identity management and resolution services to insurance carriers throughout the US. CyberScout provides identity theft resolution, data defense and employee benefits services, and serves approximately 17.5 million households worldwide. With this new offering, ... Read the full article
Florida Southern Insurance joins the Patriot platform
21st April 2020
Patriot Growth Insurance Services, LLC has announced the addition of Florida Southern Insurance, LLC (FSI) to the Patriot platform, significantly expanding Patriot's existing property and casualty (P/C) insurance capabilities. FSI is a Florida-based full-service independent agency that provides a range of P/C insurance solutions, including auto, homeowners, business, flood and boat ... Read the full article
The Woodlands Insurance to acquire Gulfstream’s Texas homeowner book
17th April 2020
The Woodlands Insurance Company (TWICO) has completed a renewal rights agreement with Gulfstream Property & Casualty Insurance Company to acquire the company's book of homeowner business in Texas. Under the transaction, approximately $4 million of in-force gross written premium will be transferred to TWICO, which will start offering renewal terms for ... Read the full article
AM Best negative on US commercial lines, stable on personal lines
8th April 2020
AM Best has revised its outlook on the US commercial lines industry to negative from stable due to the impact of COVID-19, but has maintained a stable outlook on US personal lines. The rating agency does not expect significant claims activity in commercial lines owing directly to the pandemic, although virus-related ... Read the full article