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Enact Mortgage completes $180m XOL reinsurance deal

9th March 2023

Private mortgage insurance provider Enact Holdings has announced that its flagship legal entity, Enact Mortgage Insurance Corporation, has secured $180 million of additional excess of loss (XOL) reinsurance coverage. This credit risk transfer (CRT) transaction covers a portion of current and expected new insurance written for the 2023 book year and ... Read the full article

US P&C industry continues to show resilience despite continual challenges: AM Best

8th March 2023

A new report from AM Best has shown that weather-related losses persisted for the US property & casualty (P/C) insurance segment in 2022, which ultimately pressured financial results in a year that also witnessed a 40-year high for inflation, and the second costliest catastrophe event on record. According to the report, ... Read the full article

Property claim repair time & severity testing insurers’ digital tools: J.D. Power

3rd March 2023

A recent study by J.D. Power has shown that a combination of severe catastrophic losses, supply chain-related delays, and inflation has conspired to make 2022 the worst year financially for homeowners insurance providers in the past decade. According to analysts, the combination of more severe events, as well as rising costs ... Read the full article

AXA XL strengthens US Mid-Market team with senior hires

2nd March 2023

AXA XL Insurance has bolstered its U.S. Mid-Market business with the additions of Bennett Turner as Head of Strategy & Operations and Christopher Fallon as Head of Analytics. Turner joins AXA XL from Liberty Mutual where he most recently led its Equipment Breakdown business including direct insurance and reinsurance for commercial ... Read the full article

Universal reports $25m net income in Q4

24th February 2023

Universal Insurance Holdings has reported a net income of $25.1 million for the fourth quarter of 2022, up from a net loss of $48.1 million in the prior year quarter. The company also reported an adjusted net income of $22.1 million, up from adjusted net loss of $47.8 million in the ... Read the full article

Liberty Mutual sees dip in net income in Q4 results

23rd February 2023

Liberty Mutual Holding Company Inc., (LMHC) and its subsidiaries has reported net income attributable to LMHC of $612 million for the fourth quarter of 2022, a 15.2% decrease from $722 million from the prior year quarter. Net written premium (NWP) for the quarter was $11.524 billion, representing a 4.5% rise from $11.028 billion ... Read the full article

Lemonade posts 64% top line growth in Q4, as loss ratios improve

23rd February 2023

Lemonade has reported a 64% increase in in-force premium for the fourth quarter of 2022, alongside improvements in its loss ratios and a narrower net loss. Premiums totalled $625.1 million at the end of Q4, with Lemonade attributing the increase to a 27% increase in the number of customers as well ... Read the full article

Florida’s residential property marketplace has been redefined, says Demotech

22nd February 2023

Florida's residential property insurance marketplace has been "redefined" following an "impressive" series of meaningful legislative reforms, suggests rating agency Demotech. Demotech states that under the leadership of Governor Ron DeSantis, Senate President Kathleen Passidomo, and House Speaker Paul Renner, the calendar year 2022 was a "year to remember" for the policyholders ... Read the full article

Orion180 transitions from MGU to standalone carrier

21st February 2023

Orion180, a premier insurance solutions provider has announced that it has transitioned from managing general underwriter (MGU) to standalone carrier by launching Orion180 Insurance Co., an Indiana-domiciled company. This strategic shift showcases how Orion180 is developing further on its long-term strategy of becoming an independent insurance company, enabling its sustained growth ... Read the full article

NZ EQC does not expect reinsurance to be triggered on floods and cyclone

20th February 2023

Chris Chainey, Chief Financial Officer of Toka Tū Ake EQC, has said that he does not expect the recent flooding and cyclone events that impacted New Zealand to trigger its reinsurance protection. Speaking to our ILS-focused sister publication, Artemis, Chainey acknowledged that the devastating events would be “significant” for the insurance ... Read the full article

Home and auto insurance premium rates to rise significantly: Triple-I

20th February 2023

Auto and home insurance rates in the US lagged behind the inflation rate in 2020 and 2021, laying the groundwork for the premium increases which occurred last year and will continue into 2023, according to the Insurance Information Institute (Triple-I). In its latest Issues Brief, Triple-I analysts stated that if premium ... Read the full article

New Florida law could reduce insurance costs, says Triple-I

17th February 2023

According to an Issues Brief from the Insurance Information Institute (Triple-I), a new Florida law and proposals announced this week have the potential to reduce the cost of homeowners insurance in the state. Addressing Florida’s Property/Casualty Insurance Crisis, the Triple-I Issues Brief states that reforms put in place in 2022 and ... Read the full article

Kin Insurance reports 117% rise in GWP in full-year results

17th February 2023

Homeowners insurtech Kin Insurance has reported gross written premium (GWP) of $227.5 million in its full-year results, representing a 117% increase in year-over-year growth from 2021’s $104.8 million. Gross profit for the full-year was $68.2 million, which represents 130% growth compared to $29.6 million from 2021. Adjusted loss ratio on the Kin ... Read the full article

Allstate records $307m cat losses for January

16th February 2023

The Allstate Corporation has announced estimated pre-tax catastrophe losses of $307 million ($243 million after-tax) for the month of January 2023. The U.S. primary insurer stated that catastrophe losses for the month of January were estimated at $309 million, related to nine events primarily in Texas and California. According to Allstate, these ... Read the full article

Verisk expands claims ecosystem through integration with AI firm, Tractable

9th February 2023

Tractable, an industry-leading applied AI firm is teaming with leading global data analytics provider, Verisk, to offer AI-powered estimates for property damage. By integrating with Tractable, which uses computer vision technology to visually assess damages to homes, Verisk will be able to help accelerate insurance claims processing and home repairs. Launched last ... Read the full article