Reinsurance News
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Avatar to acquire Centauri’s coastal underwriting units
16th January 2020
Avatar Partners LP, the parent of Florida's Avatar Property & Casualty Insurance Company, is set to acquire Centauri Specialty Insurance Company and its Louisiana-based subsidiary, Centauri National Insurance Company. Centauri Specialty Insurance Company is part of Centauri Specialty Insurance Holdings, Inc., a Delaware-based holding company. The firm was established in 2006 in ... Read the full article
Weston Insurance to acquire Anchor P&C subsidiary
15th January 2020
Specialty insurer, Weston Insurance Holdings Corporation, is set to acquire Anchor Specialty Insurance Company, a subsidiary of Anchor Property & Casualty Insurance Company. In light of the impending acquisition, financial analysis firm Demotech has announced that the Financial Stability Rating (FSR) of A, Exceptional, assigned to Anchor Specialty is being sustained. Demotech's ... Read the full article
HCI Group subsidiary to acquire policies of P&C insurer Anchor
14th January 2020
Florida-headquartered HCI Group has announced that its subsidiary, Homeowners Choice Property & Casualty Insurance Company, will acquire the insurance policies of Anchor Property & Casualty Insurance Company. A purchase price was not disclosed and, according to reports filed with regulators last year, Anchor had 43,209 policies in force representing approximately $69 ... Read the full article
California extends insurance non-renewal laws to more wildfire-exposed areas
20th December 2019
California has extended its mandatory protections from insurance non-renewals into new areas in both the north and south of the state following recent wildfire disasters. Insurance Commissioner Ricardo Lara claimed that more than one million homes across California will now be protected by the non-renewal law, which was first introduced last ... Read the full article
CoreLogic integrates HOVER 3D tech into underwriting platform
10th December 2019
Property information and analytics provider CoreLogic has announced the integration of HOVER property measurement and 3D technology into its 'UnderwritingCenter' platform for insurance clients. Via the HOVER app users are able to send images of a property and receive accurate measurement, including the total living area down to the inch, as ... Read the full article
California imposes non-renewal moratorium after wildfire crisis
6th December 2019
California has issued a mandatory one-year moratorium on insurance companies non-renewing policyholders in a bid to provide temporary relief to residents hit by recent wildfires. Insurance Commissioner Ricardo Lara believes the moratorium will help at least 800,000 homes in wildfire disaster areas in Northern and Southern California, while helping to stabilise ... Read the full article
Fednat completes takeover of 1347’s insurance operations
3rd December 2019
Florida-based FedNat Holding Company has successfully completed its acquisition of the homeowners insurance operations 1347 Property Insurance Holdings, Inc. (1347 PIH) for $51 million. The deal, first announced in February 2019, sees FedNat take over Maison Insurance Company, Maison Managers, Inc., and ClaimCor LLC (collectively Maison). Maison is a property and ... Read the full article
SageSure names Paul VanderMarck as Chief Tech & Innovation Officer
3rd December 2019
SageSure Insurance Managers, an independent US residential property managing general underwriter, has announced the appointment of Paul VanderMarck as Chief Technology and Innovation Officer. In this role, VanderMarck will lead the teams responsible for SageSure's proprietary technology platform. He will also drive the company's broader innovation strategy, including developing partnerships with emerging ... Read the full article
Florida claims settlements consistent despite hurricane losses: Demotech
26th November 2019
Florida focused property insurers are closing claims at a pace consistent with prior years despite the major storm losses of 2016, 2017 and 2018, according to a new study by financial analysis firm Demotech. The study, which used data from S&P Global, compiled information from the annual statements of 91 insurance ... Read the full article
Moody’s stable on US P&C personal insurance in 2020
22nd November 2019
Moody’s Investors Service has assigned a stable outlook to US property and casualty (P&C) personal insurance in 2020, reflecting ample capital, effective risk management, and evolving technology. Analysts noted that personal auto insurers reported good profitability for the majority of 2019, owing to cumulative rate increases and better than expected loss ... Read the full article
California issues emergency notice to expedite wildfire claims
21st November 2019
California has issued an emergency notice to all property and casualty (P&C) insurers doing business in the state, requesting they expedite claims handling to help wildfire survivors rebuild more quickly. Insurance Commissioner Ricardo Lara has asked insurers to provide greater flexibility concerning deadlines and documentation for those affected by the fires. Proposals ... Read the full article
FedNat hits 105.5% CR off nat cats, reinsurance costs
6th November 2019
Florida-based primary insurer FedNat Holding Company has reported a combined ratio for the third quarter of 105.5%, driven by 3.4 points of higher net catastrophe losses and 6.8 points from higher catastrophe reinsurance ceded premiums. The firm in the previous quarter of this year cited “severe and unusual” cat events ... Read the full article
Accredited strikes program underwriting partnership with MG Skinner
28th October 2019
Accredited Surety and Casualty Company, the Florida-based subsidiary of Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings, has entered into a new program partnership with M. G. Skinner & Associates Insurance Agency. The deal will see Accredited become the issuing carrier on behalf of MG Skinner for Directors & ... Read the full article
Hiscox illustrates threat of rising sea levels with FloodPlus AR app
24th October 2019
Specialist insurer Hiscox has developed a new app designed to illustrate the potential threat of global sea level rises. FloodPlus AR utilises Augmented Reality to demonstrate the impact a 2.4 meter sea level rise - an increase predicted by certain climate experts - would have on the Hudson County area of ... Read the full article
P&C rate increases climb to 4% in third quarter: MarketScout
9th October 2019
US property and casualty (P&C) insurers continued to see rate increases in almost every industry and line of coverage during the third quarter of 2019, according to analysts at MarketScout. The composite rate increase in Q3 was 4%, climbing from 3% in the previous quarter. By line of coverage, auto underwriters increased ... Read the full article