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Allstate reports net loss of $310m in Q4 results

2nd February 2023

US primary insurer Allstate has posted a net loss of $310 million for Q4 of 2022, primarily driven by auto insurance underwriting losses. This compares to a net income of $790 million in the same quarter of 2021. Adjusted net loss was $359 million, or $1.36 per diluted share, compared to adjusted ... Read the full article

Slide acquires Florida renewal rights & intellectual property from UPC

1st February 2023

Full-stack insurtech Slide Insurance has acquired the exclusive renewal rights for over 91,400 Florida homeowners insurance policies from UPC Insurance. Slide suggests that the acquired policies represent $272 million in annual premium, bringing its total in-force premium value to $560 million. Under the terms of the transaction, UPC will cancel most of ... Read the full article

CoreLogic appoints Selma Hepp as Chief Economist

27th January 2023

CoreLogic, a global provider of property information, analytics, and data-enabled solutions, has appointed Selma Hepp as Chief Economist. In July 2022, she was named interim chief economist. Prior to her interim role, Hepp served as an executive of research and insights in the Office of the Chief Economist. Within her role, she leads ... Read the full article

Florida Peninsula closes $70mn of senior credit facilities

26th January 2023

The Florida Peninsula Insurance family of companies has closed on $70 million of senior credit facilities. Leading the transaction was Regions Bank, followed by Synovus who was the joint lead arranger, The facilities consisted of a $40 million term loan, a $20 million delayed draw term loan, and a $10 million line ... Read the full article

Moody’s RMS estimates $5-7bn in economic losses from California flooding

25th January 2023

Global catastrophe and risk modelling solutions firm, Moody’s RMS estimates total US economic losses from the recent California flooding to be between $5-7 billion. This estimate reflects inland flood impacts for the US, which includes damage to infrastructure. The insured losses are anticipated to be between $0.5-1.5 billion, including losses to ... Read the full article

FutureProof appoints Ram Keralapura as Chief Technology Officer

23rd January 2023

FutureProof, a climate-focused MGA, has appointed Dr. Ram Keralapura as its new Chief Technology Officer. Dr. Keralapura brings nearly two decades of engineering, data science and leadership experience towards the role. Additionally, he also brings a deep level of expertise in cybersecurity, complex risk analysis, and building digital platforms towards the ... Read the full article

California flooding losses to exceed $30bn, just $1bn to be insured: Argenta

19th January 2023

Only $1bn is expected to be insured from an estimated economic loss of over $30bn caused by fierce storms, torrential rain, high winds and flooding that the state of California has experienced since late December 2022, according to Argenta analysts. These events have pushed thousands of people to evacuate their homes, ... Read the full article

Allstate falls to Q4 loss as Storm Elliott drives $779m cat bill

19th January 2023

US primary insurer Allstate has reported a preliminary net loss for the fourth quarter of 2022, as costs from Winter Storm Elliott contributed to an overall catastrophe loss of $779 million for the Q4 period, pre-tax. The company estimates its overall Q4 loss at between $285 million and $335 million, or ... Read the full article

Kin launches home & property insurance offering in South Carolina

18th January 2023

Digital insurer, Kin has announced its expansion into South Carolina. The insurer is set to enter the US state, where it will offer a seamless way for homeowners and landlords to protect their most valuable assets, despite being exposed to several risks. South Carolina’s proximity to the Atlantic Coast makes it extremely ... Read the full article

California flooding will shine a spotlight on private flood insurance: AM Best

18th January 2023

A report from AM Best has suggested that the historic ongoing flooding in California highlights a need for a robust private flood market. Since late December, California has been hit with extreme rain and winds, leaving entire neighbourhoods under water, downing trees, and causing severe mudslides. AM Best's report explains that the ... Read the full article

Hippo completes 2023 reinsurance placement on improved terms despite difficult market

18th January 2023

Home insurance group, Hippo, has announced the successful placement of its reinsurance program for the year ahead, which, in spite of challenging market conditions, includes a 32% rise in per-occurrence excess of loss (XoL) limit within the carrier's non-proportional treaty. "In one of the most difficult reinsurance markets in the last ... Read the full article

US commercial and personal lines both see rates up 5% in Q4: MarketScout

9th January 2023

New data from MarketScout, a managing general agent, Lloyd's coverholder and wholesale broker, shows that composite rate increases for both US commercial and personal lines insurance were up by more than 5% through the fourth quarter of the year. The composite rate for US commercial insurance rates was up 5.1% in ... Read the full article

Storm Elliott to have limited impact on Lloyd’s syndicates: Argenta

5th January 2023

Argenta Holdings, the Lloyd's service company, managing agent and syndicate owner, has predicted that Winter Storm Elliott in North America will have only a “limited impact” on the Lloyd’s syndicates market. Reflecting on KCC’s insured loss estimate of $5.4 billion, Argenta says at this level primary carriers will generally not ... Read the full article

Florida market policyholders surplus sees 23.5% deterioration in Q3: Gallagher Re

22nd December 2022

According to Gallagher Re's Q3 Florida Market Watch report, the state's personal property carriers are facing further turmoil this year, with policyholders surplus (PHS) down 23.5% from $12.0Bn to $9.2Bn across the group. Gallagher Re writes that all subgroups have had PHS decreases ranging from 23.5%-32.5% year-to-date, aside from the Florida ... Read the full article

Long-term relief coming for Florida insurance market – AM Best

21st December 2022

A new report from AM Best says that the recent insurance market reforms in Florida mean that long-term relief is drawing nearer, but the state remains buffeted by near-term headwinds. The note follows recent reforms in the state, which Reinsurance News has written on in recent days. Now, AM Best ... Read the full article