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KBRA downgrades, withdraws ratings for Kingstone Insurance & Kingstone Companies

26th July 2022

KBRA has downgraded the insurance financial strength rating (IFSR) of Kingstone Insurance Company to BBB+ from A-, and issuer rating and the long-term credit rating of the senior unsecured notes of KICO’s publicly-traded parent, Kingstone Companies, Inc. to BB+ from BBB-. KBRA noted that the ratings reflect Kingstone’s sound investment income, ... Read the full article

Neptune Flood announces partnership with SIAA

20th July 2022

AI-driven flood insurtech Neptune Flood has announced a new partnership with SIAA (Strategic Insurance Agency Alliance), an US alliance of independent insurance agencies. With this partnership, SIAA members will have access to Neptune solutions for flood risk through SIAA MarketFinder, SIAA’s online member-only portal for difficult-to-place and specialty risk markets. According to ... Read the full article

FutureProof hires Joe Strickland as Head of Underwriting

19th July 2022

FutureProof, a climate-smart property & casualty (P&C) insurtech, has appointed Joseph Strickland as Head of Underwriting. He joins from AIG’s Lexington Specialty Insurance Agency where he served as Senior Vice President for Wholesale Property. Within that role he led regional property teams across the US. “Joe’s unique combination of Florida knowledge, deep ... Read the full article

Increased population in the path of hurricanes – Triple I

15th July 2022

The populations of Florida, South Carolina, Georgia, and Delaware are growing dramatically. And that puts a greater number of people in the paths of hurricanes, and increases the property damage a hurricane could cause in those states, according to a new report from Triple-I. The company, citing US census data from 2020, says the double-digit ... Read the full article

PCF Insurance acquires P&C MGA United Underwriters

12th July 2022

US insurance brokerage firm PCF Insurance Services (PCF), has announced the acquisition of Utah-based property and casualty managing general agent (MGA) United Underwriters. Founded in 1998, United Underwriters offers 150-plus agencies across the Western United States property and casualty MGA services and programs These include homeowners, renters, dwelling, commercial, personal umbrella, earthquake, ... Read the full article

US personal lines rate increases plus 5.16% in Q2 2022

6th July 2022

US personal lines rates stabilised in the second quarter of 2022 with rate increases of plus 5.16%, according to analysts at MarketScout. This percentage almost mirrors the 5.2% increase in the first quarter of 2022, MarketScout noted. Insureds in the US are experiencing rate increases partly as a result of inflation on ... Read the full article

Insurance premiums to reach record highs due to inflation, climate change – Matic

1st July 2022

Matic, an insurtech platform, says that home insurance premiums in the US are rising faster than ever before, increasing at a record rate of 5.5% between June 2021 and May 2022. According to Matic’s 2022 mid-year findings, which aggregated data from a random sample of 70,000 insurance policies, a ... Read the full article

Mid-year renewals a ‘near-perfect storm’ for buyers, ‘true hard’ property market to come: Aon

30th June 2022

Alongside a stable casualty reinsurance market, buyers experienced the most challenging specialty renewals in a generation and also capacity constraints in the property space, as reinsurer appetite for catastrophe risk fell materially at the mid-year renewals, reports insurance and reinsurance broker Aon. For buyers of protection, Aon describes a "near-perfect storm" ... Read the full article

SURE and SageSure launch Texas BOP offering

30th June 2022

SureChoice Underwriters Reciprocal Exchange (SURE) has launched a business owners policy (BOP) aimed at small- and medium-sized businesses in Texas that combines property and general liability coverage. According to the announcement, this is SURE’s - a coastal property reciprocal insurer whose policies are exclusively available through insurtech company SageSure - first ... Read the full article

Alpha Centauri and subsidiaries affirm commitment to Gulf Coast

24th June 2022

Applied Underwriters and its Centauri subsidiaries have affirmed a commitment to underwriting in the Gulf Coast markets, despite recent developments in the sector. The firm said its Centauri Specialty Insurance and Centauri National Insurance offshoots were still writing new business after ending 2021 with good results, entering 2022 with its 'A' ... Read the full article

Florida market “on verge of failure”: Triple-I

24th June 2022

Analysts at the Insurance Information Institute (Triple-I) have warned that Florida's insurance market is “on the verge of failure” despite recent efforts by lawmakers to mitigate its challenging conditions. Triple-I notes that re/insurers are contending with an overabundance of unneeded new roofs on homes and massive settlements on claims, meaning the ... Read the full article

US lightning claims continue downward trend, falling 15 percent between 2020 and 2021

23rd June 2022

More than $1 billion in lightning-caused US homeowners insurance claims were paid out in 2021, according to the Insurance Information Institute (the Triple-I). The sum was paid to 60,000-plus policyholders, with 40 percent of that figure ($523 million) attributable to California alone. Florida - the state with the most thunderstorms - remained ... Read the full article

Home insurer Openly secures $75m funding round

23rd June 2022

Homeowners insurance provider Openly, has closed a $75m Series C investment as part of its mission to empower independent insurance agents, according to the company. Backers include a mix of current and new investors, such as Advance Venture Partners, Clocktower Ventures, Obvious Ventures, Gradient Ventures, PJC Ventures, Techstars, and Mtech Capital. The ... Read the full article

United (UPC) shrinks cat reinsurance limit at renewal

20th June 2022

Property and casualty insurance holding company United (UPC Insurance) has disclosed details of its catastrophe reinsurance program for 2022/23, which includes a significant decrease in the occurrence-based limit for its aggregate cover. UPC purchased $2.524 billion of occurrence-based limit in the aggregate for its core cat program, representing a decrease of ... Read the full article

New Florida P&C litigated claims drop 14% in a month

17th June 2022

New litigated claims have fallen 14% since April, according to a new report on Florida litigation management data trends by CaseGlide. May’s total of 4,047 is down from April’s results of 4,702 and is in contrast to a steady three-month increase that occurred between February and April. In February, litigated ... Read the full article

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