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Florida’s ‘artificial’ insurance structure is ‘untenable’ – ALIRT

18th May 2022

The efforts of both the Florida government and the state's insurance department to provide its citizens with affordable property insurance has created an "artificial structure" which is "untenable," according to ALIRT Insurance Research. For the past three decades, the state's government and insurance department have made numerous efforts to create a ... Read the full article

Hippo reports 25% YoY growth in total generated premium in Q1

13th May 2022

Home insurer Hippo has announced total generated premium (TGP) growth of 25% YoY to $154 million in Q122, compared to $123 million from the prior years quarter. The quarter also included a rise in gross written premium (GWP) to $117 million, a 17.9% difference to last years $99 million. At the same ... Read the full article

HCI to wait until after Florida special session to finalise reinsurance: CEO Patel

11th May 2022

Florida-based HCI Group's founder and Chief Executive Officer (CEO), Paresh Patel, revealed recently that the company will wait until after the special session in late May to complete is reinsurance placement. Earlier this week, Florida's governor Ron DeSantis called for a special session to consider legislation to improve the prospects of ... Read the full article

FedNat seeks to downsize ahead of reinsurance squeeze

10th May 2022

Michael H. Braun, CEO of Florida based primary insurer FedNat, has revealed that the company is seeking to become “much smaller, with significantly fewer policies in force,” ahead of what it anticipates to be an extremely challenging mid-year renewal period. Last month, leaders at FedNat cast doubts over the company’s ... Read the full article

RenRe ‘not that interested in Florida’, structural issues a big concern: CEO O’Donnell

6th May 2022

Ahead of the mid-year renewals, Bermuda-based RenaissanceRe is less interested in the Florida market than in the past, with the company's Chief Executive Officer (CEO), Kevin O'Donnell, explaining that the outcome in June is "of diminishing consequence to us." Plagued by structural and legal issues, the Florida domestic homeowners' market is ... Read the full article

Heritage falls to net loss in Q1 despite strong premium growth

6th May 2022

Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, Inc., has reported a net loss $30.8 million in Q122, compared to a loss of $5.1 million in the prior year quarter. The YoY change stems from a larger underwriting loss driven by higher weather-related losses, partly offset by an increase ... Read the full article

Kin Insurance reports strong Q1 as total written premium grows by 230% YoY

6th May 2022

Kin Insurance has reported a gross written premium (GWP) of $54.1 million for Q122, over three times more than the $16.4 million GWP the company reported in the prior-year period. $52.9 million (98%) of the GWP in Q122 was written through the Kin Interinsurance Network – a reciprocal exchange manged by ... Read the full article

HCI Group sees rise in premiums in strong Q1

5th May 2022

Florida-based insurtech HCI Group has announced consolidated gross written premium (GWP) growth to $177.3 million for the first quarter of 2022, a 40.9% increase from $125.8 million from the same period last year. The company also saw a 36.6% increase in consolidated gross premium as they earned $178.9 million, compared to ... Read the full article

Palomar reports strong Q1 as GWP increases by 65%

5th May 2022

Specialty property insurer Palomar Holdings has reported a net income of $14.5 million for Q122, a 12.6% decline when compared to the same period last year which saw the company report a net income of $16.6 million. Adjusted net income also decreased by 8.9%, as the company reported an adjusted net ... Read the full article

Allstate profits dip amid inflation re-alignment

5th May 2022

Allstate has seen a drop in income and a small 0.9% dip in its consolidated revenues for the first quarter of 2022, as the company attempts to meet the challenge of inflation by re-aligning its business practices. Tom Wilson, Chair, President and CEO of The Allstate Corporation, explained that his company ... Read the full article

Reinsurance results ‘extraordinary’ – CEO and president of Aon

3rd May 2022

Aon’s leadership have referred to the firm’s recent results as being ‘extraordinary’. Referring to the numbers released last week, Greg Case, CEO, and Eric Andersen, president, said that the organic revenue growth in its reinsurance business had been ‘extraodinary’ and that they saw not only ‘tremendous momentum’ in the business ... Read the full article

Florida governor calls special session to salvage state’s insurance market

3rd May 2022

Florida governor Ron DeSantis has called for a special session to consider legislation to improve the affordability of property insurance within the state. In a proclamation, DeSantis has called for the special session to tackle a number of issues within the state’s insurance market. DeSantis is widely considered a frontrunner for ... Read the full article

Universal reports annualised return on equity of nearly 17%

29th April 2022

Universal is reporting an annualised return on equity of nearly 17%, according to its latest company reports. The firm said that its direct written premiums in Q1 2022 were up 8.5% from the same point in the previous year, having reached $396.5m. However, direct premiums earned were only up 10.4% from ... Read the full article

The Hartford reverses underwriting loss in Q1

29th April 2022

US property and casualty insurer, The Hartford, has reported an 80% increase in net income for the first quarter of 2022, ending the period at $440 million. The result was mainly due to a reversal in its underwriting performance, which moved by $435 million from an underwriting loss of $216 million ... Read the full article

Addresscloud & Ambiental Risk Analytics team up for UK flood offering

28th April 2022

Addresscloud and Ambiental Risk Analytics are teaming up to advance climate change data to the insurance market. The companies said that their joint venture would marry Ambiental’s high-resolution flood data and climate risk models within Addresscloud’s existing perils platform. Mark Varley, founder and CEO of Addresscloud, said: “I am proud to be ... Read the full article