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FedNat has doubt it can continue amid downgrade and underwriting losses

26th April 2022

Florida headquartered primary insurer FedNat has cast doubt over its ability to continue as a going concern in light of its recent rating downgrade by Demotech, while the firm expects further underwriting losses in Q1 2022 on the back of new catastrophe weather events. Almost a decade ago, FedNat embarked on ... Read the full article

Tech investments main obstacle to growing P&C sales: AM Best

22nd April 2022

A new survey of property and casualty (P&C) insurers by AM Best has found that more than half of respondents consider digitization and technological investments to be the biggest challenges in modernizing distribution and growing sales. The rating agency found that 56% of respondents that viewed digitalization and technological investment as ... Read the full article

JMP optimistic about hard market conditions, but inflation fears growing

19th April 2022

JMP has said it is optimistic about the current state of the market and with the potential for hard conditions to persist. This was revealed in a new note from the company, authored by Matthew J. Carletti and Karol Chmel. The authors wrote about recently going to Bermuda to meet with ... Read the full article

FedNat rating downgraded to ‘S’ by Demotech

18th April 2022

Florida headquartered primary insurer FedNat has lost its 'A' rating as Demotech has downgraded its Financial Stability Ratings (FSR) to 'S' (Substantial), putting the carrier at-risk of its policies not being allowed for mortgaged homes. Only last October Demotech affirmed the 'A' (Exceptional) Financial Stability Rating (FSR) of FedNat Insurance ... Read the full article

Flood Re launches ‘Build Back Better’ scheme to help UK areas affected by flooding

14th April 2022

Flood Re has launched a new scheme in collaboration with the UK government called ‘Build Back Better’ to help those homes and areas affected by flooding. Also participating in the scheme will be Ageas, Aviva, NFU Mutual, Lloyds Banking Group, and LV= General Insurance. Under its auspices, participating home insurers will begin ... Read the full article

UPC plans to consolidate its four Florida domiciled insurance carriers

12th April 2022

United Insurance Holdings Corp. (UPC Insurance), the Florida-headquartered property and casualty (P&C) insurer, has announced a proposed reorganisation plan to consolidate its four Florida domiciled insurance carriers into three, creating a more efficient operating structure going forward. The company is currently seeking regulatory approval to merge Journey Insurance Company into American ... Read the full article

Russia-Ukraine conflict creates new risks for insurers: Moody’s

7th April 2022

According to Moody’s, the economic consequences of Russia’s invasion of Ukraine creates new risks for global insurers and asset managers, with the impact of the crisis depending on its severity. Moody’s has created its own baseline scenario, which resulted in the G20 economies’ GDP growth slowing to 3.6% in 2022, compared ... Read the full article

P&C underwriting profits to improve through 2022: Fitch

7th April 2022

Analysts at Fitch Ratings believe that the property and casualty (P&C) re/insurance industry is positioned for better underwriting profits in 2022, driven by continued favourable commercial lines pricing trends and likely stabilization in personal auto business. The 2021 GAAP full-year results for a peer group of 45 North American P&C firms ... Read the full article

US P&C industry’s Q4 premium growth decelerates to 8.5%: KBW

6th April 2022

Analysts at Keefe, Bruyette & Woods (KBW), have announced that the domestic P&C insurance industry’s 4Q21 year-over-year direct written premium (DWP) growth decelerated modestly to +8.5%, from 3Q21’s +10.4%, although the strong y/y increase probably still reflects recovering exposure units and sustained economically sensitive rate increases. In a report, analysts say ... Read the full article

Florida renewals to be toughest in recent memory: analysts

6th April 2022

Analysts at JMP Securities have warned that the upcoming June 1 Florida reinsurance renewals are set to be “one of the toughest in recent memory,” as conditions in the state continue to be regarded as unsustainable. Last week, rating agency Demotech suggested that up to 20 Florida carriers could be downgraded ... Read the full article

Brown & Brown completes acquisition of Orchid & CrossCover

1st April 2022

Brown & Brown has completed its purchase of Orchid Underwriters Agency and CrossCover Insurance Services. The deal was originally announced at the end of February, when the firm entered into an agreement to purchase the two firms. As we reported, following the acquisition by Brown & Brown, Orchid will continue to ... Read the full article

Boon time coming for US P&C sector?

30th March 2022

The US P&C insurance industry may soon be seeing outstanding results, according to a new note from ALIRT Insurance Research. That firm has just published its US P&C Insurance Industry Market Overview: Full Year 2021, which looks at the state of the market. The overall mood among insurance management, said the ... Read the full article

The Hanover publishes select historical financial information

29th March 2022

Property and casualty (P&C) insurance company The Hanover Insurance Group has published select historical quarterly and annual financial information reflecting the planned changes to the company's segment reporting. Beginning with first quarter 2022 reporting, the company will disaggregate the former Commercial Lines segment into Core Commercial and Specialty segments, including expenses, ... Read the full article

ICA monitoring severe weather warnings

29th March 2022

The Insurance Council of Australia (ICA) has said that it is closely monitoring the severe weather and flood warnings currently in place across south-east Queensland and New South Wales, and that at least 14 recovery centres, including Lismore and Mullumbimby, have closed in the past 24-hours to ensure the safety ... Read the full article

MAPFRE outlines new strategy, targets 6% premium growth

14th March 2022

Spanish insurer MAPFRE has outlined a new strategic plan for 2022-2024, which includes a premium growth target of 5-6%, as well as an average ROE of 9-10%. The company recently reported a 45.3% increase in earnings for 2021, which totalled €765 million, backed by double-digit top-line growth and a significant ... Read the full article