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Latest count shows 1,091 structures destroyed by Marshall Fire

10th January 2022

The latest figures from the Boulder Office of Disaster Management (ODM) show that the late-season Marshall Fire in Boulder County, Colorado has destroyed at least 1,091 structures, with a further 179 damaged. The wildfire, which broke out on December 30th, only burned through an area of some 6,000 acres over two ... Read the full article

P&C rates up through Q4 but increases moderating: MarketScout

6th January 2022

MarketScout data shows that commercial property and casualty (P&C) insurance rates were up through the fourth quarter of 2021, with the composite rate recorded at 5.8%, versus 6.8% in Q3. By line of coverage, MarketScout found the biggest rate increases in the fourth quarter were for umbrella, property and directors and ... Read the full article

Wright National to acquire flood insurance book from Westfield

6th January 2022

Wright National Flood Insurance Company, has agreed to acquire the flood insurance policy book from Westfield Insurance Company (Westfield). Wright Flood will service, administer and issue flood coverage under the National Flood Insurance Program for Westfield policyholders and agents, whilst also assuming the servicing of Westfield's private flood business. Starting from early ... Read the full article

Colorado wildfire approaches 1,000 properties destroyed

4th January 2022

The recent Marshall Fire in Boulder County, Colorado is estimated to have destroyed 991 residential properties, with a further 127 damaged, according to official reports. The wildfire, which broke out on December 30th, only burned through an area of some 6,000 acres over two days, but is still likely to become ... Read the full article

Lighthouse to grow insurance business using $65m capital raise

31st December 2021

Lighthouse Management, LLC has announced that it has successfully completed a $65,000,000 senior note issuance in a private placement. The capital from this transaction will be used to refinance existing debt at the firm's MGA and infuse growth capital into Lighthouse’s affiliated insurance carrier, Lighthouse Property Insurance Corporation, It will also be ... Read the full article

SafePoint assumes Louisiana policies from insolvent insurers

30th December 2021

Florida-based property and casualty insurer SafePoint has been approved to takeover approximately 30,000 homeowners policies in Louisiana from two insurance firms that became insolvent following losses from Hurricane Ida earlier this year. Access Home Insurance Co. and State National Fire Insurance Co. were placed into receivership in November, throwing the coverage ... Read the full article

Non-renewals fall in California, but highest rates seen in wildfire zones

22nd December 2021

The California property insurance market saw the number of homeowners non-renewed by insurance companies falling by 10 percent statewide in 2020, compared to the previous year. Driving this was mandatory moratoriums from Insurance Commissioner Ricardo Lara, which made up over 80% of the statewide reduction in non-renewals. The latest data on California's ... Read the full article

United (UPC Insurance) offloads Southeast personal lines renewal rights to HCI

17th December 2021

Commercial lines insurance holding company, United Insurance Holdings Corp., has reached an agreement in principle to transfer its personal lines business in the states of Georgia, North Carolina, and South Carolina to insurtech company HCI Group. The business being acquired by HCI represents approximately $90 million of annual premiums. Under the terms ... Read the full article

Industry braced for $5bn+ US tornado bill, survey data suggests

16th December 2021

An approach of over 1,000 re/insurance industry participants has found an expectation for costs to run above $5 billion after multiple US states were swarmed unexpectedly by tornados. 53% of respondents to our survey said the industry should expect a bill higher than $5 billion, with 37% predicting a ... Read the full article

Kin expands US reach with carrier takeover

15th December 2021

Kin Insurance, a direct-to-consumer homeowners insurance technology company, has greatly expanded its reach in the US market with the completion of its acquisition of an inactive insurance carrier that holds licenses in 43 states. For Kin, which currently operates in only Florida, Louisiana and California, the deal enables it to serve customers ... Read the full article

Midwest tornado reconstruction value estimated at $3.7bn: CoreLogic

15th December 2021

Analysts at CoreLogic have estimated that the reconstruction value of residential buildings that were potentially destroyed in states hit by the recent series of tornados is $3.67 billion, with insured losses likely to exceed $1 billion. Last Friday, devastating tornadoes broke out across the states of Arkansas, Illinois, Kentucky, Mississippi, Missouri, ... Read the full article

SiriusPoint helps create new Floridian insurer VYRD

14th December 2021

A new insurer serving homeowners in Florida has launched as a joint venture between specialty re/insurer SiriusPoint and insurtech Bolt. VYRD is set to deploy cutting-edge technology in its efforts to bring more choice and new solutions to customers in Florida. Residents in the state have faced rising prices as litigation costs ... Read the full article

BLM calls for Irish re/insurance scheme to combat flood risk

10th December 2021

Insurance risk and commercial law firm BLM has called on the Irish Government to consider a review of the flood insurance market in Ireland, including the possibility of establishing an equivalent to the UK’s Flood Re initiative. Devastating flooding has become an increasingly common issue in Ireland, particularly in areas such ... Read the full article

Mercury Insurance adopts CAPE Analytics AI underwriting tools

7th December 2021

Multi-line insurer Mercury Insurance has decided to adopt the suite of property intelligence solutions from CAPE Analytics into its underwriting workflows. CAPE’s property attributes and risk scores will be leveraged by Mercury to instantly assess risk on a property-by-property basis across the states it operates in, including California. By integrating this new ... Read the full article

Louisiana’s insurers set for $100mn Ida hit following collapse of two firms

6th December 2021

Louisiana's insurers are on the hook for $100 million in Hurricane Ida claims left unpaid by two now-defunct carriers in the state. In an Associated Press report, citing The Advocate, it's noted that both Access Home Insurance and State National Fire Insurance shut down in the wake of the costly ... Read the full article