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Canopius backed Delos closes $5.3m seed funding round

1st December 2021

Delos Insurance Solutions, a catastrophe insurance managing general agency (MGA) with a focus on California wildfire risks, has successfully closed a $5.3 million seed funding round led by IA Capital, with participation from Avanta Ventures, Red Dog Capital, and Futureland Syndicate. Delos underwrites as an MGA using capacity from Canopius and ... Read the full article

North American P&C insurers show improved GAAP performance: Fitch

24th November 2021

According to a new report from Fitch Ratings, North American Property & Casualty (P&C) re/insurers’ strong premium revenue growth led to improving GAAP operating performance for the nine months in 2021. The revenue growth came from rising commercial rates, reduced incurred losses tied to the coronavirus pandemic and large investment gains ... Read the full article

Slide raises $100mn in Series A funding round

22nd November 2021

Homeowners insurtech Slide has announced it has raised $100 million in a Series A funding round, led by Gries Investment Funds and Tampa Bay Ventures. Slide’s technology leverages a dataset to power new advances in artificial intelligence and machine learning for modern homeowners, who can create bespoke insurance policies that fit ... Read the full article

Reinsurers to absorb most of Louisiana Citizens $461m Ida loss

17th November 2021

Louisiana Citizens Property Insurance, the state-backed insurer of last resort, is expecting to incur $461 million in losses from Hurricane Ida, but says that the vast majority of losses will be absorbed by its reinsurance program. During a recent Board meeting, Louisiana Citizens leaders revealed that the company is only expecting ... Read the full article

Reinsurers will find common ground on pricing at renewals: TigerRisk’s Gulbransen

12th November 2021

Despite significant pressure following another year of elevated catastrophe losses, reinsurers and clients will likely manage to find “common ground” on structure and pricing at the 2022 renewals, according to TigerRisk’s Wade Gulbransen. Gulbransen, who serves as Head of North America at the re/insurance risk, capital and strategic advisor, recently spoke ... Read the full article

United (UPC Insurance) lowers cat retention, continues to reduce exposure

12th November 2021

United Insurance Holdings Corp. (UPC Insurance), the Florida headquartered but regionally expansive insurer, has reported a narrower net loss for the third quarter of 2021, while its premium base continues to decline amid a retreat from the catastrophe space. A net loss of $14.3 million marks an improvement on the net ... Read the full article

HCI Group grows premiums by 50% in Q3

10th November 2021

Florida-based insurtech HCI Group has announced consolidated gross written premium (GWP) growth to $174.3 million for the third quarter of 2021, driven in part by the continued expansion of TypTap Insurance Company. HCI Group's GWP increased by almost 50% from the $116.5 million reported for the third quarter of 2020, primarily ... Read the full article

Lemonade reports $11.7mn in gross profits for Q3

9th November 2021

Insurtech start-up Lemonade has reported a gross profit of $11.7 million for the third quarter of 2021, which increased by $4.4 million compared to the third quarter of 2020. This increase was due to the increase in gross earned premium, partially offset by a higher net loss ratio. Lemonade reported a gross ... Read the full article

Lemonade to acquire Metromile as auto insurer’s valuation falls to $500m

9th November 2021

AI-powered insurtech Lemonade has entered into a definitive agreement to acquire pay-per-mile auto insurer, Metromile Inc., in an all-stock transaction that implies a fully diluted equity value of roughly USD 500 million, or just over USD 200 million net of cash. In late November 2020, it was revealed that Metromile ... Read the full article

FedNat posts $25mn Q3 loss as CR hits 165%

9th November 2021

FedNat has announced a net loss of $24.8 million in the third quarter, a further slide from the $20.7 million loss posted in the prior year period. Meanwhile, the company’s combined ratio reached 165.4%, driven primarily by 37.7 points of net catastrophe losses in the period. Losses and loss adjustment expenses (LAE) ... Read the full article

Allstate posts underwriting loss of $534m for Q3

4th November 2021

US primary insurer Allstate has posted an underwriting loss of $534 million during the third quarter of Q3, after incurring $1.27 billion of catastrophe losses for the period. Allstate warned ahead of the huge catastrophe loss bill last month, which included around $631 million of losses from Hurricane Ida, after ... Read the full article

Liberty Mutual Q3 income up 81.6% to $721m

4th November 2021

Liberty Mutual Holding Company has reported net income of $721 million for the third quarter of 2021, a figure that is 81.6% higher than was recorded in the same period last year. Looking at the first nine months of the year, net income totaled $2.35 billion, versus just $596 million for ... Read the full article

Palomar’s underwriting loss narrows in Q3 as GWP swells 48%

4th November 2021

Specialty property insurer Palomar Holdings has returned to profit in the third quarter of 2021 with net income of $0.2 million compared with a loss of $15.7 million a year earlier, as the firm's underwriting loss narrowed in the quarter. During the period, Palomar has announced gross written premium (GWP) growth ... Read the full article

Palomar revises Q3 cat loss estimate to $17.5mn

3rd November 2021

Specialty property insurer Palomar Holdings has revised its Q3 pre-tax catastrophe loss estimate, net of reinsurance and prior period development, to $17.5 million. The firm had previously stated an expected loss estimate of between $14.5 million and $15.5 million. It was estimated that 70-75% of its gross losses from these two ... Read the full article

Hippo to add Hiscox’s Grace Hanson as Chief Claims Officer

27th October 2021

Home insurance group Hippo has appointed Grace Hanson to serve as its first Chief Claims Officer, effective January 2022. Hanson will oversee the growth of Hippo’s claims organisation as the company expands to reach more than 90% of US homeowners this year. She was previously the Chief Claims Officer for Hiscox and ... Read the full article