Reinsurance News
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Schinnerer Group enters agreement to acquire ICAT
11th August 2017
The Schinnerer Group has entered an agreement to acquire International Catastrophe Insurance Managers, LLC (ICAT), a managing general agent for property catastrophe insurance, from the Paraline Group. ICAT is headquartered in Colorado and operates in all U.S. States through agents and wholesale brokers with a focus on the property catastrophe market. The ... Read the full article
Heritage to acquire NBIC Holdings for $250 million
9th August 2017
Heritage Insurance Holdings, Inc. is to acquire NBIC Holdings, Inc., the parent company of Narragansett Bay Insurance Company, for $250 million in a deal that is expected to close in the fourth-quarter of 2017. The acquisition price will be financed with $210 million in cash and $40 million of the firm's common stock, ... Read the full article
Flames engulf Dubai’s Torch Tower, again
4th August 2017
Dubai's Torch Tower, which at 1,105ft is one of the tallest residential buildings in the world, has again caught fire, with reports claiming that a fire broke out on the ninth floor and spread to upper levels, although the blaze is now believed to be under control. This is the same ... Read the full article
‘Tasman Tempest’ storm drives NZ$62 million insured loss
19th July 2017
A storm that struck Auckland and the Coromandel, New Zealand over the 7th and 12th of May, 2017, has resulted in an insurance industry loss of NZ$62 million (roughly US$46 million), an increase of almost 48% from the provisional estimate, according to the Insurance Council of New Zealand (ICNZ). The storm, ... Read the full article
Re/insurance can help close Eastern Canada quake protection gap: Swiss Re
18th July 2017
A recent Swiss Re report highlighted the vulnerability of Eastern Canada to earthquake risk where it said a lack of awareness has led to a high protection gap in a region vastly exposed to high economic and social losses in the case of a major earthquake. A magnitude 7.3 earthquake in ... Read the full article
HCI insurance subsidiary gets approval to write flood insurance in Pennsylvania
18th July 2017
HCI insurance subsidiary, Homeowners Choice Property & Casualty Insurance Company, has received regulatory approval to write flood insurance in Pennsylvania. The re/insurers proposed rates and forms are still awaiting approval from State regulators before HCI can begin expanding into the Pennsylvania market. Last month the re/insurer announced plans to begin the regulatory ... Read the full article
Weather & fire losses expected to push Donegal Group to net loss in Q2
18th July 2017
Increased weather-related and large fire losses during the first six months of 2017, combined with reserving activity, is expected to push Donegal Group Inc. to report a net loss during the second-quarter of 2017. A statement from the company claims that weather-related losses added roughly $20.1 million to its losses for ... Read the full article
U.S. commercial rate movements continue positive trend in Q2: MarketScout
12th July 2017
U.S. commercial property and casualty (P&C) rates increased by an average of 1% year-on-year in the second-quarter of 2017, on the back of an average 1% increase in the first-quarter of the year, according to MarketScout and Keefe, Bruyette, & Woods (KBW). The average 1% increase witnessed in the second-quarter maintains ... Read the full article
Kingstone Companies completes reinsurance treaties under improved terms
12th July 2017
Property and casualty insurance holding company, Kingstone Companies, Inc., has announced that its subsidiary, Kingstone Insurance Company (KICO), has completed various reinsurance agreements for the treaty year commencing July 1st, 2017. According to a statement released by the company it secured increased reinsurance protection under improved terms, and also managed to further ... Read the full article
Assurant secures $1.36 billion catastrophe reinsurance program
11th July 2017
Assurant, Inc. has announced the completion of its 2017, $1.36 billion per-occurrence property catastrophe reinsurance program, enabling the firm to protect 2.8 million homeowners and renters policyholders against catastrophe risks. Assurant, an international provider of risk management solutions, explains that its 2017 global, property catastrophe reinsurance program includes base reinsurance premiums ... Read the full article
Drones “hugely powerful” for re/insurance; Chubb CEO Evan Greenberg
5th July 2017
Evan Greenberg, Chairman and CEO of Chubb called the use of drones "hugely powerful" for the re/insurance industry. Speaking at the MMC Young Professionals Forum 2017 on Thursday, Greenberg called attention to the potential of drones, the digitalisation revolution, and the importance for the future of the re/insurance industry of preserving the ... Read the full article
Federated National completes 2017-2018 catastrophe reinsurance programs
4th July 2017
Federated National Holding Company (FNHC) has announced the completion of its 2017-2018 catastrophe reinsurance programs, at an estimated cost of $180 million, and which provide $2.1 billion of aggregate coverage. Federated National's 2017-2018 reinsurance programs cover both Florida and non-Florida exposures, and are effective July 1st, 2017. This year's program includes ... Read the full article
HCI Group to expand flood insurance offering to nine additional states
23rd June 2017
HCI Group announced its begun the regulatory process to expand flood insurance from its sole Florida market into nine additional states including Arkansas, California, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, and Texas. Paresh Patel, HCI Group’s chairman and chief executive officer, said; “A core part of our long-term ... Read the full article
Universal gets greenlight for New York underwriting operations
21st June 2017
The New York State Department of Financial Services has given Universal Insurance Holdings approval to begin underwriting property insurance in New York through its wholly-owned subsidiary Universal Property & Casualty Insurance Company (UPCIC). Universal Insurance Holdings Chairman and Chief Executive Officer Sean P. Downes said this marks an important step in ... Read the full article
Willis Towers Watson and Roost to set up Home Telematics Consortium
2nd June 2017
Insurance and reinsurance broker Willis Towers Watson has entered into an agreement with Roost - innovator in smart home technology - to establish a Home Telematics Consortium with 5-10 U.S. insurance carriers to help connect property insurers to the Internet of Things. The aim of the consortium is to combine household ... Read the full article