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RMS raises hurricane Ida insured loss estimate to $31bn – $44bn

17th September 2021

Catastrophe risk modeller RMS has estimated that onshore and offshore U.S. insurance and reinsurance industry losses from Hurricane Ida will be between $31 billion and $44 billion, the majority of which relates to wind and surge impacts in the Gulf region. The latest estimate from RMS now includes inland flood and ... Read the full article

Porch bolsters insurtech, home warranty presence with new acquisitions

13th September 2021

Software company Porch Group has announced the acquisitions of CSE Insurance and American Home Protect (AHP), as it looks to accelerate its insurtech ambitions and enter the home warranty market. CSE is a California-based personal lines insurer focused on property and auto that Porch has agreed to acquire from its current ... Read the full article

NMI promotes Pollitzer to president and CEO

10th September 2021

Mortgage insurance specialist NMI Holdings has appointed Adam Pollitzer, current Executive Vice President and Chief Financial Officer, to President and Chief Executive Officer (CEO). Pollitzer will also join the company’s Board of Directors upon assuming his new role. He succeeds Claudia Merkle, who will step down as CEO and as a ... Read the full article

Flooding in New York & New Jersey could lift hurricane Ida re/insured loss: report

2nd September 2021

After battering Louisiana as a Category 4 hurricane, storm Ida has caused severe flooding in New York and New Jersey which could add to the insurance and reinsurance industry loss, although this is still expected to remain under $25 billion, say analysts at Keefe, Bruyette & Woods (KBW). After making two ... Read the full article

Hurricane Ida insured loss could reach $21 billion: CoreLogic

2nd September 2021

Analysis by catastrophe risk modeller CoreLogic estimates an overall loss from Hurricane Ida of between $27 billion and $40 billion, of which up to $21 billion could be covered by re/insurance protection. The economic loss range from CoreLogic is for losses from wind, storm surge and inland flooding damages to residential ... Read the full article

Ida not a capital event for Louisiana re/insurers: Fitch

31st August 2021

While Hurricane Ida is expected to generate significant economic and insured losses in Louisiana, it is likely to be an earnings event, rather than a capital event, for the re/insurance industry, according to Fitch Ratings. Fitch does not expect Ida to trigger ratings downgrades for individual P&C re/insurers operating in Louisiana, ... Read the full article

Reinsurers could suffer meaningful losses from Hurricane Ida, warns Moody’s

31st August 2021

With the U.S. Gulf Coast being a peak catastrophe zone for reinsurance companies, analysts at Moody's have warned that the impact of Hurricane Ida could drive meaningful losses for those with exposure to Louisiana and surrounding states. Hurricane Ida hit Louisiana on Sunday as a Category 4 hurricane with 150 ... Read the full article

Floridians left without insurance as Gulfstream pulls coverage

23rd August 2021

Some 32,000 Florida residents could be left without property insurance within the next 30 days, after reports suggest that regional insurer Gulfstream has decided to cancel its coverage at short notice. The beleaguered insurer was ordered to enter liquidation by a Florida court last month following a period of administrative supervision. And ... Read the full article

Kin offers greater protection in upgraded reinsurance program

19th August 2021

Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has upgraded its reinsurance program to offer greater disaster protection. The insurer, which is currently backed 42 blue chip reinsurers, supports and manages risks for homeowners who are most exposed to the mounting impact of climate ... Read the full article

Hippo furthers underwriting capacity, partners with Incline P&C

13th August 2021

Incline P&C Group has entered into a new issuing carrier relationship with Hippo Insurance Services to offer protective policies and services to home insurance customers. Within the last six years, Hippo has expanded its insurance products to reach homeowners in 37 states and grown its distribution partnerships to meet customers when ... Read the full article

Hippo doubles underwriting capacity, partners with Ally Financial subsidiary

11th August 2021

US home insurance group Hippo is set to double its underwriting capacity with the announcement of a new issuing carrier relationship with Ally Financial subsidiary and 50 state carrier, Motors Insurance Corp. The deal will see Hippo Insurance Services become the group's largest managing general agent (MGA) unaffiliated program to date. This ... Read the full article

HCI announces premium growth of almost 8% in Q2 2021

6th August 2021

Florida-based insurtech HCI Group has reported a dip in net income for the second quarter of 2021 to $3.8 million when compared with the prior year period, as its consolidated gross written premiums (GWP) climbed by 7.6% to $185 million. Q2 2021 net income fell from the $8.9 million reported a ... Read the full article

Allstate’s Q2 net income reaches $1.6bn

5th August 2021

Allstate has announced a second quarter net income applicable to common shareholders of $1.6 billion, up from the $1.2 billion announced in the prior year quarter. This upswing was primarily driven by higher performance-based investment income results. Adjusted net income of $1.1 billion, increased $333 million compared to the prior year quarter. Allstate ... Read the full article

Inflationary surge to increase claims severity in property lines: Swiss Re

2nd August 2021

Strong recovery from last year's recession and supply-chain shortages is driving a surge in inflation, and will cause an increase in claims severity for property lines in the short term, according to Swiss Re. The latest Economic Insights report from Swiss Re forecasts a temporary 10% gain in home construction prices, ... Read the full article

Hippo merges with Reinvent in $550mn deal

2nd August 2021

Home insurance group Hippo has completed its previously announced merger with Reinvent Technology Partners Z, a publicly traded special purpose acquisition company. Chief Executive Officer and Co-Founder Assaf Wand, along with the current Hippo management team, will continue to lead the company. Hippo expects to receive more than $550 million in cash ... Read the full article