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Universal secures highest level of open market cat capacity at reinsurance renewal

1st June 2021

Universal Insurance Holdings, Inc.'s wholly-owned insurance company subsidiaries have completed their 2021-2022 reinsurance programs, which includes the purchase of more open market catastrophe capacity than ever before. Effective June 1st, 2021, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), have completed their reinsurance ... Read the full article

NFIP reform bills target stronger reinsurance program

24th May 2021

Four bills reintroduced this week to the US congress have proposed a number of reforms to the National Flood Insurance Program (NFIP), among which is the strengthening of FEMA’s authority to purchase reinsurance. The bills were put forward by Missouri Congressman Blaine Luetkemeyer, who asserted that the NFIP has been “mismanaged ... Read the full article

Metromile & Hippo partner on home & auto protection

20th May 2021

San Francisco based car insurance start-up Metromile and homeowners focused-insurtech Hippo have partnered to offer consumers modern auto and homeowners insurance with a new multi-policy discount. Drivers and homeowners will be able to purchase pay-per-mile auto insurance and homeowners insurance from Metromile and Hippo, respectively, in a discounted policy bundle. “Offering choice ... Read the full article

Florida remains challenging despite declining AOB lawsuits, FedNat CEO Braun

10th May 2021

FedNat’s Chief Executive Officer Mike Braun has underlined the continuing challenges posed by Florida’s homeowners market, despite a sharp decline in Assignment of Benefits-related lawsuits. Speaking on a first quarter earnings call, Braun said overall litigation against property insurance companies in the state continues at levels that are far above the ... Read the full article

HCI announces net income of $6.1m for Q1 as GWP increases 64.4%

7th May 2021

InsurTech HCI Group has reported a significant rise in net income for the first quarter of 2021 to $6.1 million, while consolidated gross written premiums (GWP) jumped by 64.4% to $125.8 million for the period. HCI says that the rise in GWP was driven by growth of Homeowners Choice GWP to ... Read the full article

Liberty Mutual’s net income rises by 65% despite $1bn of catastrophe losses

7th May 2021

Liberty Mutual Holding Company Inc. and its subsidiaries has reported an almost 65% rise in net income, year-on-year, to $856 million for the first quarter of the year, despite elevated catastrophe losses. During Q1, the firm's partnership, LLC and other equity method investment portfolio generated $838 million in pre-tax operating ... Read the full article

FedNat reports net loss of $19.4mn

5th May 2021

FedNat Holding Company has reported a net loss of $19.4 million for Q1 2021, compared to a net income of $2.1 million for the prior year period. The net loss was primarily the result of Winter Storm Uri, which caused heavy residential damage in Texas, primarily associated with freezing temperatures causing ... Read the full article

Australia to launch $10bn cyclone reinsurance pool

4th May 2021

Australia's Federal Government has announced the establishment of a $10 billion reinsurance pool to underwrite cover for cyclone and cyclone-related flood for privately-owned homes, strata corporations and small businesses. The scheme will also see the government invest $40 million in making older strata buildings more resilient to extreme weather events. More than ... Read the full article

Neptune Flood launches capacity program

30th April 2021

Neptune Flood, an insurtech firm focused on the flood market, has launched its latest capacity program sponsored by Transverse Insurance Group and backed by a panel of global reinsurers, which was placed through Acrisure Re. Neptune policies placed with the program will carry the Transverse AM Best A- (Excellent) rating. The $30 ... Read the full article

Arch provides reinsurance capacity for Delos Cali wildfire cover

27th April 2021

Bermuda-based re/insurer Arch Capital Group Ltd. has agreed to provide reinsurance capacity to Delos Insurance Solutions to expand its coverage for wildfire-exposed homes in California. The reinsurance capacity will be provided by Arch Reinsurance Ltd. (Bermuda) and the Lloyd’s of London syndicate, Arch Syndicate 1955 (formerly Barbican Syndicate 1955). Broker Guy Carpenter ... Read the full article

UPC Insurance partners with Mindtree & Duck Creek

27th April 2021

UPC Insurance has partnered with technology services company Mindtree and core system solutions provider Duck Creek Technologies on the implementation of SaaS-based systems to improve customer experience and claims efficiency. This includes policy, billing, claims, data insights, and insurance technology solutions as well as the consolidation of multiple applications on a ... Read the full article

Travelers reports higher Q1 profit result despite $835m cat losses

20th April 2021

The Travelers Companies, Inc. has reported a year-on-year increase in net income to $733 million for Q1 2021, despite catastrophe losses, net of reinsurance, hitting $835 million. Up from $600 million in the prior year period, the increase was driven by higher core income, higher net favourable prior year reserve development ... Read the full article

Kin Insurance surpasses $100m in annual recurring premium

20th April 2021

Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has surpassed $100 million in annual recurring premium. The milestone comes after only 21 months as a carrier, and with $52 million in equity funding. Notably, Kin’s growth has been achieved through a direct-to-consumer business model. This ... Read the full article

United pegs Q1 cat losses at $24m; strengthens reserves for litigation in Florida

19th April 2021

Property and casualty insurance holding company, United Insurance Holdings Corp. (UPC Insurance), recently announced first-quarter 2021 current year catastrophe losses of $24 million, pre-tax and net of expected reinsurance recoveries. UPC Insurance's Q1 2021 cat loss bill comes in at approximately $19 million after-tax, and includes claims from winter storm Uri, ... Read the full article

Industry flags litigation as biggest issue facing Florida’s re/insurance market

16th April 2021

An approach of Reinsurance News’ industry contacts has found abusive litigation practices to be the biggest issue currently facing Florida’s insurance and reinsurance market. For several years Florida's property insurance market is perceived to have been plagued by abusive, even underhanded behaviour that has led to elevated loss and litigation costs, ... Read the full article