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Heritage names Ernie Garateix as CEO

3rd November 2020

Florida headquartered property casualty insurance holding company, Heritage Insurance Holdings, Inc., has announced the promotion of Ernie Garateix to CEO. Garateix, who currently serves as Heritage’s Chief Operating Officer (COO), will also join the company’s Board of Directors. He will take over from Heritage’s co-founder, Bruce Lucas, who is set to retire ... Read the full article

AIR pegs Hurricane Zeta loss at between $1.5bn – $3.5bn

2nd November 2020

Catastrophe risk modelling firm AIR Worldwide has revealed its estimated losses from Hurricane Zeta’s winds and storm surge to be from USD 1.5 billion to USD 3.5 billion. Included in AIR’s estimates are losses to onshore residential, commercial, and industrial properties and automobiles for their building, contents, and time element coverage. According ... Read the full article

Donegal improves Q3 income to $11.8mn

29th October 2020

US primary holding company Donegal Group has posted a net income of $11.8 million for the third quarter of 2020, driven by better underwriting performance and investment gains. The result represented a 128.2% increase from the $5.2 million that Donegal reported for the same period last year. President and CEO Kevin Burke ... Read the full article

HCI reports estimated Q3 losses

23rd October 2020

Florida-based insurtech HCI Group announced its initial catastrophe loss estimate for the third quarter of 2020. HCI’s homeowners and flood insurance operations, which are primarily in Florida, experienced only one catastrophic event during the quarter, which was Hurricane Sally. The hurricane made landfall near Gulf Shores, Alabama, but impacted the Florida panhandle ... Read the full article

Cat losses dent FedNat’s Q3 net income; Delta to trigger agg reinsurance

19th October 2020

FedNat Holding Company estimates that catastrophe weather losses incurred in the third-quarter of 2020 will reduce its net income for the period by approximately $29 million, primarily driven by the impacts of Hurricanes Laura and Sally. The $29 million total is after-tax and net of all recoveries, including reinsurance. Alongside losses ... Read the full article

CoreLogic pegs onshore Delta wind, storm surge losses at up to $1.2bn

14th October 2020

Catastrophe risk modeller CoreLogic has pegged the insured wind losses for residential and commercial properties in Louisiana and Texas from hurricane Delta at between $0.5 billion and $0.9 billion. The analysis examined onshore losses for residential homes and commercial properties and incorporates contents and business interruption, but does not include broader economic ... Read the full article

Mercury Insurance launches two programs to protect Californians from wildfires

13th October 2020

With wildfire season well underway and the peak of the season yet to arrive, Mercury Insurance has announced two new programs to help Californians better protect their homes and families if they live in areas prone to wildfires. The insurer will be offering a discount of up to 18% if the ... Read the full article

Commercial property rates up 7% in Q3: MarketScout

8th October 2020

Commercial property rates increased by 7% during the third quarter of 2020, according to data from MarketScout, the US electronic insurance exchange and specialty MGA. The firm found that re/insurance rates increased by 6.25% on average in Q3, with rate increases on every line of coverage and industry class. The largest rate ... Read the full article

HCI’s TypTap begins first phase of US expansion

6th October 2020

Florida insurtech insurer and subsidiary of HCI Group, TypTap Insurance Company, has launched Phase One of its planned nationwide expansion in the US, which the company first announced in early August. TypTap’s Phase One involves applying to state insurance regulators to write homeowners insurance in 20 states outside of Florida. The ... Read the full article

Kin Insurance enters California to relieve wildfire strain

2nd October 2020

Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has announced it will begin serving homeowners throughout California. The expansion comes in response to the state’s recent increase in wildfire activity and the strain it has created for many homeowners. Kin notes that, in 2018, insurance ... Read the full article

California authorities to work with insurers on wildfire mitigation

30th September 2020

California Governor Gavin Newsom has directed state authorities to work with Insurance Commissioner Ricardo Lara to explore ways that communities and the re/insurance industry can work together to better mitigate wildfire risks. Newsom’s instructions came alongside his signing of two new bills that expand consumer protections related to additional living expenses, ... Read the full article

Munich Re partners with property tech firm Spruce on US title insurance

30th September 2020

Munich Re has partnered with property technology firm Spruce to help bring cost-effective title insurance fueled by automation to the U.S. market. The partnership will see Munich Re leverage Spruce's proprietary API-driven technology. In addition, US homeowners, investors, and lenders will continue to have access to Spruce's digital real estate transaction process. Spruce ... Read the full article

UK must take flood risk more seriously, says Flood Re CEO

28th September 2020

Flood Re Chief Executive Officer (CEO) Andy Bord has said that the UK “must take flood-risk more seriously,” and stressed the urgency of building a more flood resilient country. In a recent interview with Reinsurance News, Bord discussed how Flood Re is working with the government to address the challenges facing ... Read the full article

CoreLogic report highlights opportunity in flood under-insurance

25th September 2020

A report from leading global property information company CoreLogic has highlighted the opportunities for private insurers to protect homeowners from flood risk inside and outside of the National Flood Insurance Program (NFIP). After Hurricane Harvey in 2017, CoreLogic estimated that 70% of the flood damage was uninsured. Dr. Howard Botts, executive and ... Read the full article

Hurricane Sally to trigger FedNat’s reinsurance cover

23rd September 2020

Florida based primary insurer FedNat expects its payouts for hurricane Sally to exceed its single-event aggregate reinsurance retention of $25 million. Sally made landfall near Gulf Shores, Alabama, on September 16 as a Category 2 hurricane impacting both Alabama and the Florida Panhandle. The storm quickly diminished after landfall as it crept northeast ... Read the full article