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SageSure names Paul VanderMarck as Chief Tech & Innovation Officer

3rd December 2019

SageSure Insurance Managers, an independent US residential property managing general underwriter, has announced the appointment of Paul VanderMarck as Chief Technology and Innovation Officer. In this role, VanderMarck will lead the teams responsible for SageSure's proprietary technology platform. He will also drive the company's broader innovation strategy, including developing partnerships with emerging ... Read the full article

Florida claims settlements consistent despite hurricane losses: Demotech

26th November 2019

Florida focused property insurers are closing claims at a pace consistent with prior years despite the major storm losses of 2016, 2017 and 2018, according to a new study by financial analysis firm Demotech. The study, which used data from S&P Global, compiled information from the annual statements of 91 insurance ... Read the full article

Moody’s stable on US P&C personal insurance in 2020

22nd November 2019

Moody’s Investors Service has assigned a stable outlook to US property and casualty (P&C) personal insurance in 2020, reflecting ample capital, effective risk management, and evolving technology. Analysts noted that personal auto insurers reported good profitability for the majority of 2019, owing to cumulative rate increases and better than expected loss ... Read the full article

California issues emergency notice to expedite wildfire claims

21st November 2019

California has issued an emergency notice to all property and casualty (P&C) insurers doing business in the state, requesting they expedite claims handling to help wildfire survivors rebuild more quickly. Insurance Commissioner Ricardo Lara has asked insurers to provide greater flexibility concerning deadlines and documentation for those affected by the fires. Proposals ... Read the full article

FedNat hits 105.5% CR off nat cats, reinsurance costs

6th November 2019

Florida-based primary insurer FedNat Holding Company has reported a combined ratio for the third quarter of 105.5%, driven by 3.4 points of higher net catastrophe losses and 6.8 points from higher catastrophe reinsurance ceded premiums. The firm in the previous quarter of this year cited “severe and unusual” cat events ... Read the full article

Accredited strikes program underwriting partnership with MG Skinner

28th October 2019

Accredited Surety and Casualty Company, the Florida-based subsidiary of Bermudian specialist non-life re/insurance investor Randall & Quilter Investment Holdings, has entered into a new program partnership with M. G. Skinner & Associates Insurance Agency. The deal will see Accredited become the issuing carrier on behalf of MG Skinner for Directors & ... Read the full article

Hiscox illustrates threat of rising sea levels with FloodPlus AR app

24th October 2019

Specialist insurer Hiscox has developed a new app designed to illustrate the potential threat of global sea level rises. FloodPlus AR utilises Augmented Reality to demonstrate the impact a 2.4 meter sea level rise - an increase predicted by certain climate experts - would have on the Hudson County area of ... Read the full article

P&C rate increases climb to 4% in third quarter: MarketScout

9th October 2019

US property and casualty (P&C) insurers continued to see rate increases in almost every industry and line of coverage during the third quarter of 2019, according to analysts at MarketScout. The composite rate increase in Q3 was 4%, climbing from 3% in the previous quarter. By line of coverage, auto underwriters increased ... Read the full article

CoreLogic updates RCT Express solution to include valuations for large tract homes

25th September 2019

Catastrophe risk modeller CoreLogic has released its updated RCT Express reconstruction estimating and risk assessment solution, which now provides re/insurers with the ability to provide valuations for large tract homes (LTH). CoreLogic says that the available update provides users with more powerful coverage adequacy tools, which ultimately enables insurers to better ... Read the full article

Munich Re partners with AAIS to address US flood protection gap

24th September 2019

Munich Re has partnered with not-for-profit advisory organisation the American Association of Insurance Services (AAIS) to focus on improving flood insurance protection for US homeowners. The flood insurance protection gap in the US continues to expand alongside the heightened risk of flood, the partnership noted, particularly for homeowners outside major flood ... Read the full article

AIR Worldwide estimates insured average annual cat losses at $92bn

12th September 2019

Catastrophe modelling firm AIR Worldwide has estimated that the global modelled insured average annual loss (AAL) from catastrophes worldwide is about US $92 billion. The firm released the figure as part of its 2019 Global Modeled Catastrophe Report, which detailed key loss metrics from AIR’s global industry exceedance probability curve (EP) ... Read the full article

AXA XL, insurtech Neptune Flood strike underwriting partnership

12th September 2019

Global re/insurer AXA XL has partnered with Neptune Flood, an all-digital flood platform that leverages data analytics to provide agents and direct buyers the ability to rapidly quote and bind a policy. It’s hoped the underwriting partnership will expand Neptune’s flood insurance capacity to homeowners throughout the US. Chris Bressette, Senior Vice ... Read the full article

Insurtech Kin raises $47m to fund carrier in Florida

28th August 2019

Kin Insurance, an insurtech startup focused on matching US homeowners to insurance policies, has raised $47 million in additional funding. Kin plans on using the capital to launch Kin Interinsurance Network, a Florida insurance carrier that is expected to expand and serve other states in the near future. Using a customers’ home ... Read the full article

Reviving the private US flood market could generate $41.6bn in premiums: Verisk

23rd August 2019

Recent analysis from data analytics provider Verisk suggests that reviving the private flood insurance market in the US could generate $41.6 billion in written premiums for insurers from owner-occupied homes. The figure came as part of a study that concluded 62 million residential locations in the US could be at moderate ... Read the full article

Stonybrook advises on Florida Peninsula’s $30m senior debt raise

22nd August 2019

Investment banking and reinsurance brokerage Stonybrook Capital has announced its involvement as exclusive advisor to homeowners insurer Florida Peninsula on a senior debt facility of up to $30 million. The transaction is believed to have enabled Florida Peninsula to refinance its existing debt and bolster regulatory capital. "The debt market is an ... Read the full article