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Palomar Holdings completes reinsurance renewal

3rd June 2019

Specialty property insurance company, Palomar Holdings, Inc. has announced the successful completion of its June 1st, 2019 reinsurance programs. Including the insurer's Torrey Pines Re catastrophe bond, Palomar Holdings' renewed $470 million of its core reinsurance program, and also purchased $200 million of incremental limit that sits at the top of ... Read the full article

NFIP extended by two-weeks

31st May 2019

The House of Representatives recently passed a two-week extension of the National Flood Insurance Program (NFIP), which was set to expire on May 31st, 2019. The two-week extension enables the NFIP to continue issuing flood insurance policies at the start of the Atlantic hurricane season, which officially starts on Saturday June ... Read the full article

AmWINS adds Lead Underwriter for Property Specialty at Unicorn Underwriting

24th May 2019

Global specialty insurance provider AmWINS has announced the appointment of Matt Edwards as Lead Underwriter for Property Specialty in its London-based MGA Unicorn Underwriting. He will lead a fourth division of Unicorn, Unicorn Property Specialty, and will focus on writing property insurance for small to medium size businesses and high value ... Read the full article

Florida Governor signs AOB reforms into law

24th May 2019

Florida Governor Ron DeSantis has approved the recently proposed reforms to assignment of benefits (AOB) practices in the state, signing a bill to officially bring them into law. The Florida Legislature passed the reforms in April in an effort to stabilise the recent explosion in AOB litigation and provide policyholders with ... Read the full article

Ronald Natherson named CEO of Florida insurer Gulfstream

23rd May 2019

Gulfstream Property and Casualty Insurance Company, the Florida-based insurer, has announced the appointment of Ronald E. Natherson as President and Chief Executive Officer (CEO). Natherson joins Gulfstream from Southern Oak Insurance Company, where he most recently served as Chief Operating Officer, based in Ponte Vedra Beach, Florida. He has over two decades ... Read the full article

Reinsurers must impose meaningful price differentiation in Florida: Demotech

15th May 2019

Reinsurers have thus far failed to impose meaningful pricing differentiation on Florida-focused insurers, according to financial analysis firm Demotech, but must do so to avoid the further commoditisation of catastrophe risk. Analysts noted that reinsurance and insurance-linked securities (ILS) may boost short-term profits by applying price increases across the board, but ... Read the full article

FedNat well situated for “unusual” renewal: President & CEO Braun

15th May 2019

Numerous dynamics are at play across the reinsurance market ahead of June 1st, with delays in pricing and gamesmanship contributing to an unusual mid-year renewals season, according to the President and Chief Executive Officer (CEO) of FedNat Holding Company, Michael Braun. The global risk transfer industry continues to speculate about the ... Read the full article

MarketScout highlights capacity crunch in both Florida & California

8th May 2019

In light of two major high net worth homeowners insurance companies deciding to either exit or reduce their underwritings, MarketScout has revealed that its new brush and wind facilities are structured to help agents that are looking to replace non-renewed business. The insurance distribution and underwriting firm notes that its underwriting ... Read the full article

Brevard County hail storm pushes FedNat to first-quarter net loss

8th May 2019

FedNat Holding Company has reported a net loss of $3.9 million for the first-quarter of 2019, citing that progress was masked by $18.7 million of claims from the Brevard County, Florida hail storm. The $3.9 million net loss compares to net income of $7.5 million in the first-quarter of 2018. Within ... Read the full article

Allstate “feels really good” about 2019 reinsurance placement: CFO, Rizzo

8th May 2019

Mario Rizzo, Executive Vice President (EVP) and Chief Financial Officer of The Allstate Corporation, has said that the insurer feels "really good" about its larger catastrophe reinsurance program for 2019 - 2020. Allstate makes extensive use of reinsurance protection to optimise the risk and return profile of its homeowners business, and ... Read the full article

Industry reserves continue to weaken in 2018: Morgan Stanley

6th May 2019

Industry reserves continued to weaken in 2018, according to actuarial analysis by Morgan Stanley, which indicated a $9.8 billion deficiency for the P&C industry, representing a year-on-year deterioration of over $5 billion. Morgan Stanley estimates an actuarially reasonable range of reserves between $625.2 billion and $657.7 billion. Industry carried reserves of $631.7 ... Read the full article

Carriers better able to estimate loss costs after AOB reform: Fitch

29th April 2019

Fitch Ratings believes that insurance carriers in Florida will be able to better estimate loss costs following the passage of a new bill designed to curtail unnecessary litigation and assignment of benefits (AOB) abuse in the state. The reforms will limit the ability of third-party service vendors to take advantage of ... Read the full article

Florida insurers welcome reform to address AOB abuse

25th April 2019

The Florida Property & Casualty Association has commended the Florida Legislature for passing a reform that aims to address assignment of benefits (AOB) abuse in the state. The legislation is expected to help stabilise the recent explosion in AOB litigation and provide policyholders with the tools to protect themselves against predatory ... Read the full article

Universal’s operating income drops in Q1 due to higher losses

25th April 2019

Florida-based property and casualty (P&C) insurer Universal Insurance Holdings, Inc. has posted its results for the first quarter of 2019, which show a 20.5% drop in adjusted operating income due primarily to a $37.17 million increase in losses and loss adjustment expenses. Universal’s combined ratio was 87.2% in Q1 2019, compared ... Read the full article

Reinsurance supports premium growth, improved combined ratio for Travelers in Q1

18th April 2019

U.S. primary insurer Travelers has announced net written premium growth of 3% and an improved underlying combined ratio of 91.6% for the first-quarter of 2019, driven by a new catastrophe reinsurance treaty. Travelers' Q1 2019 results announcement reveals net income of $796 million and core income of $755 million, up 19% ... Read the full article