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The company is also prepared for potential M&A activity. -
The insurer reached highs of over 1.4 million policies in September 2023.
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Fears of the oncoming soft market are causing a sector rotation away from P&C.
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Both the primary and reinsurance segments benefitted from a light cat year.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Many commercial risks will have London coverage, but insured values are relatively low.
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The NFIP expiration and a successful Neptune IPO got attention, but some reinsurers moved earlier.
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The FIO said it will work with regulators on coverage for digital assets.
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The CEO said the carrier is seeing sequential PIF growth in several states.
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Sources said that the transaction valued the Californian auto F&I business at over $1bn.
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Exposure for California’s Fair plan has jumped, as insurers drop policyholders.
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Hurricane warnings are in place for Guantanamo, Holguin and Las Tunas.
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Economic losses from the Cat 5 storm could run 30%-250% of the country’s GDP.
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The regulations are designed to address long-term solvency concerns.
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The LA fires were a microcosm of “everything we do well when things go bad”.
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Opportunities for growth remain in small and medium commercial accounts.
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A US landfall is not expected, but the storm could hit the Bahamas by Friday.
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The executive’s exit follows CEO Joseph Lacher’s resignation last week.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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The bill includes provisions to encourage retrofitting homes in high-risk areas.
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The company sees itself in a “very strong position” in the state.
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September’s medical care index increase follows a 0.2% drop in August.
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By line of business, $35mn of the charge relates to commercial auto and $5mn to personal auto.
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A former NOAA climatologist who left the agency is running the new operation.
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Cat losses in Q3 were light as peak hurricane season passes without incident.
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A quiet wind season is also expected to further soften the property market.
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Early Q3 earnings reports point to worsening market conditions.
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SageSure’s recent M&A in Florida was driven by being selective with policies and smart about claims costs.
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Critics claim the dispute system denies consumers' key legal rights.
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The selloff may hint at headwinds for equity investors.
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The firm also expects to increase share repurchases in Q4 to roughly $1.3bn.
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The tech subsidiary applied to list its common stock on the New York Stock Exchange under the ticker symbol “XZO”.
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Dale Krupowicz was also named head of operations for the segment.
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The insurer booked a $950mn policyholder credit expense in September.
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State Farm is under investigation as its premiums have been rising “drastically".
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Joseph Lacher will step down as president and CEO and resign from the board.
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Activists from the left and the right are focusing on insurance, often on the same issues.
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Though wildfire losses are up, total losses are the lowest since 2015.
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A US district judge ruled a delay could put human life and property at risk.
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The governor has yet to sign a pending bill to create a public cat model.
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Lighter cat losses a plus, while top-line, organic growth and reserving concerns persist.
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Jonathan Rinderknecht was arrested Tuesday on destruction of property charges.
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The charges allege “egregious delays” and “unreasonable denials” in claims.
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The broker will now have access to an M&A war chest for inorganic growth.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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The request cites use of Verisk’s forward-looking wildfire model.
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New home sales could be impacted by a prolonged stalemate.
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Seller White Mountains will retain a roughly 15% fully diluted equity stake.
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Proceeds will be used to pay off debt maturing at the end of the year and to support new market growth.
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The business has been ~70% owned by White Mountains since January 2024.
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The promotions are part of the carrier's strategy to increase property-liability market share.
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Industry stocks were firmly behind the S&P 500 in Q3.
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Neptune’s stock price jumped 25% on the first day of trading.
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Superintendent Harris is stepping down this month after four years of service.
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Home buyers looking to close on a mortgage could find the private market an attractive alternative.
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Winds have strengthened to 80 mph, and the hurricane is expected to intensify further over the next 48 hours.
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The jump in the latest estimate could be due to damage to seasonal properties only being recently discovered.
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The NHC also warned that a hurricane watch could be required in Bermuda as early as Monday afternoon.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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California’s insurance regulator has Fair Plan depopulation, cat models on his mind.
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Sources said momentum around resiliency laws is growing at the state and local level.
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Economic volatility, including from tariffs and rising interest rates, is reshaping risk profiles for specialty insurers.
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Sources said that the carrier’s listing is expected to raise around ~$100mn.
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The proposed changes aim to establish clear guidelines for intervenors.
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Cat losses in August were below historical trends, but we are not in the clear just yet.
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The measures also seek to encourage greater wildfire mitigation efforts.
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While the Fed is more concerned with jobs, other macroeconomic concerns trouble the industry.
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The specialty MGA said it didn’t experience direct losses from the LA wildfires.
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IBHS CEO Roy Wright says insurers need a comprehensive approach to resilience.
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A report by the ratings agency challenges current industry wisdom.
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The annual meeting took place in Pasadena, California, miles from the site of LA wildfires.
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Models anticipate a busier second half, particularly in the next few weeks.
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The wildfire MGA is expecting to write higher value homes soon and may expand into new states.
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The fundraising round brought in $50mn for the insurer.
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The carrier notified California regulators that it would stop renewing plans starting last month.
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The ratings outlook has also been revised to stable from negative.
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The company generated $71.4mn in revenue for H1 2025.
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The bi-partisan legislation would make FEMA a cabinet-level agency.
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P&C stocks recovered faster than the S&P 500 following a late July dip, but a gap remains.
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The PE-backed MGA has Morgan Stanley, Bank of America and JPMorgan advising.
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The rest of 2025 appears poised to remain favorable for insureds, however.
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California, Florida and Texas all saw decreases in monthly premium growth.
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The data modeling firm said losses previously averaged $132bn annually.
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The violations included not using properly appointed adjusters and failing to pay claims.
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After the LA wildfires in Q1, carriers got some relief in Q2 ahead of wind season.
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Lawmakers are seeking input on risk evaluation, limits and other concerns.
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The group claims the White House is undermining disaster preparedness.
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Cat losses in July were below historical trends, but all eyes are on peak hurricane season.
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Storm surge of two to four feet could affect the North Carolina coast.
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Full-stack carriers fail to outclass incumbents with no clear platform differentiation.
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The program is aimed at affluent homes valued between $1mn and $6mn.
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Life-threatening surf and rip currents are expected on the east coast of the US.
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This is the first rate filing to use the recently approved Verisk model.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Despite mild headline CPI, some insurance-related items are heading in a worrying direction.
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Profitability improves, even as growth stagnates.
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The insurer said it expects to begin writing business by the end of the month.
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The company plans to launch in New York and New Jersey next year.
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The Insurance Insider US news team runs you through the earnings results for the day.
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July’s medical care increase was up from June’s o.6%.
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Floir has greenlit at least 14 new companies for operation in Florida in the last few years, contributing to the competition.
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The Insurance Insider US news team runs you through the earnings results for the day.
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A shift to back to the admitted property space and MGAs choosing ignorance are other possible scenarios.
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As the fires spread, the priority shifted from saving structures to saving lives.
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Insurers did not see a slowdown in rate but some are still fine-tuning their portfolios following the LA fires.
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Despite being hailed as an asset, executives said the current situation is not ideal for either valuation or competitive purposes.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Auto, umbrella and excess lines recorded mid-double-digit rate increases in Q2.
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Its partnership channel grew three times in new writings year-over-year.
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Rates continue to fall across the state but are firmer in the southeast region.
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Q2 cat losses at AIG declined to $170mn from $330mn in the prior year quarter.
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The carrier sees opportunities to grow in New York, the mid-Atlantic and Florida.
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CEO Rick McCathron also said the company is seeking to diversify its portfolio.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The gross loss ratio for the homeowners InsurTech fell by 12 points last quarter.
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The company reduced its proportional quota share program from 55% to 20% cession.
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The company also purchased $15mn of SCS parametric coverage.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The S&P 500 outperforms as P&C tumbles on mixed earnings.
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The reinsurance CoR fell 2.3 points to 79.5% while the primary CoR rose 4.7 points to 98.7%.
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On Q2 calls, carrier executives called out fierce competition in various lines of business, and a misalignment of interest.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The model becomes the second in the state to get approval to affect ratemaking applications.
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CEO Roche said that “significant price increases” are still to come, however.
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This follows last month’s takeout of 12,000 Citizens policies.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Roughly half a year since the LA fires, brokers said there’s hope things are turning around.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The broker posted a 6.5% drop in organic growth YoY.
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Mercury’s recovery from the guaranteed percentage of losses is $47mn.
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Insurers can offer features the beleaguered fund can’t, the MGA said.
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This brings the carrier’s total limit on the program to $1.8bn.
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Smaller accounts remain less affected by an influx of MGAs.
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The Insurance Insider US news team runs you through the earnings results for the day.
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As the US recovers from a major flood event, the vast majority of Americans remain uninsured.
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The company adjusts its rate options to expand California business under the new cat model.
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At least 14 new companies have opened up shop in the state in recent years.
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As the IPO window opened, American Integrity, Slide, Ategrity and others followed Aspen.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Insurers must write policies in high-risk areas in order to incorporate the model.
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The automaker’s insurance arm wrote over $300mn in premium last year.
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Hagerty Re will now assume 100% of the premium and 100% of the risk.
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The executive said the claims industry is going to “be transformed”.
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Softer market conditions are likely to create a wave of consolidation favoring large brokers.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Weatherbys Hamilton provides private client, bloodstock and farm coverage.
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Litigation seeks to block insurers from passing assessment costs to consumers.
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The research team presents the June cat heatmap.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The PE-backed MGA lined up Morgan Stanley, JP Morgan and Bank of America to advise.
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Rising inflation could raise claims severity but also increase investment income.
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The industry veteran has been in personal lines HNW for more than four decades.
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The Floridian has been approved to potentially assume 81,000 policies total.
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The class can collectively challenge State Farm’s property claims calculations.
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The losses were below May’s $777mn, but almost 3x higher than for June 2024.
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The suit claims billions of dollars are being illegally withheld.
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Rate gains are easing across many commercial and personal lines.
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The executive had been Stone Point’s representative on Higginbotham’s board.
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Top companies eliminated or heavily modified language related to DEI this year, analysis shows.
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The US accounted for 92% of all global insured losses for the period.
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June’s increase was up from May’s 0.2%.
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State legislation has led to major strides in rate adequacy.
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Social inflation, reserving, and organic growth are the topics to watch this earnings season.
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Category 4 and 5 storms could become more common and hit further north.
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While official return to office mandates have gathered steam, what they look like in practice can vary widely.
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Nominee Neil Jacobs was warned cuts will cause ‘rising home insurance rates’.
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Despite predicting fewer hurricanes, the numbers are still above average.
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This is up from the $300mn in capacity the MGA secured in 2024.
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When it comes to sympathetic juries, high net worth individuals are under the same pressure as corporations.
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The floods have killed at least 81 people, with dozens more missing.
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The January wildfires did little to hamper their appetite, apart from California.
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The late March storm caused extensive damage in southern Quebec and Ontario.
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Litigation costs continue to weigh on long-tail lines, but effects of tort reform are visible.
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The transition will be implemented starting October 15.
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The company said the reduction was due to years of steady improvements.
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Early adopters of AI will see efficiencies – and likely increased market share, Kantar said.
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There are now 14 new companies writing homeowners’ policies in the state.
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The ruling comes as insurers face growing legal pressures following the January blazes.
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The insurer intends to take on up to 81,040 policies this year.
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Additional buybacks are more feasible if P&C stocks slip and pricing moderates.
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Much was learned after the fires, but it could take years before that data influences models.
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The research team presents the May cat heatmap.
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In The Car offers embedded auto insurance by integrating policies into dealership management systems.
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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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The Pennsylvania-based insurer experienced a 10-day network outage this month.
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The regulatory body is also looking at AI rulemaking and catastrophe resiliency.
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The Florida homeowners’ InsurTech went public today at $17 per share.
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Slide will also expand its footprint to New York and New Jersey towards the end of the year.
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Allstate attributed the bulk of its losses to three major wind and hail events.
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Tariffs could drive up property loss costs, but the impact on other items has been muted.
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The carrier is pricing shares at the upper end of the range announced this month.
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The insurer first noticed “unusual network activity” on June 7.
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Florida regulators have also approved takeouts for Mangrove and Slide.
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Fallon will retire in January 2026 after 30 years at the company.
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This is up from last year’s $1bn protection for its Florida treaty.
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The pair joined MMA after the $7.75bn purchase of McGriff in November.
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An active hurricane season threatens to weigh on hard-fought capital and underwriting margins.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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Van Bakel said that AI can help triage thousands of disaster claims.
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Lara approved an interim rate increase for the company just weeks ago.
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GCP retains a controlling interest in the Californian retail brokerage.
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Hippo will also provide capacity for existing and future MSI programs.
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The medical care index numbers were below April’s 0.5% rise.
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The regulator said further measures could still be passed in this session.
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The executive has been with the firm for close to 15 years.
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The Floridian is the third insurance company to go public in 2025.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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White Mountains invested $150mn in the retail platform earlier this year.
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The offering comes after Acrisure’s $2.1bn convertible pref share raise.
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Estimates on what a cat five in downtown Miami could cost vary, but it would be painful for reinsurers.
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Insurers have termed the Democrat-backed legislation “flawed”.
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DUAEs are increasingly leveraging specialized expertise to address underserved risk.
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HCI secured three towers with $3.5bn in XoL coverage.
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The program includes all perils coverage and subsequent event protection.
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A week ago, this publication revealed that Slide was pressing ahead with its IPO plans with an S-1 filing.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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The collective CoR of 45 Floridians hit 93.1% in 2024
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Acrisure recently raised $2.1bn from investors in its latest step towards an IPO.
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The deal leaves premier surety as Travelers' sole Canadian portfolio.
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The once niche product is generating interest in a growing number of industries and sectors.
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One measure could give regulators greater leeway to deny rate requests.
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Florida’s top regulator says he’s eyeing eventual tweaks to the state’s cat fund, too.
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This publication reported earlier today that the S-1 filing was imminent.
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TSR previously predicted activity slightly below the 1995-2024 average.
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The company seeks the full 30% homeowners’ rate request it made last June.
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This publication reported earlier this year that the carrier is targeting a $250mn-$350mn raise.
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A historic cat loss year remains a possibility as storm losses accumulate.
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The agency forecasts up to five major hurricanes and 19 named storms.
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Wildfires resulted in heavy losses for insurers focused on HNW, personal lines and reinsurance.
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The sale process was first reported by this publication three months ago.
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"Smoke damage is real damage," Commissioner Lara said.
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The assumption date for the combined 16,250 policies is August 19.
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Tornadoes have killed at least 32 people in three states.
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He will lead AIG’s business across Latin America and the Caribbean.
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Two wind and hail events were responsible for 60% of the total.
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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina.
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Litigation funding is a frequent bogeyman for the insurance industry. The feeling isn’t mutual.
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State Farm will need to provide its CA subsidiary with a $400mn surplus note.
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The medical CPI is up 3.1% for the last 12 months.
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The Tampa-based insurer says it will use the capital for general corporate purposes.
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Broadstreet announced the most deals, followed by Hub and Gallagher.
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Growth and returns on equity fall, but most of the industry is still profitable.
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The carrier’s estimated first event limit could increase 16%, to $1.35bn.
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The total cost for the program increased 1.8% from last year’s.
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With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Shares were down as much as 20% after Hippo posted a $48mn loss.
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Hits to personal auto, workers’ compensation led to a drop in NWP.
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The initial offering includes 6,875,000 shares of common stock.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The offering launched last week with a valuation between $103mn and $116.8mn.
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California homeowners are also expected to move admitted business to E&S.
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During first quarter earnings calls, insurers argued that they can mitigate volatility.
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The insurer has not decided whether to sell its Eaton subrogation rights.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The conglomerate’s insurance subsidiaries will have to make do without some of their prior strategic advantages.
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The platform will focus on acquiring MGAS across lines of coverage.
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The Insurance Insider US news team runs you through the earnings results for the day.
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At his last annual meeting as CEO, Buffett highlighted the importance of Berkshire’s insurance operations.
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The primary and reinsurance unit CoRs were 103.1% and 98.7%, respectively.
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Insurers haven’t announced concrete steps – yet.
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The Canadian conglomerate’s total cat losses in Q1 reached $781mn, including $692.1mn from the fires.
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The standard market has not ‘meaningfully’ impacted the rate of flow in the aggregate.
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