North America
-
This will not impact Markel International, which will continue to operate out of the UK.
-
The effort will draw from California’s research and higher education communities.
-
Potential for rate cuts at the upcoming Fed meeting should be an addressable event for P&C insurers.
-
The underwriting venture, Florida Re, will target both US and LatAm markets.
-
Eight Floridians will take on personal residential multi-peril and wind-only policies.
-
Citizens’ auto-renewal controls were down from February 2023 to August 2023.
-
The ruling only applies to a Florida retirement community.
-
The storm brought a lot of rain, but the Floridian doesn’t provide flood insurance.
-
CFO Lusk said the company is about 99.2% closed on claims from the 2017 storm.
-
The ‘life threatening’ hurricane has potential for “historic heavy rainfall” in the southeastern United States.
-
Comparatively, in November 2023, the regulator had consented to 202,399 policies to be taken from Citizens.
-
The CEO noted that the tort reforms have not led to rate pressure yet.
-
Both admitted and non-admitted markets grew by more than 42% last year.
-
The backing represents a rare move from a collateralized reinsurer to take on risk in the legacy space.
-
It is understood that the company expects to launch its Florida reciprocal in Q4.
-
Stable first half insufficient to counterbalance concerns on reserving trends.
-
The $1.6bn of cat bond limit on-risk includes $1.1bn Everglades Re mega-bond.
-
The proposal now goes to the Florida Office of Insurance Regulation for review.
-
Excess capacity rebounded in June 2023 after hitting a decade-low just 12 months earlier.
-
The program includes all perils coverage and third-event protection.
-
The former Everest executive will look to roll out a range of new product lines at the MGA.
-
Spreads on all tranches of notes settled above the initially guided range.
-
The CEO is one of more than 20 executives who received letters from Floir citing Statute 624.4073.
-
Rates are still materially higher than pre-pandemic and lower layers are holding firmer.
-
The loss ratio in the business that HCI assumed was also better than anticipated.
-
The carrier has completed its 2024-25 reinsurance renewal.
-
Formed in 2006, Centauri is a Demotech A-rated firm headquartered in Sarasota.
-
Tim Cerio also credited litigation reforms for the current market recovery.
-
The carrier of last resort is proposing total risk transfer of $5.5bn.
-
Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
-
FHCF rates are also projected to decrease by a statewide average of 7.38%.
-
It is understood that the company aims to launch in Q3 or Q4 of this year.
-
AM Best recently downgraded the insurer after Gallatin Point acquired a majority stake last January.
-
The body’s budget committee is again pressing Citizens over solvency concerns.
-
May and June takeout requests for Citizens are exceeding expectations.
-
Overall rate expectations are flattish to single digit increases.
-
The Insurance Insider US news team runs you through the earnings results for the day.
-
The closing of the Interboro sell-off was postponed to nearer the end of the year.
-
Sources said preparations for a 2024 IPO were halted, but work could resume later this year.
-
The downgrades reflect Gallatin Point’s recent acquisition of a majority stake in TRUE.
-
A hearing with the Florida Office of Insurance is scheduled for February 21.
-
The increase in limit reflects the carrier’s growing exposure.
-
The company is aiming for a 2024 Florida rollout, offering HO-3 and DP-3 policies.
-
The reciprocal will write homeowners’ insurance primarily in Florida.
-
The carrier expects to re-emerge after operating as going-concern Anchor.
-
As last year’s reforms shake out, only a few changes are pending for 2024.
-
Sources said that the retailer will be marketed off an Ebitda of $40mn-$45mn, pointing to a potential valuation in the $650mn-$750mn range.
-
The legislation would make all residences with dwelling replacement costs between $700,000 and $1mn eligible for coverage through the state insurer if denied by the private market.
-
In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
-
If the Floridian goes through with a listing, it will be a true test of whether the public markets believe that the state’s fragmented insurance market is fixed, or on its way to being so.
-
Sources said the fast-growing homeowners' Floridian is finalizing the process to retain investment banks with the aim for an equity event to take place in the first half of the year.
-
In November, CORE received its certificate of authority from the Florida Office of Insurance Regulation to transact insurance in the state.
-
December premiums were up for all three of the top E&S states, with California posting the largest percentage increase at 44.2% YoY.
-
2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.
-
The assumption brings TypTap’s total in-force premium to $1bn.
-
The reforms are working for claims filed after December 2022, but attorneys are still litigating claims filed prior to the legislation.
-
The limit on the reinsurance Citizens will look to buy from the private markets will stretch to $14.35bn, up 2% on prior-year coverage.
-
November premiums were up for all three of the top E&S states, with Florida posting the largest percentage increase at 21.8% YoY.
-
The Senate Budget Committee, chaired by Democratic Senator Sheldon Whitehouse, is seeking information on plans to address increased underwriting losses from extreme weather events.
-
A quick roundup of this week’s biggest stories.
-
Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
-
Cedeño Camacho will expand his insurance carrier holdings to North America.
-
Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
-
The office also said it has approved the assumption of 650,399 policies from Florida Citizens so far this year, a more than 800% increase from the previous year.
-
The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.
-
The rating reflects Orange's low underwriting leverage and significant surplus relative to projected premiums written
-
The bill would spur development of a crop insurance policy to cover losses caused by cold exposure and freezes.
-
The Inside P&C news team runs you through the earnings results for the day.
-
The company targets specialty markets that it believes are underserved by larger insurers and focuses on niche business lines and fee-oriented services.
-
The Inside P&C news team runs you through the earnings results for the day.
-
Following reforms enacted by the state, the insurer will seek to provide new insurance coverage options to property insurance policyholders.
-
AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
-
Pricing, reserves and uneven catastrophe losses will be the theme this quarter.
-
In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.
-
The most important factors driving insured losses over the years include hurricanes, other weather-related events, inflation, and excess litigation.
-
HCI subsidiary TypTap Insurance Company has received approval from Floir to assume up to 25,000 policies from Florida’s state-owned insurance company.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The first non-renewals are scheduled for May 2024 in what is expected to be an 18-month process.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
“They’re playing Moneyball,” Petrelli told attendees during the Inside P&C conference in New York, decrying the increasingly sophisticated ability of law firms to attract clients and parse effective litigation strategies.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Panelists at Inside P&C New York highlighted the changing role of MGAs, as legacy carriers pull back from cat-prone areas to combat growing losses from hurricanes, SCS and other secondary perils, such as wildfires.
-
A number of the largest hurricanes have come post-peak, but the industry remains well capitalized.
-
Differing trends in short- and long-tail lines offset each other to create a net positive for the industry, though the releases are slowing significantly.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Hale Partnership CEO Steve Hale added that the policies in the area where Idalia hit represent less than 5% of the carrier’s book.
-
The insurance company had set out plans last summer to expand its market share in Florida.
-
The reciprocal exchange received a consent order on Friday and is expected to begin underwriting in December
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The hurricane, now a Category 1, is tracking around 100 miles west of Savannah, Georgia and is expected to pass through the Charleston area of South Carolina.
-
Industry loss estimates range from $3bn to $10bn, but loss figures will become clearer in the days to come.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
More than 800,000 houses could be affected by the hurricane’s storm surge.
-
If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.
-
Shifting economic winds make growth plays more attractive, causing insurer stock performance to lag though short interest remains flat.
-
-
The storm is now forecast to become a major hurricane by Tuesday night. This morning’s advisory update had estimated that Idalia would reach major hurricane status by early Wednesday.
-
A major hurricane in any section of Florida that extends into the Southeast states is likely a “multi-billion-dollar” insurance industry event, according to the broker.
-
Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.
-
The nod follows that of Mainsail Insurance Company, owned by Hippo subsidiary Spinnaker, in August and HCI-owned Tailrow Insurance Company in April.
-
The start-up was previously targeting a $75mn raise. Investor meetings started last week and will continue into next week.
-
AJ Gallagher has recruited a pair of executives from Howden to boost its Latin American treaty footprint, this publication has learned.
-
The domestic carrier will write homeowners’ multi-peril business, according to filings which also detailed that $300,000 of the initial capital will be used to complete the statutory deposit requirement.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The Inside P&C news team runs you through the earnings results for the day.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The Inside P&C news team runs you through the earnings results for the day.
-
The executive said that the company reduced its consolidated retention and ceded premium ratio for its 2023 and 2024 treaty program.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
The number of policies being requested in the first half of 2023 is larger than the total number of policies requested for 2022.
-
Pricing, catastrophes and rising costs are headwinds for this quarter’s insurer results, but brokers should be buoyed by continued inflation.
-
Following media reports last week that AAA had plans to pull out of the Florida insurance market entirely, the home and auto carrier "set the record straight” on Monday.
-
The utility previously bought a $1bn policy from the (re)insurance market.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The decision applies only to policies issued through the company’s exclusive agency distribution channel.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Personal lines underperform predictions, while brokers and InsurTechs are a positive surprise (for now).
-
Bruce Lucas added that the company is no longer pursuing a Series B round.
-
Recent tort reforms, carrier capital and reinsurance relationships will determine the future for Floridians.
-
Considering recent reforms, Citizens’ rates, on average, are still 58.6% below actuarially sound levels, but the inadequacy would have been 88.3% without them.
-
ACIC’s program offers sufficient coverage for approximately a one-in-167-year event and a one-in-100-year event followed by a one-in-50-year event in the same season, the company said.
-
It’s unclear how long some insurers will be able to sustain the cost of doing business in Florida, whether the question is making it through another quarter, another hurricane season or another renewal.
-
Tower Hill Insurance Exchange has completed its 2023 Florida reinsurance program, which offers nearly $2bn for catastrophe cover, including all perils.
-
The bills place additional requirements on insurers in the state and expand consumer protections.
-
The program “exceeds regulatory and rating agency requirements and provides coverage for multiple catastrophic events”.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Recently released statutory data shows the US P&C industry loss ratio touching the 65% mark, the highest level in two decades.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The pullback mirrors what the state went through last year before and after June 1.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Early private deals have provided far more stability in this year’s renewal than last.
-
-
Village Protection is expected to be operational on or before January 2024.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
First event reinsurance tower exhaustion points are $1.3bn for the Northeast, $1.1bn in the Southeast and $870mn in Hawaii.
-
The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.
-
Analysis of 2022 statutory data shows top US-exposed reinsurers grew assumed premiums 13% year-on-year in 2022.
Most Recent
-
Highstreet’s Goodreau appointed CEO of new subsidiary Brightstone
October 01, 2024 -
Ryan Specialty buys Everest’s MGU EverSports & Entertainment
October 01, 2024 -
Westfield promotes Kohmann to COO, Looney to CFO
October 01, 2024 -
BHSI makes global and UK casualty promotions
October 01, 2024 -
Cowbell brings on Axis Capital’s Pagliarulo to head finance
October 01, 2024