North America
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Senior management liability underwriters Brady Head and Shelley Norman have left for Berkshire Hathaway.
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Weather activity and adverse claims trends in Florida have impacted underwriting results, the ratings agency said.
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Allison Barrett has taken over the underwriter’s responsibilities at the carrier.
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The Floridian carrier has agreed terms for a new reinsurance treaty that increases its cession rate by eight points to 30.5%.
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The storm struck a state park area around 135 miles north of Tampa.
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Joyn will write mid-market property and casualty risks in the US, using newly developed placing and underwriting software.
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Chris Mutcheson and Maggie Beattie are understood to be leaving the carrier’s Canada division.
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US president Nick Davies, SVP Sean Quigley and COO Adam Finkle leave the business.
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The storm battered Central America as a hurricane last week, causing widespread damage and at least 57 deaths.
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HCI reported diluted earnings per share of $1.60 in Q3, compared to $1.02 a year earlier.
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The ratings agency had a B rating with a negative outlook on the carrier.
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The Heritage co-founder said InsurTechs need more insurance expertise and to focus on underwriting margin.
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