Louisiana’s homeowners’ property insurance marketplace is not another “Florida crisis in the making”, analysts at ALIRT Insurance Research have said, highlighting key differences between these markets.
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Hardening of property catastrophe reinsurance rates is expected to continue through this year and into 2023, according to Alex Maloney, CEO of specialty insurance and reinsurance group Lancashire Holdings.
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The impacts of climate change could drive the economic costs of flooding in the United Kingdom some 42% higher by 2050, according to analysis by specialist flood risk modeller JBA.
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Property and casualty (P&C) insurer United Insurance Holdings Corp. (UPC Insurance) has now completed its plan to rationalise and consolidate its Florida property insurance writing, but also announced second-quarter catastrophe losses of $21 million yesterday.
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The pull-back from property reinsurance at Bermuda headquartered insurance and reinsurance firm AXIS Capital appears evident in its latest results, with a drop in premiums written by the reinsurance business, while there was also a decline in fee income from its third-party capital partners.
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Specialty insurance and reinsurance group Lancashire Holdings continued to grow into the firming marketplace during the first-half of 2022 and delivered strong underwriting results across the business, although its third-party capital management underwriting fees and profit commission declined.
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ABR Reinsurance Capital Holdings Ltd., the parent to Chubb’s strategically important total-return and third-party capitalised reinsurance joint-venture ABR Re, has raised an additional $210 million of capital thanks to an equity investment from a new investment manager that will also manage a portion of the reinsurers assets.
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In comments made this afternoon during the second-quarter earnings call of Bermuda based reinsurance and third-party capital management specialist RenaissanceRe, the company’s CEO Kevin O’Donnell said the catastrophe modelling vendors are failing to robustly capture the effects of climate change.
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FedNat Holding Company has announced a new Chief Executive Officer, as Board member David Patterson takes on the role on an interim basis, as incumbent Michael Braun resigned from the position and his Board seat.
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Insurance bonds should not be ignored as a defensive investment opportunity with both yield and upside potential, according to Twelve Capital, with the manager believing that market dynamics have created a particularly attractive entry point for investors.
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The Oak Fire burning in California’s Mariposa County has continued to expand in size, but while the damage has increased over the past day, in terms of property impacts, fire crews have made better progress in bringing the blaze under control.
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France-headquartered global reinsurance firm SCOR is set to add more insurance-linked securities (ILS) expertise to its ranks, with the hiring of Benjamin Jacquet who will join the reinsurer from his current role at Credit Suisse Insurance-Linked Strategies.
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Rating agency Demotech has now extended the rating revision process for covered Florida property insurance carriers, which had been expected to end today, while at the same time responding to criticism from Florida state leaders.
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RenaissanceRe, the Bermuda-based reinsurance firm and third-party capital management specialist, added almost $568 million of additional capital to its range of insurance-linked securities (ILS) structures and joint-venture vehicles during the second-quarter of the year.
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