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Unsustainable growth makes Florida Citizens the “insurer of first resort”

Florida’s Citizens Property Insurance Corporation has increased its policy count by 28% in just the last 18 months and the insurer expects its growth to continue at an unsustainable rate, which now makes it "the insurer of first resort," according to its Chairman. Florida Citizens was always supposed to be the read the full article →

SCOR’s Atropos ILS fund AuM exceeds $1bn, SCOR IP and Coriolis $2.4bn

SCOR Investment Partners, the asset management company of the global reinsurance group SCOR, has continued to add new capital to one of its core insurance-linked securities (ILS) fund strategies, the Atropos, which has now exceeded the $1 billion mark in terms of assets under management. At the same time, SCOR Investment read the full article →

Program & fronting specialist Obsidian gets A- rating for E&S lines carrier

Obsidian Insurance Holdings, Inc., a recently launched program and fronting insurance holding company, has announced the A- A.M. Best rating of its excess and surplus (E&S) lines carrier. Obsidian Specialty Insurance Company was recently formed to help Obsidian expand its offering, which sees the company fronting insurance programs for a range read the full article →

Florida Citizens growth suggests takeout opportunity returning

The opportunity to takeout insurance policies from Florida's Citizens Property Insurance Corporation may return once again, as the insurers portfolio is expanding faster than it expected and it feels some of the book may be attractive. Florida Citizens had previously said that the state of the Florida insurance market would drive read the full article →

Collateral held in trust for ILS transactions rises 11% for Hannover Re

Global reinsurance firm Hannover Re has been quietly expanding its activities in the insurance-linked securities (ILS) space for some time, as a key facilitators for collateralised transactions and acting as a front for certain ILS funds and investors. Every so often, more details emerge on the growth of this side of read the full article →

SCOR lifts ILS assets to $2.4bn as fronting relationship with Global P&C begins

SCOR Investment Partners, the asset management company of the global reinsurance group SCOR, has raised fresh capital for its insurance-linked securities (ILS) strategies in the first-half of 2020, lifting its ILS assets managed to $2.4 billion. The increase in ILS assets under management at SCOR Investment Partners came as it began read the full article →

Praveen Reddy promoted to COO at Nephila’s MGA Velocity

Praveen Reddy has been promoted to Chief Operating Officer of Velocity Risk Underwriters LLC, the managing general agency (MGA) operation of reinsurance, catastrophe, climate and weather risk-linked investment manager Nephila Capital. Reddy had joined Velocity Risk Underwriters in its launch phase around the middle of 2015 and has played a significant read the full article →

Spinnaker gets snapped up by insurtech Hippo

Spinnaker Insurance Company, the well-known program and fronting service specialist that was founded in 2015 by ex-Arch Re Ingrey family members, has been sold to insurtech Hippo. Hippo is a high-growth, technology focused insurance company that aims to transform home insurance and ownership completely, with the use of smart home technology read the full article →

Hannover Re grew its fronting for ILS business by 7% in 2019

Global reinsurance firm Hannover Re continued to expand its activities in the fronting space, with the volume of limit fronted for insurance-linked securities (ILS) investors and funds increasing by 7% during the year. Hannover Re has positioned itself as one of the key facilitators for the ILS market, with its activities read the full article →

Nephila’s MGA Velocity expanding homeowners writing in Florida & Texas

Velocity Risk Underwriters LLC, the managing general agency (MGA) operation of reinsurance, catastrophe, climate and weather risk-linked investment manager Nephila Capital, is to expand its direct sourcing of homeowners business in the core wind-exposed coastal insurance markets of Florida and Texas. Velocity has been steadily expanding its operations as an MGA, read the full article →