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Palomar launches insurance fronting business, PLMR-FRONT

Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products, is the latest carrier to want to offer its paper to risk capital, reinsurance and underwriting teams, with the launch of an insurance fronting business named PLMR-FRONT. Palomar highlighted its A.M. Best rating of “A-IX”, as the read the full article →

Nephila Capital’s MGA Velocity Risk pauses new Florida homeowners business

Velocity Risk Underwriters LLC, the managing general agency (MGA) operation of reinsurance, catastrophe, climate and weather risk-linked investment manager Nephila Capital, has paused accepting new homeowners business in Florida, citing a desire to control its rapidly grown portfolio in the State, we've learned. Please note: We've updated this article to clarify read the full article →

United (UPC) adds $150m to gross hurricane Irma loss

United Insurance Holdings (UPC Insurance), the Florida headquartered and still focused insurer, has revealed a further $150 million of loss creep related to 2017's hurricane Irma, which the company booked at the end of Q1 2021. At the same time, United (UPC) believes that the rate of litigation related claims inflation read the full article →

United (UPC) says Florida to remain “very firm for the foreseeable future”

Florida headquartered insurer United Insurance Holdings (UPC Insurance) has said that it anticipates the Florida personal lines property insurance market remaining "very firm for the foreseeable future". The carrier had recently explained that the litigation issue and resulting loss inflation and amplification continues for Florida homeowners’ insurers, with its data suggesting read the full article →

SCOR Investment Partners completes Coriolis Capital integration

SCOR Investment Partners, the asset management company of the global reinsurance group SCOR, has now completed the integration of London based ILS fund manager Coriolis Capital Limited, which takes the firms overall insurance-linked securities (ILS) assets under management to over US $2.6 billion. SCOR Investment Partners agreed to acquire 100% of read the full article →

“Significant increase” in litigated Florida claims in Q1: United (UPC)

The litigation issue and resulting loss inflation and amplification continues for Florida homeowners' insurers, with the latest report from United Insurance Holdings (UPC Insurance) suggesting that the issue is worsening in 2021. United (UPC) reported on Friday that it has experienced a "significant increase in litigated claims volume from Florida homeowners’ read the full article →

SCOR Investment Partners and Coriolis’ combined ILS assets pass $2.5bn

SCOR Investment Partners, the asset management company of the global reinsurance group SCOR, continued to benefit from new capital inflows to its insurance-linked securities (ILS) fund strategies through 2020, with its combined ILS assets including London-based Coriolis now surpassing $2.5 billion. Overall, SCOR Investment Partners, the SCOR reinsurance group’s asset manager, read the full article →

Florida Citizens to seek $850m of cat bonds before 2021 hurricane season

Florida’s Citizens Property Insurance Corporation is targeting a $2.6 billion reinsurance and risk transfer program in advance of the 2021 hurricane season beginning and within the renewed towers could be $850 million of new catastrophe bonds. Florida Citizens has been growing at an unsustainable rate, which its Chairman previously said makes read the full article →

Ambac targets ILS partnerships with Everspan program / fronting launch

Ambac Financial Group, Inc. has launched a new program and fronting focused specialty insurance company named Everspan Group and targets participatory fronting and transformation for select risks, with the insurance-linked securities (ILS) market a potential reinsurance capacity partner it seems. Everspan Group calls itself a "specialty, participatory fronting program insurance business" read the full article →

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 →