insurance

Heritage Insurance Holdings, Inc. has reported that its per-occurrence reinsurance protection attached after the devastating wildfires in Maui, driving a “modest” recovery for the insurer during a quarter in which most of its catastrophe losses were retained.

Having successfully exited his previous start-up Tremor, Sean Bourgeois is back very quickly with another, launching Fuse as a modern, secure communications platform for the global commercial insurance and reinsurance industry.

The CRESTA organisation, which tracks insurance industry losses outside the United States, says the data shows that severe convective storm (SCS) loss events of above $1 billion exhibit both increasing frequency and severity.

Nationwide Mutual Insurance continues to prune catastrophic risk from its homeowners portfolio, with over 10,500 property insurance non-renewals expected in North Carolina, more than half of which are said due to hurricane exposure.

Descartes Underwriting, the parametric insurance and data-driven risk transfer specialist managing general agency (MGA), has named former Chief of Staff Marlène Luce to take on the new role of Head of Strategy & New Business, as leader of a newly formed department.

Insured losses from severe convective storms (SCS) in the United States have continued to escalate through the third-quarter of the year, with the annual total for 2023 now reaching a record $50 billion, the first time this peril has ever caused this level of loss for the industry, Gallagher Re’s Steve Bowen has explained.

Markel CATCo Investment Management, the retrocessional reinsurance specialist investment manager arm of Markel, is still running-off its portfolio of risk and in the last quarter of record managed to recover additional value as favourable development of its side pocket loss reserves continued.

California is moving to avoid a developing insurance crisis in the state that has seen major companies pull-back on underwriting property insurance there, or exit the state entirely, with plans announced to enable insurers to better cover their loss costs and expenses within their pricing.

Historically, the reinsurance industry has picked up the tab at the Monte Carlo Rendez-Vous event, in a demonstration of the capacity providers keeness to maintain the good relationships they have with cedents and hold onto shares in their renewal programs.

In finalising the insurance and reinsurance industry loss estimate for Japanese typhoon Nanmadol, which struck the country in September 2022, catastrophe loss data aggregator PERILS AG has lowered the total to JPY 125.9 billion, while also saying that its data is increasingly being used in Japanese ILW loss triggers.