All Property Catastrophe articles
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NewsCoreLogic study highlights escalation in coastal hurricane exposures
US properties with an aggregate reconstruction value of $10.5trn are now at risk of hurricane-force wind damages, according to the latest analysis by data analytics firm CoreLogic.
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News
Vantage’s property cat head Pritchard exits to join Aon
Vantage Risk’s head of property catastrophe in its Bermuda office Nick Pritchard has left his role with the reinsurer to take up a post with the reinsurance broking operations of Aon, The Insurer can reveal.
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News
Strata looks to reboot hab product as binder with new carrier
Strata Underwriting Managers is in talks with an unnamed carrier to relaunch a slimmed down version of its habitational offering as it transitions from the fronted program that was pulled back in March after it was unable to secure sufficient property cat reinsurance capacity, Program Manager can reveal.
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News
LDI gives policyholders of failed insurers extra 60 days to secure new coverage
The Louisiana Department of Insurance (LDI) said on Monday that policyholders of failed insurers in the state would have an extra 60 days from their policy cancellation date to obtain new coverage through their agent, with Louisiana Citizens stepping in to provide coverage for the interim period.
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News
UPC taps RAP program for $167mn of Florida limit
United Insurance Holdings Corp (UPC) has revealed it tapped Florida’s newly formed Reinsurance to Assist Policyholders (RAP) program for $167mn of limit as part of its slimmed-down 2022/23 core catastrophe reinsurance coverage.
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News
LDI says unable to find insurers to take on Lighthouse’s Louisiana policies
Louisiana insurance commissioner Jim Donelon said on Thursday that efforts to transfer the in-force portfolio of now-insolvent Lighthouse in the state have come up short, and that the homeowners carrier’s policyholders will have to seek new cover through their agents.
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News
Allstate’s Castle Key adds almost $600mn of limit to Florida cat tower
Allstate has significantly upsized the excess of loss catastrophe reinsurance program of its standalone Florida carrier for the second consecutive year as it added $592.1mn of limit to a tower which now tops out at more than $1.83bn, despite challenging reinsurance market conditions.
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News
Canada’s Definity facing C$26mn to C$29mn hit after derecho hits ON and QB
Canadian carrier Definity Financial Corporation has said its net income will take a C$26mn ($21mn) to C$29mn hit from its exposure to the deadly storms that tore through southern Ontario and Québec last month.
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News
Acrisure Re highlights hurricane forecasting issues
The 2022 Atlantic hurricane season has now kicked off with expectations among forecasters that storm formation will once again be above historic averages, but Acrisure Re has cautioned against pinning too much on the predictions given their track record.
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News
CSU raises 2022 major hurricane forecast to five
Researchers at Colorado State University (CSU) have updated their forecast for the 2022 Atlantic hurricane season and now predict 20 named storms will form along with five major hurricanes.
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News
TWIA upsizes traditional reinsurance to $936mn
The Texas Windstorm Insurance Association (TWIA) has completed its 2022 reinsurance program with a total of $2.036bn of private market risk transfer that includes its new $200mn Alamo Re cat bond issue and $936mn of traditional limit, up from $830mn on the expiring structure.
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News
Start-up reciprocal exchange CURE in running for Lighthouse policies
Start-up Cajun Underwriters Reciprocal Exchange (CURE) – understood to be a joint venture between SafePoint and Accident Insurance Company – is in the approval process to take on a portion of the Louisiana book of failed homeowners carrier Lighthouse, The Insurer can reveal.
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News
Heritage says it benefits from diversification push as completes cat XoL placement
Heritage Insurance Holdings is the latest listed Florida carrier to confirm it has navigated the challenging 1 June renewal to place its 2022/23 catastrophe excess of loss (XoL) program.
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News
CRC: Cat wind and wildfire lead US property rate rises
Pricing for catastrophe wind and wildfire-exposed business leads the way across the broadly hardening property market with habitational/frame apartment buildings along with crypto/data mining facilities not far behind, according to CRC Group.
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News
Munich Re latest to predict above-average Atlantic storm season
Munich Re has added its name to the list of organisations forecasting an above-average Atlantic hurricane season with the reinsurance giant predicting up to 18 named tropical cyclones.
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News
Openly adds Everest Re’s Landi and places first major cat XoL
Openly has tapped Everest Re’s Anthony Landi to serve as head of reinsurance and capital management, with his arrival coinciding with the high-end homeowners’ insurtech completing the placement of its first significant catastrophe excess of loss (XoL) coverage.
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Comment
Florida and the survival of the least unfit
As a crucial and ever more disorderly 1 June Florida reinsurance renewal prepares to go into overtime there is a growing sense that the action – or arguably inaction – of the state legislature is a tacit acceptance that a number of domestic homeowners specialists will be allowed to fail.
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News
Amwins: Louisiana property market facing 50-300% rate increases
Cat-exposed property insurance accounts in Louisiana are facing rate increases of up to 300 percent amid capacity restrictions, as the primary market begins to feel the impact of recent reinsurance renewals, according to wholesale intermediary Amwins.
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Analysis
Hurricane forecasters united in expectations for above-average season in 2022
Tomorrow marks the official start of the 2022 Atlantic hurricane season, with forecasters expecting an above-average frequency of storm activity for a seventh consecutive year.
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News
McDowell leaves Gallagher Re in Bermuda
Chris McDowell is leaving his position as head of Bermuda at reinsurance broker Gallagher Re to pursue other opportunities, The Insurer can reveal.
