Insurtech PA ISC launches real estate property investor programTwo Sigma-backed tech-driven program administrator Integrated Specialty Coverages (ISC) has launched an investor property program with A rated capacity to write property and liability policies, led by recently hired executive Gareth Jelley.
HCI estimates $18mn cat loss for Q3Florida-based carrier HCI Group has issued a preliminary estimate for third quarter catastrophe losses of $17.7mn, all of which were sustained in its Homeowners Choice subsidiary.
Everest Re facing $300mn pre-tax net catastrophe hit in Q3Everest Re’s Q3 2020 results will include an estimated $300mn of pre-tax net cat losses, although CEO Juan Andrade said the Bermuda-based (re)insurer still expects to report “significant” net income and positive net operating income for the period.
A tale of two reinsurance buyersAs earnings season gathers pace in the coming week a common theme from carriers that have reinsurance businesses is likely to be momentum in pricing across the sector building towards 1 January and other key renewal seasons in 2021 as the market moves into hard market territory.
Cresta launches industry loss index for major catsCresta has launched a new industry loss index for events with a loss value in excess of $1bn.
Perils pegs Queensland hailstorms at A$604mnLoss aggregator Perils has estimated insured losses stemming from the Central Queensland hailstorms in April this year at A$604mn ($428.3mn).
Delta pushes upper end of 2020 hurricane loss estimates up to $23bnOnshore losses from this year’s five landfalling US hurricanes will have an aggregate cost to the private (re)insurance sector somewhere between $8.6bn and $23.2bn, according to modelled loss estimates issued to date.
Kemper hits cat agg retention after Q3 cat lossesKemper Corporation has reached the $60mn retention on its catastrophe aggregate reinsurance programme after being hit with losses during the third quarter.
Heritage estimates net $24.5mn Q3 cat hitFlorida’s Heritage Insurance Holdings expects its results for the third quarter of this year to include approximately $24.5mn of net catastrophe losses, mainly as a result of Hurricanes Isaias and Sally.
ICA welcomes call for disaster mitigation fundingThe Insurance Council of Australia (ICA) has welcomed a call by the Australian Prudential Regulation Authority (APRA) for “significant” funding for investments in natural disaster mitigation.
Assurant says will not attach reinsurance on $110mn of Q3 cat lossesUS insurer Assurant said it expects to record around $110mn pre-tax, or $87mn after-tax, of catastrophe losses in its global housing segment for Q3 2020 from the spate of events that struck in the period, but that its cat programme will not be triggered.
The changing nature of riskGuy Carpenter’s North America CEO, John Trace, regards the impact of black swan events, the necessity of product innovation, the ramifications of Covid-19 and the opportunites available for the industry to seize…
National Security hits reinsurers with fourfold increase in ceded Laura lossNational Security Group’s (NSG) reinsurers are facing a far greater than initially-expected Hurricane Laura claim after the Elba, Alabama-based carrier announced that its gross loss estimate for the storm has roughly trebled to $17mn to $19mn.
Axis Capital estimates pre-tax Q3 charge of up to $255mn for cats and other eventsBermudian Axis Capital has said it will take a hit of $225mn to $255mn before tax ($190mn to $220mn after tax) for third quarter catastrophes and other events.
The Hanover facing Q3 pretax cat hit of $66mnThe Hanover’s results for 2020’s third quarter will include an estimated $66mn of pretax catastrophe losses, mainly due to exposure from Hurricane Isaias and the California and Oregon wildfires.
Arch estimates pre-tax Q3 net cat hit of $190mn to $210mnArch Capital Group’s third quarter 2020 results will include estimated pretax net catastrophe losses of $190mn to $210mn across its property and casualty (P&C) insurance and reinsurance operations, the company has revealed.
RenRe to report Q3 operating loss after $325mn cats hitRenaissanceRe has preannounced third quarter catastrophe losses will have an estimated net negative impact of $325mn on its results, as it warned it expects to report an operating loss for the period.
Delta LA and TX wind losses less than $1bn: CoreLogicTotal onshore wind and storm surge insured losses from Hurricane Delta have been estimated at between $0.7bn and $1.2bn by CoreLogic, with the firm also putting a damage figure for offshore structures in the range of $0.8bn to $1.5bn.
Hurricane Delta to cost insurers $1.25bn: KCCHurricane Delta will cost insurers close to $1.25bn, according to a preliminary estimate by Karen Clark & Company.
Adjusters face complex assessment process as Delta compounds Laura damage in LouisianaA complicated claims assessment process is expected as adjusters begin to respond to Hurricane Delta claims following the storm’s landfall in southwest Louisiana on Friday.