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State Farm suspends new CA non-auto P&C business citing inflation, cats, reinsurance

News

Homeowners insurance

State Farm suspends new CA non-auto P&C business citing inflation, cats, reinsurance

California’s largest P&C insurer State Farm said Friday it is suspending writing all new commercial and personal lines business with the exception of personal auto in the state, citing “historic increases” in construction and reinsurance costs as well as cat exposure for the seismic move.

Sat 27 May 2023

Inszone adds to California capabilities with Citizens General deal

News

M&A

Inszone adds to California capabilities with Citizens General deal

Inszone has strengthened its operations in its native California after acquiring Citizens General Insurance Brokers, a deal which adds to its existing capabilities in the small commercial and construction industries.

Sat 27 May 2023

Scor secures $75mn of limit through new cat bond issuance

News

Property catastrophe

Scor secures $75mn of limit through new cat bond issuance

Scor has secured $75mn of limit protecting itself against named storms in the US, earthquakes in the US and Canada, and European windstorms after the French reinsurer successfully sponsored a new catastrophe bond that reflects its “significant reduction” of catastrophe exposures over the last 18 months.

Sat 27 May 2023

Allstate Florida FOTs reissued at 10-15% lower pricing in oversubscribed renewal

Exclusive

Renewals

Allstate Florida FOTs reissued at 10-15% lower pricing in oversubscribed renewal

Allstate and its broker Aon returned to the market late in the renewal with a new set of firm order terms (FOT) for its Florida carrier at pricing 10 to 15 percent lower than previously indicated after initial FOTs were oversubscribed for a placement that was seeking reduced traditional limit as it upsized a cat bond issue, The Insurer can reveal.

Fri 26 May 2023

News

ESG

Lloyd’s latest to withdraw from NZIA

Lloyd’s of London has announced its exit from the Net Zero Insurance Alliance (NZIA), with its withdrawal coming just days after the market’s CEO John Neal affirmed its commitment to the UN-convened initiative.

Fri 26 May 2023

News

ESG

QBE joins NZIA exodus

Australian carrier QBE has become the latest (re)insurer to depart from the Net Zero Insurance Alliance (NZIA), bringing the total number of exits to nine.

Fri 26 May 2023

Met Office hurricane forecast bucks trend by warning of busy season

News

Losses

Met Office hurricane forecast bucks trend by warning of busy season

The UK Met Office has warned to expect high activity in this year’s Atlantic hurricane season, with its best guidance forecasting 20 named storms, 11 hurricanes and five major hurricanes of Category 3 or greater intensity.

Fri 26 May 2023

Florida’s Security First gets cat program placed early with less than 20% cost increase

EXCLUSIVE

Homeowners insurance

Florida’s Security First gets cat program placed early with less than 20% cost increase

Security First was able to place just over $725mn of excess-of-loss (XoL) cat cover for slightly less than a 1 in 200 year event at a cost increase of less than 20 percent without having to use its newly formed captive as it was instead able to upsize its quota share amid strong support from reinsurers, The Insurer can reveal.

Fri 26 May 2023

KBW: Reinsurance bullishness “very much intact” with 40-60% FL increases expected

News

Renewals

KBW: Reinsurance bullishness “very much intact” with 40-60% FL increases expected

KBW’s Meyer Shields said his optimism on the reinsurance sector is “very much intact” and strong underlying fundamentals are expected to persist into 2024, as it also reported average Florida cat rates are expected to rise 40 to 60 percent while casualty cedes are trending down following meetings with executives in Bermuda.

Fri 26 May 2023

COMMENT: Florida allure returns for reinsurers at 6.1 as reforms and pricing count at renewal

RENEWALS

Renewals

COMMENT: Florida allure returns for reinsurers at 6.1 as reforms and pricing count at renewal

Just a few months ago, buyers of Florida homeowners reinsurance were bracing for a capacity crunch at the 1 June renewal with serious concerns that a significant number of the Sunshine State’s domestic carriers would fail to get cat programs placed and struggle to trade forward.

Fri 26 May 2023

PE firm Onex sells $355mn in Ryan Specialty shares as Turner cashes out $30mn

News

Capital

PE firm Onex sells $355mn in Ryan Specialty shares as Turner cashes out $30mn

Canadian private equity firm Onex Corporation announced Thursday it has sold down $355mn of its $534mn stake in publicly-held wholesaler Ryan Specialty, as securities filings also show that group president Tim Turner has trimmed his stake in the firm by $30mn.

Fri 26 May 2023

Guy Carp’s Shafer named head of NA cyber underwriting at Odyssey Re

News

People Moves

Guy Carp’s Shafer named head of NA cyber underwriting at Odyssey Re

Odyssey Re has appointed Guy Carpenter reinsurance broker Chris Shafer to be its new head of North American cyber underwriting, reporting to Odyssey’s North America CEO Brian Quinn.

Fri 26 May 2023

TV

News in Focus

Program

AM Best’s Keenan: Program sector’s rapid expansion set to level off

AM Best’s Andrea Keenan has warned to expect a slowdown in the rapid expansion of the program sector with a tapering of the market expected.

Fri 26 May 2023

Liberty Company negotiating with at least four agencies to unwind deals

Exclusive

M&A

Liberty Company negotiating with at least four agencies to unwind deals

LA-based retailer Liberty Company is in negotiations with at least four agencies acquired in recent years to unwind those deals with a number of others exploring avenues to buy back their firms, The Insurer can reveal.

Fri 26 May 2023

Guy Carp sued by Howden Tiger over Hong Kong team raid

Exclusive

People Moves

Guy Carp sued by Howden Tiger over Hong Kong team raid

Guy Carpenter has returned fire on its rival Howden Tiger by recruiting the “entire” six person team of its Hong Kong operation led by the Asia reinsurance veteran Steve Warwick.

Fri 26 May 2023

NOAA forecasts “near normal” Atlantic hurricane season

News

Losses

NOAA forecasts “near normal” Atlantic hurricane season

The National Oceanographic and Atmospheric Association has forecast a “near normal” level of hurricane activity in the Atlantic Basin during 2023.

Fri 26 May 2023