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Nephila’s Velocity seeks 28.1% rate increase on Florida HO-3 book

News

Rates

Nephila’s Velocity seeks 28.1% rate increase on Florida HO-3 book

Nephila’s Velocity Risk Underwriters MGA has filed on behalf of National Specialty with the Florida regulator to seek approval for an average rate increase of 28.1 percent on the HO-3 book of homeowners insurance it writes using the fronting carrier’s paper.

Fri 7 Feb 2020

$175mn McKesson opioid D&O loss seen as third-highest derivative settlement

News

Commercial insurance

$175mn McKesson opioid D&O loss seen as third-highest derivative settlement

Drug distributor McKesson’s recent $175mn settlement with investors, to be paid entirely by D&O insurers, is the third highest ever reported derivative settlement.

Fri 7 Feb 2020

News

Argo confirms McFate as Watson’s replacement on board

Argo Group International Holdings has confirmed Carol McFate to its board following a truce agreed with activist investor Voce Capital Management last month.

Fri 7 Feb 2020

ILS Capital’s Prospero Re restructures to write traditional reinsurance

News

Rating actions

ILS Capital’s Prospero Re restructures to write traditional reinsurance

Bermudian reinsurer Prospero Re has secured a financial strength rating from Kroll Bond Rating Agency as the ILS Capital Management subsidiary shifts its operating model to include traditional reinsurance.

Fri 7 Feb 2020

Capitol Preferred seeks 47% rate increases on Southern Fidelity book

News

Homeowners insurance

Capitol Preferred seeks 47% rate increases on Southern Fidelity book

Florida carrier Capitol Preferred is awaiting the outcome of a public rate hearing this morning (7 February) to consider its filing for a 47.0 percent statewide average rate increase on the homeowners book it acquired when it merged with Southern Fidelity last March.

Fri 7 Feb 2020

PartnerRe remains committed to US casualty despite cutback at 1.1

News

Casualty Reinsurance

PartnerRe remains committed to US casualty despite cutback at 1.1

PartnerRe remains committed to writing US casualty business, despite a more cautious approach at the 1 January renewal that saw it come off or reduce its participation on a number of deals.

Fri 7 Feb 2020

Legislation limiting attorneys fees clears Florida Senate committee

News

Legal/ Regulatory

Legislation limiting attorneys fees clears Florida Senate committee

A key Florida Senate committee has passed a bill that would limit the use of a contingency fee multiplier when calculating attorneys fees in property insurance lawsuits.

Fri 7 Feb 2020

News

TransRe-reinsured renters insurtech Goodcover launches

MGA insurtech Goodcover has started offering renters insurance in California with KnightBrook Insurance as carrier and TransRe acting as reinsurer.

Fri 7 Feb 2020

Why reviver claims will take time to come into focus

Analysis

Casualty

Why reviver claims will take time to come into focus

The leaders of Chubb and Travelers have provided interesting updates on their companies’, and the industry’s, exposure to child abuse claims.

Fri 7 Feb 2020

IGI inches closer to Tiberius merger with Dubai approval

News

M&A

IGI inches closer to Tiberius merger with Dubai approval

International General Insurance Holdings (IGI) has been given the regulatory green light by the Dubai Financial Services Authority (DFSA) for its previously announced merger with Nasdaq-listed Tiberius Acquisition Corp.

Fri 7 Feb 2020

Analysis

Cyber

Cyber market reaches inflection point as prices rise higher

Large organisations are facing premium increases of 5-15 percent as cyber insurance carriers begin reining in capacity to a $5mn policy limit, while mounting aggregations will likely increase the use of reinsurance.

Fri 7 Feb 2020

Nat cat events caused $3bn+ in economic losses in January

News

Property catastrophe

Nat cat events caused $3bn+ in economic losses in January

A number of severe natural catastrophe events, including tornado outbreaks in the US, hailstorms in Australia and devastating floods events across the globe have culminated in over $3bn in economic damage in the first month of 2020.

Fri 7 Feb 2020

News

Security First to cut PML by non-renewing portion of Florida homeowners book

Florida specialist homeowners carrier Security First is set to non-renew part of its portfolio from 1 June as it looks to reduce wind exposure in the face of higher reinsurance costs, The Insurer can reveal.

Fri 7 Feb 2020

News

Cyber

HDI Group acquires cybersecurity firm Perseus

HDI Group has purchased Berlin-based Perseus Technologies GmbH from Talanx stablemate Hannover Re and fintech developer Finleap.

Fri 7 Feb 2020

News

Insured losses from Turkey’s January earthquake could cost $4.25bn: report

A 6.8 magnitude earthquake that shook the Elzaiğ and Malatya regions of Turkey last month could result in a maximum claims payout of 25.44bn Turkish lira ($4.25bn), if the full limit loss on 106,000 insured properties is reached.

Fri 7 Feb 2020

News

Marine

London broker start-up LPR adds Baird and Iordanopoulou to expanding marine team

Newly formed Lloyd’s broker Lilley Plummer Risks has swooped on former Channing Lucas & Partners (CLP) producer Alastair Baird and Meridian broker Irene Iordanopoulou to expand its burgeoning marine business, The Insurer can reveal.

Fri 7 Feb 2020