Insurance
California wildfire season could surpass 2017’s $13bn of losses: A.M. Best
Given the significant start to the California wildfire season in 2020, as well as the fact some of the ongoing blazes are burning in areas that are less typical, but also feature property concentrations, the current season has every chance of surpassing 2017’s roughly $13 billion of insurance and reinsurance market losses, A.M. Best said.…
Read MoreStarStone U.S. hires Oliphant from Nephila’s Velocity MGA
Starstone U.S. continued its plans for excess & surplus lines market expansion with the key hire of Alison Oliphant, previously of Nephila Capital’s MGA Velocity Risk Underwriters, who joins the firm to become as President of Starstone U.S.’ newly-formed E&S property division. Oliphant was Chief Underwriting Office, Commercial Lines for Velocity Risk Underwriters LLC, the…
Read MoreArch seeks second mortgage ILS of 2020, a $363m Bellemeade Re 2020-2
Arch Capital Group Ltd., the Bermuda headquartered insurance and reinsurance firm with a growing mortgage insurance arm, is returning to the capital markets to secure its second mortgage insurance-linked securities (ILS) transaction of 2020, with a $363 million Bellemeade Re 2020-2 Ltd. transaction. Arch Capital faced challenges in issuing its first mortgage ILS deal of…
Read MoreHurricane Laura assessment to take time, double-digit billion loss possible
Hurricane Laura has now been downgraded to a tropical depression as it moves over Arkansas but it has taken more than 24 hours from landfall for its sustained winds to drop below storm strength, with the significant footprint of the large storm likely to make damage assessment take time. The insurance and reinsurance market continues…
Read MoreIf the power goes out, can you get reimbursed for spoiled food?
Following a major disaster like Hurricane Laura extended power outages are common. According to poweroutage.us, nearly 500,000 customers in Louisiana and Texas were without power after the storm hit. However, most electric utility companies do not offer their customers reimbursement for food spoilage caused by long-term power outages. In the areas of Louisiana and Texas…
Read MoreOrdered to evacuate due to hurricane Laura? You might have insurance coverage for additional living expenses
Loretta Worters, Vice President Media Relations, Triple-I People who evacuated their residence due to Hurricane Laura may have coverage for additional living expenses under either their homeowners or renters insurance policies Additional living expenses (ALE), also known as Loss of Use, pays the additional costs of living away from home if you cannot live there…
Read MoreHurricane Laura Update: 8/27/2020
Damage reports from Hurricane Laura are coming in. Lake Charles, La., was especially hard hit, and there are reports of a chemical leak nearby. Laura made landfall near Cameron, La., as an “extremely dangerous” Category 4 hurricane. The National Hurricane Center (NHC) said in an early-morning bulletin that Laura had weakened to a Category 3…
Read MoreLive cat ILW’s fail to trade as Laura’s track stays east of Houston: Tremor
While hurricane Laura was intensifying rapidly on its path towards the Gulf Coast, insurtech firm Tremor Technologies ran a series of industry loss warranty (ILW) auctions, but no trades were made as the market assumed the loss would not be significant enough to warrant the added coverage. Interest in trading live cat ILW protection had…
Read MoreHurricane Laura industry losses seen as “manageable” by analysts
Insurance and reinsurance industry losses from hurricane Laura’s onslaught of the Louisiana and Texas Gulf Coast region today are expected to be manageable for the industry, despite the intensity of the storm, analysts have said. Hurricane Laura made landfall early this morning near Cameron, Louisiana as an intense Category 4 storm with 150 mph sustained…
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