Insurance
Hudson Structured takes majority stake in Southern Fidelity
Hudson Structured Capital Management Ltd., which enters into insurance and reinsurance investment business as HSCM Bermuda, has taken a majority stake in under-pressure Florida primary insurance carrier Southern Fidelity Insurance Company. As we explained last week, Southern Fidelity and its parent Capitol Preferred Insurance Company were on the verge of becoming insolvent, with the regulator…
Read MoreHeritage CEO Lucas to retire, Garateix to take over leadership role
Bruce Lucas, the co-founder, Chairman and CEO of Heritage Insurance Holdings, Inc., the Florida headquartered and nationally expanding U.S. property casualty insurer, is retiring from the role and COO Ernie Garateix has been promoted and will take over the Chief Executive Officer position. Lucas has led Heritage Insurance through a rapid expansion during the lifetime…
Read MoreSteadfast Re hires Ryan Springall from Risk Frontiers
Steadfast Re, a reinsurance broking joint-venture operation of the Steadfast Group headquartered in Australia with specific collateralised placement expertise, has announced the hiring of Ryan Springall from Risk Frontiers as Director of Treaty reinsurance, Asia Pacific. Springall was a general manager at Risk Frontiers, a risk management and catastrophe risk modelling solutions provider focused on…
Read MoreHurricane Delta Triggered Coral Reef Parametric Insurance
Hurricane Delta last month triggered a 17 million peso (US $800,000) insurance payout to the Trust for the Integrated Management of the Coastal Zone, Social Development, and Security for the State of Quintana Roo, Mexico. The parametric policy, deployed last year, cost the trust nearly 5 million pesos (US $230,000), covering 150 square kilometers (58…
Read MoreSociety of Insurance Research Survey Reveals Impact of COVID-19 on Insurance Professionals
The Society of Insurance Research (SIR) held its annual conference virtually in October, and, as expected, the impact of COVID-19 on the industry was at the top of the agenda. SIR conducted a survey of insurance industry professionals in May to understand the impact of COVID-19 on the business climate. The survey asked how the…
Read MoreHurricane Eta to hit Nicaragua. Some forecasts suggest potential U.S. threat
Hurricane Eta is forecast to make landfall in Nicaragua, Central America early on Tuesday local time, with significant impacts seen as likely. Further ahead, some of the weather models show hurricane Eta moving back into the Caribbean next week with a chance of the storm becoming a U.S. threat as it refuses to dissipate. Hurricane…
Read MoreAIR sees Zeta onshore U.S. loss below $3.5bn, CoreLogic below $4bn
Catastrophe risk modeller AIR Worldwide estimates that hurricane Zeta’s onshore wind and storm surge insured losses in the United States will be less than $3.5 billion, with the bottom-end of its range far lower at $1.5 billion. Meanwhile, CoreLogic has also released an estimate, saying that it expects hurricane Zeta’s insurance market losses from wind…
Read MorePCS designates record number of catastrophe events in 2020
Highlighting the truly exceptional level of severe weather and natural catastrophe activity in 2020 so far, Property Claim Services (PCS) has already designated a record number of PCS Catastrophe events, with just over two months of the year left to run. Property Claim Services (PCS), a division of Verisk Analytics, has been tracking catastrophe loss…
Read MoreNo Surprises: How Insurers and Their Customers Benefit from Financial Education
By Sean Kevelighan, CEO, Insurance Information Institute Sean Kevelighan Insurers have responded quickly and effectively to 2020’s extraordinary volume of hurricanes, wildfires, and civil unrest. These events are resulting cumulatively in billions of dollars in insured claim payouts. Yet a recent Forbes article stated that the owners of one of the largest Broadway theater chains…
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