Homeowners' insurance
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The two subsidiaries, which together command less than 1% of the homeowners' market share in the Golden State, are the latest to flee amid persistent inflation, high cat losses and a strict regulatory environment. -
Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The estimate is based on the impact to approximately 200 structures where RLI provided primarily homeowners’ insurance.
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Swyfft is one of Clear Blue’s largest partners, writing nearly $135mn of premium of its $519mn portfolio in 2022, according to its NAIC annual statement.
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The start-up was previously targeting a $75mn raise. Investor meetings started last week and will continue into next week.
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With Maui wildfire investigations beginning to point the finger at Hawaii Electric, it’s possible the insurance industry will see things play out as they did with PG&E in California, but the smaller scale of local utilities suggests lower potential recovery for insurers.
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On the surface, InsurTech results were better than the noise from incumbents, but caution is needed to ascertain the quality of new business coming in during a time when even industry leaders stumble.
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Inside P&C’s news team runs you through the key highlights of the week.
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The CEO said he expects the total number of policies from the October takeout to “be substantially lower than 100,000”, roughly around 30% to 50% of the approved figure.
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According to a source familiar with the matter, policyholders will see four changes coming – some nationwide and others specific to certain states.
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AIG expects to add new capital providers to its recently launched HNW MGA “in the coming quarters”.
