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News & Updates

Hailstorm claims expected to total $320 million

The Insurance Council of Australia (ICA) has declared a Catastrophe for damage caused by hail storms that struck eastern Melbourne, the Australian Capital Territory and parts of New South Wales on Sunday and Monday.

High Cost of Wildfire Insurance Hurts California Home Sales

Home sales are slowing in wildfire-prone areas of California as insurers retreat from high-risk regions, say real-estate agents and homeowners.

Florida Auto Insurer Windhaven Placed Into Rehabilitation

The future of another Florida domestic insurer is now in the hands of state regulators. Non-standard private passenger auto insurer Windhaven Insurance Co. (WIC), based in Miami, has been placed into rehabilitation by a Florida court

Insurers to Pay $21M of $41M Shareholder Settlement with Wynn Resorts

Casino mogul Steve Wynn agreed to pay $20 million toward a settlement of shareholder lawsuits that claimed Wynn Resorts Ltd.’s board had been complicit in his alleged sexual misconduct.

FEMA Postpones Switch to New Risk-Based Flood Insurance Rating Until 2021

The federal government is delaying implementation of a major change to its pricing formula for federal flood insurance that bases rates on a more accurate assessment of the real flood threat for each home and reflects the cost of rebuilding a home.

Carlyle Group buys Hilb Group from PE firm

Private equity firm The Carlyle Group has agreed to acquire The Hilb Group LLC from Boston-based private equity firm Abry Partners LLC, the Richmond, Virginia-based brokerage Hilb said on Wednesday.

Low flood insurance penetration leaving mark on people, properties, and the economy

Despite intense storms in the past year and historic flooding in the Midwest in 2019, the number of homeowners with flood insurance policies in the United States has dropped by at least one-third since 2011, according to the New York Times. Moreover, only 15% of homes in the floodplains have adequate coverage in Nebraska, Illinois, and Missouri.

An alignment of interests’ in insurtech space could bring further growth

The latest Quarterly InsurTech Briefing report from Willis Towers Watson found that for Q2, there were 69 insurtech deals announced with a total value of $1.41 billion