Insurance industry

Universal Insurance Holdings Announces Second Quarter Weather Events Above Plan

Friday, July 10, 2020 - 9:15pm

Universal Insurance Holdings (NYSE: UVE) (the Company) today announced estimated incurred weather events above plan during the second quarter ending June 30, 2020 of approximately $17 million pre-tax (approximately $12.8 million, after-tax) net of reinsurance recoveries.

Key Points: 
  • Universal Insurance Holdings (NYSE: UVE) (the Company) today announced estimated incurred weather events above plan during the second quarter ending June 30, 2020 of approximately $17 million pre-tax (approximately $12.8 million, after-tax) net of reinsurance recoveries.
  • Weather events included impacts from 14 second quarter Property Claims Services (PCS) events, across a series of states where the company does business.
  • Universal Insurance Holdings (UVE) is a holding company offering property and casualty insurance and value-added insurance services.
  • The words believe, expect, anticipate, will, plan, and similar expressions identify forward-looking statements, which speak only as of the date the statement was made.

Kingstone Schedules 2020 Second Quarter Financial Results and Conference Call

Friday, July 10, 2020 - 3:03pm

The call will be simultaneously webcast over the internet and can be accessed via the following: link fifteen minutes prior to call: Kingstone Q2 2020 Financial Results Conference Call .

Key Points: 
  • The call will be simultaneously webcast over the internet and can be accessed via the following: link fifteen minutes prior to call: Kingstone Q2 2020 Financial Results Conference Call .
  • The webcast will be archived and accessible for approximately 30 days.
  • Kingstone is a northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company (KICO).
  • KICO offers primarily personal lines insurance products in New York, New Jersey, Rhode Island, Massachusetts, and Connecticut.

Insurity Acquires Virtual MGA, Continuing Its Expansion of Critical Technology Solutions for the MGA Market

Friday, July 10, 2020 - 2:00pm

By offering both the Virtual MGA and Epic-Premier solutions within a single portfolio, Insurity can address all aspects of an MGAs front-office and back-office.

Key Points: 
  • By offering both the Virtual MGA and Epic-Premier solutions within a single portfolio, Insurity can address all aspects of an MGAs front-office and back-office.
  • Insurity is a leading provider of cloud-based core system solutions and data analytics for the worlds largest insurers, brokers, and MGAs.
  • The Virtual MGA platform is targeted at MGAs, Lloyds brokers, and Lloyds syndicates that operate in the contract binding authority specialty market.
  • Virtual MGA excels at simplifying the underwriting process and providing the tools to underwrite, distribute, and actively manage the entire placement process.

Best’s Market Segment Outlook: AM Best’s Outlook on Germany’s Non-Life Insurance Market Remains Stable

Friday, July 10, 2020 - 7:00am

AM Best is maintaining a stable market segment outlook for the German non-life insurance market.

Key Points: 
  • AM Best is maintaining a stable market segment outlook for the German non-life insurance market.
  • In addition, AM Best believes the sectors conservative investment portfolios should limit exposure to COVID-19-driven financial market volatility.
  • A new Bests Market Segment Report, titled, Market Segment Outlook: Germany Non-Life, notes that these factors are partly moderated by likely lower premium volumes, due to the economic slowdown driven by the COVID-19 pandemic.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry.

Insurance Justice Center created as a resource for consumers fighting insurance companies after auto accidents

Thursday, July 9, 2020 - 10:00pm

KANSAS CITY, Mo., July 9, 2020 /PRNewswire-PRWeb/ --The Insurance Justice Center website was recently launched, created by the law firm Presley & Presley, LLC, as a resource for consumers nationwide who have been involved in an accident and are being taken advantage of by insurance companies.

Key Points: 
  • KANSAS CITY, Mo., July 9, 2020 /PRNewswire-PRWeb/ --The Insurance Justice Center website was recently launched, created by the law firm Presley & Presley, LLC, as a resource for consumers nationwide who have been involved in an accident and are being taken advantage of by insurance companies.
  • The Insurance Justice Center is dedicated to helping individuals get necessary help after an accident, whether they are the injured party or the person who caused the accident.
  • Jill and Kirk Presley, co-founders of Presley & Presley, created this website as a hub for those struggling with their insurance companies after an accident.
  • The Insurance Justice Center was created to assist anyone experiencing difficulties recovering on their insurance claim.

Keystone Expands in Great Lakes Region With Dansig Insurance Risk Advisors in Illinois

Thursday, July 9, 2020 - 2:25pm

Keystone Insurers Group (Keystone) continues its expansion in the Great Lakes region by bringing Dansig Insurance Risk Advisors (Dansig) of Decatur, Illinois into its community.

Key Points: 
  • Keystone Insurers Group (Keystone) continues its expansion in the Great Lakes region by bringing Dansig Insurance Risk Advisors (Dansig) of Decatur, Illinois into its community.
  • Dansig Insurance Risk Advisors is a longstanding, well-respected and growing agency in their community.
  • With this partnership, Dansig Insurance Risk Advisors remains independent and family owned.
  • About Keystone Insurers Group (Keystone) -- Keystone started in 1983 when four independent insurance agencies teamed up to pool their experience and expertise.

Applied Rating Index Q2 2020 Released

Thursday, July 9, 2020 - 2:00pm

MISSISSAUGA, Ont., July 09, 2020 (GLOBE NEWSWIRE) -- Applied Systems today announced the second quarter of 2020 results of the Applied Rating Index, the Canadian insurance industrys premium rate index.

Key Points: 
  • MISSISSAUGA, Ont., July 09, 2020 (GLOBE NEWSWIRE) -- Applied Systems today announced the second quarter of 2020 results of the Applied Rating Index, the Canadian insurance industrys premium rate index.
  • Key findings for Q2 2020 include:
    Personal Auto: In Q2 2020, Personal Auto premiums increased by 4.7% versus Q2 2019.
  • The Applied Rating Index is a data-driven report of current conditions and trends for Personal Auto and Personal Property insurance premium rates.
  • Applied Rating Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Rating Index.

NFP Welcomes Lauren Kim, SVP, Legal and Technical Leader, to Financial Institutions Group

Thursday, July 9, 2020 - 1:00pm

Kim will join NFP's specialty financial institutions group as its legal and technical leader.

Key Points: 
  • Kim will join NFP's specialty financial institutions group as its legal and technical leader.
  • NFP's financial institutions group (FIG) is a specialty line that provides deep industry and product expertise for financial institutions banks, insurance companies and investment management firms.
  • At QBE, she provided superior client service in responding to the complex needs and legal exposures of financial institutions.
  • "A major differentiator in our service offering for financial institutions is our integrated legal and technical client advocacy.

Northern Trust Expands Insurance Market Footprint With Three New European Clients

Thursday, July 9, 2020 - 9:00am

Northern Trust (Nasdaq: NTRS) has further expanded its market footprint across the global insurance sector with three new mandates from European-based insurers.

Key Points: 
  • Northern Trust (Nasdaq: NTRS) has further expanded its market footprint across the global insurance sector with three new mandates from European-based insurers.
  • These clients appointed Northern Trust in the first quarter of 2020 and were on-boarded before the end of June.
  • Northern Trust continues to actively grow its insurance and re-insurance client base across the globe, said Mark Austin, head of UK, Institutional Investor Group, Northern Trust.
  • AND-E is a European subsidiary of the Japanese insurance Group MS&AD, operating in the UK and the European Economic Area.

EIOPA clarifies supervisory expectations on product oversight and governance requirements in the context of COVID-19

Thursday, July 9, 2020 - 12:08am

It is vitally important that insurance companies place the fair treatment of customers at the heart of their response to the COVID-19 pandemic.

Key Points: 
  • It is vitally important that insurance companies place the fair treatment of customers at the heart of their response to the COVID-19 pandemic.
  • Insurance manufacturers are asked to identify products whose main features, risk coverage or guarantees have been materially affected by the COVID-19 pandemic.
  • If such products no longer offer value to the target market, insurers should assess whether there is the risk of possible unfair treatment.
  • These measures should be proportionate to potential unfair treatment and take account of legal requirements in national civil and insurance law.