Demotech

Evolution of Risk is Theme of 2024 Bermuda Risk Summit

Retrieved on: 
Thursday, December 14, 2023
Software, Professional Services, Business, Vacation, Other Travel, Technology, Destinations, Travel, Artificial Intelligence, Other Professional Services, Insurance, Finance, Consulting, BDA, Climate change, Recreation, Investment, Economic development, Food, Demotech, Summit, Partnership, EY, Kirkland & Ellis, SS&C Technologies, International business, Transport, Cryptocurrency, Risk

The theme of the 2024 Bermuda Risk Summit, presented by the Bermuda Business Development Agency, in partnership with the Association of Bermuda Insurers and Reinsurers (ABIR) and EY, will be Evolution of Risk.

Key Points: 
  • The theme of the 2024 Bermuda Risk Summit, presented by the Bermuda Business Development Agency, in partnership with the Association of Bermuda Insurers and Reinsurers (ABIR) and EY, will be Evolution of Risk.
  • Topics up for analysis during the Summit to be held at the Hamilton Princess & Beach Club from March 13-15, 2024, include – putting capital to work: a view from the top; risk revolution: a journey to becoming the world’s risk capital; and riding the digital wave: the role of AI in insurance evolution.
  • Far more significant were the long-term economic benefits brought about by the approximately 100+ additional visitors who flew to Bermuda for business meetings during the week of the summit.
  • An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions.

Porch Group Insurance Carrier, HOA, Receives ‘A, Exceptional’ Financial Stability Rating

Retrieved on: 
Thursday, November 9, 2023
Software, Insurance, Public Relations, Investor Relations, Data Management, Communications, Professional Services, Technology, Business, Book, Exception, TDI, Home insurance, Demotech

Porch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced its wholly owned insurance carrier subsidiary, Homeowners of America Insurance Company (“HOA”), received an A, Exceptional Financial Stability Rating (“A Rating”) by Demotech, Inc. (“Demotech”).

Key Points: 
  • Porch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced its wholly owned insurance carrier subsidiary, Homeowners of America Insurance Company (“HOA”), received an A, Exceptional Financial Stability Rating (“A Rating”) by Demotech, Inc. (“Demotech”).
  • Companies with an A Rating possess exceptional financial stability related to maintaining surplus for policyholders at an acceptable level, should there be a general economic downturn or deterioration in the insurance cycle.
  • “HOA is now out of TDI supervision, with a strong Q3 in the books with a 39% gross loss ratio and 58% combined ratio, and the A rating from Demotech.
  • Recovering so quickly after the Vesttoo fraud reiterates the strength of our business – that the financial performance, healthy surplus, reinsurance program, and go-forward business plan are sound.

Demotech Assigns Financial Stability Rating® of A, Exceptional, to Southwind Risk Retention Group

Retrieved on: 
Tuesday, November 21, 2023
Owner-operator, Insurance, Risk management, MHC, Transport, Demotech

COLUMBUS, Ohio, Nov. 21, 2023 /PRNewswire/ -- Subsequent to reviewing the information that it had requested, Demotech, Inc. has assigned a Financial Stability Rating® of A, Exceptional, to Southwind Risk Retention Group ("Southwind"), a Coverage Specialist in trucking liability insurance.

Key Points: 
  • COLUMBUS, Ohio, Nov. 21, 2023 /PRNewswire/ -- Subsequent to reviewing the information that it had requested, Demotech, Inc. has assigned a Financial Stability Rating® of A, Exceptional, to Southwind Risk Retention Group ("Southwind"), a Coverage Specialist in trucking liability insurance.
  • Joseph Petrelli, President and Co-founder, Demotech, noted: "Legacy commercial automobile insurance markets have been staggered by nuclear verdicts, social inflation, and tech-enabled claim instigation.
  • As a risk retention group, Southwind insures its member-owners who have committed to self-governance and risk management to protect themselves from the staggering cost of premiums, while passing the savings on to the clients they serve."
  • MHC MGA is a specialist in transportation insurance, with a focus on bringing programs and solutions to independent owner-operators and small fleets.

Demotech Named "Best Independent Insurance Rating Agency 2023 - USA"

Retrieved on: 
Thursday, November 9, 2023
Research, Management, Demotech

Joseph Petrelli, President and Co-founder, Demotech, noted: "Securing this award is evidence of our thought leadership in financial analysis as well as our consistency and capability to identify financially stable insurers.

Key Points: 
  • Joseph Petrelli, President and Co-founder, Demotech, noted: "Securing this award is evidence of our thought leadership in financial analysis as well as our consistency and capability to identify financially stable insurers.
  • Recipients were selected through a merit-based system that prevents larger insurer rating agencies from attempting to ballot-stuff.
  • With criteria requiring evidence of significant achievement and a clear commitment to innovation in a field, our recent pioneering research unearthing tech-enabled claim instigation as a countrywide threat was likely a significant factor in our selection."

Demotech Named "Niche Financial Analysis Provider of the Year [Insurance]"

Retrieved on: 
Monday, November 6, 2023
CPCU, ARC, CCP, Insurance, Management, Demotech

COLUMBUS, Ohio, Nov. 6, 2023 /PRNewswire/ -- Demotech, Inc. has been advised that it has received the Global 100 Award as "Niche Financial Analysis Provider of the Year [Insurance]" for the tenth consecutive year, 2015 through 2024, inclusive.

Key Points: 
  • COLUMBUS, Ohio, Nov. 6, 2023 /PRNewswire/ -- Demotech, Inc. has been advised that it has received the Global 100 Award as "Niche Financial Analysis Provider of the Year [Insurance]" for the tenth consecutive year, 2015 through 2024, inclusive.
  • Joseph Petrelli, President and Co-founder, Demotech, noted:  'I believe that ten consecutive years securing Niche Financial Analysis Provider of the Year [Insurance] reflects our thought leadership in financial analysis, consistency and capability of our process to identify financially stable insurers.
  • Sharon Romano Petrelli, CPCU, AIAF, CCP, ARC, Chief Financial Officer and Co-founder, added, "Since our incorporation on September 9, 1985, Demotech has been analyzed and successfully vetted thousands of times.
  • Our experienced, credentialed team of long-tenured analysts have a breadth and depth of experience and expertise that few have attained.

Cowbell Continues Rapid Growth in 2023, Increasing its New Customer Base 49% Year-Over-Year

Retrieved on: 
Wednesday, November 1, 2023
Momentum, SME, Cowbell Digital Music, Insurance, Policy, Cyber insurance, Investment, Fintech, CSIC, Amazon Web Services, Growth, FSR, Risk, Demotech, AWS, Culture, Cowbell

PLEASANTON, Calif., Nov. 1, 2023 /PRNewswire/ -- Cowbell, a leading provider of cyber insurance for small- and medium-sized enterprises (SMEs), today announced significant momentum and new financing on the heels of its top-grossing quarter and amid continued corporate growth. Cowbell's new financing builds on its $148M raised to-date.

Key Points: 
  • The company continued to grow its new customer base in 2023 by 49% year-over-year.
  • According to a recent study , 72% of SMEs without cyber insurance say that a major cyberattack could destroy their business.
  • Cowbell is closing the insurability gap for this critically important market, achieving 2.5x premium growth in 2022 to insure SMEs against evolving cyber threats.
  • Cowbell has widened its geographic footprint, recently launching operations in the UK market with Prime One for UK SMEs.

Porch Group announces cash investment in HOA, its insurance carrier

Retrieved on: 
Wednesday, September 27, 2023
Insurance, Chapter 11, Title 11, United States Code, Texas Department of Insurance, Acquisition, Investment, Fraud, Demotech, TDI, Home insurance, Cryptocurrency, Porch, HOA

SEATTLE, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced a cash investment of $57 million to its insurance carrier subsidiary, Homeowners of America Insurance Company (“HOA”), in exchange for both a $49 million surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the fraud connected to Vesttoo Ltd. (“Vesttoo”) and others.

Key Points: 
  • SEATTLE, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch”, “Porch Group” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services and insurance industries, today announced a cash investment of $57 million to its insurance carrier subsidiary, Homeowners of America Insurance Company (“HOA”), in exchange for both a $49 million surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the fraud connected to Vesttoo Ltd. (“Vesttoo”) and others.
  • Porch announced on September 5, 2023 that HOA is under supervision by the Texas Department of Insurance (“TDI”) following the release of HOA’s statutory accounts for the quarter ending June 30, 2023.
  • Porch has worked closely with the TDI to restore surplus to an appropriate level.
  • At June 30, 2023, the Company held $358 million of unrestricted cash and investments, including $192 million at HOA, and $166 million in other Porch businesses and corporate.

Kin Delivers Affordable Home and Property Insurance to Alabama Homeowners

Retrieved on: 
Monday, June 12, 2023
Environment, Technology, Insurance, Construction & Property, Natural Disasters, Fintech, Professional Services, Data Management, Residential Building & Real Estate, Nexus, Wind, Address, Risk, Element, Tornado, Demotech

Kin , the direct-to-consumer home insurance company built for every new normal®, today announced its expansion into Alabama.

Key Points: 
  • Kin , the direct-to-consumer home insurance company built for every new normal®, today announced its expansion into Alabama.
  • Alabama is ranked fourth in the U.S. for tornadoes, large hail, and damaging wind reports.
  • “We’re re-engineering insurance so that it’s cost-effective and superior through every step of the customer journey, including purchasing, servicing, and claims,” said Sean Harper, CEO of Kin.
  • For additional information about Kin’s coverage in Alabama, or to receive a quote, please visit https://www.kin.com/home-insurance/alabama .

EY Announces Bruce Lucas of Slide Insurance as an Entrepreneur Of The Year® 2023 Florida Award Finalist

Retrieved on: 
Thursday, May 18, 2023
Professional Services, Data Management, Technology, Data Analytics, Insurance, Artificial Intelligence, Ernst & Young Entrepreneur of the Year Award, EY, GAAP, American City Business Journals, Artificial intelligence, Growth, City, Demotech, News, Slide, Ernst & Young, Fungiculture, Airline

Ernst & Young LLP (EY US) has announced that Bruce Lucas of Slide Insurance was named an Entrepreneur Of The Year® 2023 Florida Award finalist.

Key Points: 
  • Ernst & Young LLP (EY US) has announced that Bruce Lucas of Slide Insurance was named an Entrepreneur Of The Year® 2023 Florida Award finalist.
  • Lucas founded the company in 2021 with the vision of building Slide to be the most technologically advanced company in the industry.
  • Lucas’ inclusion as a finalist comes on the heels of a year of strong, strategic growth for the company.
  • The Entrepreneur Of The Year National Overall Award winner will then move on to compete for the EY World Entrepreneur Of The Year™ Award in June 2024.

Insurance Journal, Carrier Management & Claims Journal Staffs Win Awards of Excellence

Retrieved on: 
Thursday, May 18, 2023
Letter, Q&A, Research, Government, International Editor of the Year Award, Publication, Consultant, Publishing, Gold, Robotics, Agency, SAN, Originality, Carrier, Burnout, Commercial, AI, Society, Social media, Content, Book, Insurance, Design, Podcast, Demotech

Insurance Journal won two regional gold awards.

Key Points: 
  • Insurance Journal won two regional gold awards.
  • Additionally, Carrier Management won a regional gold and national bronze award in the category of Editor's Letter for those letters published in three editions of Carrier Management Magazine by Executive Editor Susanne Sclafane.
  • And finally, in the category of Podcast, Insurance Journal won a regional bronze award for Hey Siri, What's Next for AI and Robotics in Insurance?
  • San Diego-based Wells Media Group, an employee-owned company, serves the property/casualty insurance industry with Insurance Journal, Claims Journal, Carrier Management, MyNewMarkets, Research & Trends and the Academy of Insurance.