Insurance news

• Watch: Claims Excellence Awards 2017 winners react (Part 1)

  17-06-2017 10:00
  
  Video interviews with the winners of the Insurance Times Claims Excellence Awards 2017 
  
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• Florida's Seeman Holtz expands in California

  17-06-2017 03:08
  Seeman Holtz is expanding in Southern California with the
  acquisition of Direct Choice, a broker based in Stevenson Ranch,
  north of Los Angeles.
  The deal will also strengthen the online capabilities of Boca
  Raton, Florida-based Seeman Holtz said in announcing the deal
  today. Terms were not disclosed.
  Direct Choice is led by Colby Singer, who will remain at the
  company, Seeman Holtz said.
  ""Colby brings a tremendous talent to help us build
  out our digital marketing campaign nationwide," said Eric
  
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• Startup partners target blockchain brokerage systems

  17-06-2017 01:27
  Risk Cooperative, a risk and insurance advisory startup, and the
  Bitfury Group, a developer of blockchain technology, have agreed to
  jointly "pioneer" applications using the software to
  distribute insurance.
  The partnership estimates the value of the "insurance
  intermediation market" at about $60bn annually, the two
  companies said today in announcing their plans. They said one of
  their goals is to help industry players "overcome
  organisational and cultural apprehension to blockchain by serving
  a
  
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• Maison set to pay more for reinsurance

  17-06-2017 01:27
  Louisiana and Texas homeowners' insurer Maison Insurance
  said it expects the cost of its reinsurance placement to increase
  12.9 percent year-on-year.
  The cost of its reinsurance rose from $21.7mn in treaty year
  2016-2017 to an estimated $24.5mn this year, parent company 1347
  Property Holdings (PIH) said in Securities and Exchange Commission
  filing.
  In line with last year, $170mn of coverage was purchased in
  excess of $5mn retention per occurrence on its core cat cover, the
  Tampa, Florida-based c
  
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• Lightning losses climb as average claim size shrinks

  17-06-2017 01:27
  Claims for damage caused by lightning and electrical surges rose
  in the US last year but the average cost fell compared with 2015,
  the Insurance Information Institute said.
  Lightning led to $825mn in paid claims last year to over 100,000
  insureds, the New York-based non-profit organisation said, citing a
  study done with State Farm. The payout climbed 4.5 percent from
  2015.
  But the number of claims rose even more, 9.97 percent, to about
  109,000, the Institute said, and more than...
  
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• Experience and risk management key in Florida: Kroll

  17-06-2017 01:27
  Experienced leadership and risk management practices will be key
  differentiators for Florida homeowner insurers as they seek to
  navigate deteriorating underwriting conditions in the state,
  according to Kroll Bond Rating Agency (KBRA).
  In a report on the Sunshine State market the firm noted that
  Florida writers continue to face challenges from underwriting
  results "dampened by non-catastrophe losses" that have
  been driven by assignment of benefits (AOB) related claims.
  It noted that plentiful rei
  
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