Record-Setting 2020 Hurricane Season Materially Impacted FedNat, Prompted Non-Florida Withdrawal, CEO Says
The record-setting 2020 Atlantic hurricane season impacted FedNat Holding Co. materially, with the pain continuing in 2021, according to Chief Executive Officer Michael Braun.

AM Best: Elevated Loss, Litigation Challenge Florida Property Insurers
AM Best Associate Director Chris Draghi discussed a new Best’s Commentary that finds Florida property insurers are struggling to achieve rate adequacy due to many factors, including loss escalation and climate risk.

Elephant Insurance Data Breach Exposes Personal Customer Information
Customer names, driver’s license numbers and dates of birth were exposed during a weeklong data breach at the end of March, according to Elephant Insurance and subsidiary Apparent Insurance.

Metromile Narrows First-Quarter Net Loss Ahead of Acquisition by Fellow Insurtech Lemonade
Ahead of its pending acquisition by insurtech Lemonade, pay-per-mile carrier Metromile Inc. narrowed its first-quarter net loss to $34.3 million from a $103.6 million net loss a year earlier.

Munich Re Tallies Investment Impact, Posts $105.5 Million in Ukraine Conflict Underwriting Losses
Munich Reinsurance Co. reserved slightly more than €100 million ($105.5 million) for estimated underwriting losses related to the Russia-Ukraine conflict as it tallied an investment impact related to the war.

Allianz Estimates Up to $520 Million in Exit Costs for Russia-Ukraine Business
A €1.9 billion ($1.98 billion) impairment for U.S. asset management problems led Allianz SE to a sharply lower first-quarter profit as the group would have otherwise nearly matched its year-ago performance despite high natural catastrophe losses and a loss estimate related to the Ukraine-Russia crisis.

Brighthouse First-Quarter Net Income Rises on Derivatives Gain, Reverses 2021 Loss
Brighthouse Financial Inc. saw its net income attributable to shareholders grow to $613 million in the first quarter, compared with a $610 million loss for the same period a year earlier.

AUB Group to Buy Lloyd’s Broker Tysers for $617.5 Million
Australia-based AUB Group Ltd. will purchase insurance broker Tysers in a deal that will give AUB access to the Lloyd’s marketplace, the largest insurance market in the world, the companies announced. The deal is worth A$880 million ($617.5 million).

Intact Financial CEO Warns on Macroeconomic Conditions, Effects of Russia/Ukraine War
Intact Financial Corp. is watching developing macroeconomic conditions and the indirect effects of the Russia-Ukraine war, said its chief executive officer.

ProAssurance CEO: Norcal Acquisition Created Broader Footprint; Company Proceeding Cautiously
In the year since ProAssurance Corp. formally completed its acquisition of Norcal Group, the company has seen a broader nationwide footprint and greater scale and efficiency, according to President and Chief Executive Officer Edward Rand.

With Improved Modeling, Pool Re Cuts UK Terrorism Reinsurance Prices 20% or More
Pool Reinsurance Co. Ltd. said it cut reinsurance pricing by 20% and up to 30% or more in some areas for U.K. terrorism risk in what it calls the most significant reduction in its reinsurance pricing in 20 years.

Insurer Involvement Not Yet Finalized in $997 Million Champlain Towers Collapse Settlement
Families of victims of the June 2021 collapse of a deadly condominium tower in south Florida have reached a $997 million settlement, according to victims’ lawyers. The insurers that agreed to cover the settlement, and their shares of it, are not yet finalized, Javier Lopez, of Kozyak Tropin said.

FSOC Report Cites Move to Rebuild Staff, Increase Oversight
An overview memorandum on the Financial Stability Oversight Council’s 2021 annual report said the Biden administration is planning to add personnel to FSOC after its staff was cut by about 60% and its budget cut by more than 25% under the previous administration.

QBE Estimates Russia-Ukraine Exposure at $75 Million; First-Quarter Premiums Rise 19%
QBE Insurance Group Ltd. is estimating its exposure to the Russia-Ukraine conflict at $75 million as it posted a 19% rise in first-quarter gross written premiums supported by strong growth in its crop and reinsurance segments.

Generali Takes Majority Stake in Indian Property/Casualty Joint Venture
Assicurazioni Generali S.p.A. has completed the acquisition of 25% of the shares of Future Generali India Insurance from Future Enterprises Ltd. and will now hold a stake of about 74% in the property/casualty insurer.