This Week in Programs: Landlord & Homeowners

Kin adds condo and full-limit private flood in California. Kin launched an HO6 condo policy for California owners and a private flood endorsement for its existing home policies, the flood cover carrying no 30-day waiting period and matching the home policy's full dwelling and personal-property limits instead of the National Flood Insurance Program's $250,000 building cap. The release put California's expected annual flood losses at $11.73 billion and counted 684,000 residents now on the FAIR Plan; Kin writes in 14 states. (PR Newswire)

→ For MGA operators and wholesalers: Kin's full-limit private flood with no waiting period is a concrete spec to beat for anyone placing residential flood against the NFIP's $250,000 cap, and it comes bundled to a book Kin already underwrites in the state.

Conning puts the US MGA channel at $128 billion. Conning estimated US managing general agent premium reached about $128 billion in 2025, above the $102.6 billion of MGA direct premium written that carriers reported to the NAIC (itself up 12% from 2024), with the gap reflecting Lloyd's and other premium outside statutory reporting. Fronting carriers generated roughly $22.6 billion in gross premium in 2025, and Conning estimates about 20% of US MGA premium runs through fronting relationships. (Reinsurance News)

→ For fronting carriers and PE-VC investors: Conning's $22.6 billion fronting figure sizes the fee pool Hippo, Accelerant, and their competitors are pricing against.

SiriusPoint's book runs an 88.5% combined ratio with almost no catastrophe loss. SiriusPoint reported second-quarter net income of $68.6 million available to common shareholders on July 29, an 88.5% consolidated combined ratio (91.4% core), just $1.3 million of catastrophe losses, and a 12.0% return on equity; its Insurance & Services gross premium, the segment that backs MGAs, grew 15%. (GlobeNewswire)

→ For MGA operators: a program capacity provider posting a sub-90 combined ratio with $1.3 million of quarterly catastrophe losses has room and reason to add programs.

Slide prints a 57.6% combined ratio on its mostly Florida homeowners book. Slide Insurance reported second-quarter net income of $134.9 million, up 92.4% year over year, on a 57.6% combined ratio that improved 980 basis points, a 30.2% loss ratio (from 37.4%), and gross premiums written of $508.0 million, up 16.7%. (GlobeNewswire)

→ For state entrants and PE-VC investors: Slide's 30.2% loss ratio is what a clean post-reform Florida homeowners book earns in a light catastrophe quarter, the benchmark any investor pricing a Florida entry or a takeout vehicle now has to beat.

Cincinnati Financial takes 14.4 points of catastrophe losses. Cincinnati Financial reported a 100.8% property-casualty combined ratio for the second quarter on July 27, with personal lines at 99.9% and 14.4 points of current-accident-year catastrophe losses across the book; net written premiums grew 3%. (PR Newswire)

→ For reinsurers and program cedents: Cincinnati's personal lines carried 21.4 catastrophe points (from 25.4) and still improved to a 99.9% combined ratio, against Slide's 57.6%.

The Hanover's personal lines combined ratio improves to 88.9%. The Hanover Insurance Group reported record second-quarter net income of $191.6 million on July 28, a personal lines combined ratio of 88.9% (from 95.5% a year earlier), catastrophe losses of $91.8 million or 5.7 points (down from 7.0), and net premiums written up 4.6% to $1.66 billion, with personal lines premium up 2.6% to $697.6 million. (Insurance Business)

→ For HNW incumbents and program administrators: Hanover cut its personal lines combined ratio 6.6 points while growing that premium only 2.6%, a rate-and-selection gain that shows the admitted personal lines book repricing faster than it is expanding.

Hippo grows quarterly profit to $10 million and raises full-year guidance. Hippo Holdings reported second-quarter net income of $10 million on July 30, gross written premium of $482.2 million (up 61.5%), a 95.8% combined ratio (four points better), and revenue of $144.7 million (up 23.4%); it raised full-year 2026 guidance to $1.65 to $1.7 billion of gross written premium, $62 to $70 million of adjusted net income, and a 99% to 101% combined ratio, from 103% to 105%. (PR Newswire)

→ For fronting carriers and MGA operators: Hippo, set to become Accelerant's US fronting carrier in 2027, is now showing a sub-100 combined ratio on its own underwriting, so the balance sheet MGAs will rent from it is turning profitable.

Porch's reciprocal exchange grows policies 38%. Porch Group reported second-quarter reciprocal written premium of $139.8 million at the Porch Reciprocal Exchange, with reciprocal policies written up 38% year over year to 58,700, Insurance Services adjusted EBITDA of $44.4 million (from $19.7 million a year earlier), and gross profit reaching 58% of reciprocal written premium, up from 48%; the reciprocal itself posted a $19.8 million net loss while Porch shareholders recorded $5.6 million of net income. (Insurance Business, SEC)

→ For PE-VC investors and state entrants: the Porch Reciprocal Exchange shows the reciprocal-exchange model with policies written up 38% while the management company keeps the fee, the same structure new Florida carriers keep adopting.

Lemonade's homeowners loss ratio falls to 44%. Lemonade reported a 44% gross loss ratio on its homeowners multi-peril book for the second quarter on July 29, down from 60% a year earlier, with homeowners in-force premium of $554 million; company-wide in-force premium reached $1.43 billion (up 32%) and the overall gross loss ratio was 60% (from 67%), with catastrophes adding 3 points. Lemonade cut its quota-share cession from about 20% to 18% effective July 1. (SEC)

→ For reinsurers and ILS investors: Lemonade kept 2 more points of its whole book (cession cut to about 18% from 20%) in the quarter its homeowners loss ratio fell to 44% from 60%.