Homeowners' insurance

The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.

Insurance Insider US’s morning summary of the key stories to get you up to speed fast.

The government funding bill signed by Biden on November 16 contains provisions extending National Flood Insurance Program to February 2, 2024.

The Insurance Insider US Research team walks buyers through valuation considerations for InsurTech MGAs, as capital constraints point to further consolidation.

The E&S personal lines insurer also named Malcolm Tsung as commercial lines product management VP and Scott Crozier for a similar role in the personal lines division.

Insurers have paid out $673.3mn in claims through September 30 for residential losses related to the August fires.

Susan Arnold, co-vice chair of NAIC’s P&C Insurance Committee, also urged passage of legislation exempting mitigation grants from taxation.

Three states — California, New Jersey, New York — were responsible for adding five points to YTD combined ratio for 2023.

Following reforms enacted by the state, the insurer will seek to provide new insurance coverage options to property insurance policyholders.

The cuts amount to roughly 2% of the insurer’s US workforce.

Ahead of third quarter earnings, many personal lines insurers are pulling several levers to right-size their operations, including conducting layoffs and reducing exposure.

White Mountains’ final stake could range between 62%-81% of Bamboo, and the Bermudian’s investment in connection with the deal could be around $246mn-$323mn.