Homeowners' insurance

Key questions include whether this is bad enough to trigger real change in Florida, and how elastic cat treaty capacity is to price.

If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape.

This would become an event of default under the company's outstanding $100mn senior unsecured notes due 2029 and $21mn convertible notes due 2026 if not discharged within 60 days.

The 222-page complaint describes fraud committed against various carriers, including Zurich, Tokio Marine and Everest in surety, D&O and homeowners’ insurance programs.

If the company does not cure the event within 10 days of the missed payment or September 25, an event of default will occur.

Last week, Governor Ron DeSantis recommended approving the additional budget.

With the most active hurricane month just a week away, the moment of truth has finally come for the already strained Floridians.

It is understood that the company is being advised by boutique investment bank/broking firm Stonybrook and TigerRisk Capital Markets.

If Hurricane Andrew were to hit the coastal regions of Florida today, insured losses would be nearly four times the $15.5bn borne by carriers 30 years ago.

The executive believes the company will be able to achieve profitability without raising additional capital.

At the time of publication, only a small number of carriers remain to be affirmed, including People's Trust and Cypress P&C.

The firm needs to get a grip in HNW, dial up commercial lines growth, cut through the Corebridge knot and then an acquisition will be next.