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The two products offer coverage for high-value residentials in a state where frequency of wildfire is highest in the US. -
It’s still a great time to be a specialty insurer, but uncertainty about future prospects is mounting.
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The state-backed carrier has seen massive growth in the distressed Florida market.
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Aon said supply chain disruptions are easing, shipping costs are receding and building materials and vehicle pricing are decelerating.
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The decision finalizes a tentative settlement that was reached last month between several parties and prevents the claims from going to trial.
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The loss is expected to be absorbed by the domestic Canadian and London markets, with Lloyd’s taking a relatively heavy share of the placement.
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CEO Kathleen Reardon said recent legislative changes are a ‘band aid’ but will help to calm the stressed Florida market.
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On the property side, the costs for rebuilding a structure continue to climb and could prove to be prohibitive.
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The firm announced that it is exiting the property reinsurance business.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Around 16% of the wholesaler’s accounts absorbed rate rises above 20% in March and the other 31% saw rate increases between 10% and 19%.
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Sources said the company is to part ways with around 60 staff as it completes the pivot to specialty (re)insurance.
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