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When it comes to sympathetic juries, high net worth individuals are under the same pressure as corporations. -
The January wildfires did little to hamper their appetite, apart from California.
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The transition will be implemented starting October 15.
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The executive has been with the firm for close to 15 years.
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Wildfires resulted in heavy losses for insurers focused on HNW, personal lines and reinsurance.
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The LA wildfires, however, will be the firm’s largest event to date.
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Imported goods account for 30%-50%+ of materials used for HNW homes, versus 15%-25% in standard houses.
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The counties make up for the majority of the state’s high net worth market, sources said.
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The coverage will only be available in Illinois and Michigan at first.
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The MGA recently secured capacity to write HNW homes in California.
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Four cat modelers have also submitted their tech for regulatory review.
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The carrier is only going to write new business on E&S paper, sources said.
