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The firm’s underwriting performance is hard to piece together from the limited available data. -
The mean nuclear verdict for 2013-2022 was $89mn, versus $76mn in 2010-2019.
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The Howden-owned MGA lost ~$250mn in cat capacity in September.
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Despite reserving actions, there are no signs of reinsurance capacity shortages in the market.
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The broad themes remained the same as those dominating in April.
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Floir has sent more than 20 letters to Florida executives for potential violation of Statute 624.4073.
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Additional capacity for upper layer coverage is driving rate reductions, the broker says.
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The firm has zero pre-2020 reserves, no MGA relationships, and management with a strong record.
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The cyber underwriter also raised the annual revenue to $5bn for companies it will offer coverage to.
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MGAs outpaced the P&C industry for years, but growth has begun to stagnate.
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Sources said that while a late June-early July IPO is still on the table, a Q4 or early 2025 listing is expected.
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Regulatory compliance risks were listed as the third-greatest concern.
