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The agreement has been extended an additional year through December 2025, and an incremental $140mn will be made available to Lemonade. -
The brokerage reported that polled carriers, however, have pointed to ransomware activity reverting to 2019 levels to argue current pricing is unsustainable.
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In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
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Just over half of votes cast were in favour of the $465mn sale to Onex.
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Blandford noted that there is more willingness to deploy capacity compared to last year, a function of orderly January 1 renewals bringing in more capital and the absence of a major hurricane or wildfire in 2023.
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Based in Brazil, the executive also has prior experience at Liberty Seguros, where he was regional manager, and Chubb, where he was LatAm surety underwriting manager.
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December’s increase was an acceleration from 19.2% in November and October, with the CPI all-items index up 3.4% vs a 3.1% YoY rise for November.
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The ratings agency assigned a group financial strength rating of A, with a stable outlook, to three new member companies of Builders Insurance.
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If the Floridian goes through with a listing, it will be a true test of whether the public markets believe that the state’s fragmented insurance market is fixed, or on its way to being so.
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A “return to minimal valuation increases can be expected soon”, the broker wrote in its 2024 P&C market outlook report.
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HDI Global Specialty has acquired the equity interest of Griffin Highline (GH) in the financial lines MGA Falcon Risk to become the majority owner of the US underwriter.
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Sources said the fast-growing homeowners' Floridian is finalizing the process to retain investment banks with the aim for an equity event to take place in the first half of the year.
