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The business reductions will affect policies up for renewal from December 2023 to July 2024. -
Coalition also announced the formation of a dedicated $300mn reinsurer, Ferian Re, in partnership with BDT Capital Partners.
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The national program will insure homes with a replacement value up to $10mn, and deductibles will range from $10,000 to $1mn. Properties in cat-exposed locations will be eligible for coverage.
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She will oversee the strategic direction and execution of all At-Bay’s underwriting, partnerships and field operations
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The carrier has also added 40 new classes of business to its miscellaneous professional liability product and raised the eligible revenue limit for businesses to $50mn.
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K2 will make an equity investment in Titan Flood and be given a seat on the MGA’s board.
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A summary of commentary from the first day of Inside P&C New York, with insights on capital raising, E&S and reinsurance expectations.
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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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As of last week, Florida Citizens had sent out depopulation notices to more than 300,000 policyholders for October, though nearly one-third of those notices were delayed.
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Cyber is another market Axis is watching closely, given new MGA entrants as well as the recent rise of ransomware activity, with the carrier expecting more “undulation” as a result.
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At-Bay acquired the InsurTech marketplace in August 2020 for an undisclosed sum, noting that the platform would continue to operate as an independent entity.
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The 2023 Travelers Risk Index has put concern over cyber threats among the top three worries for small, medium-sized and large businesses for the ninth straight year.
