North America
-
This will not impact Markel International, which will continue to operate out of the UK.
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The effort will draw from California’s research and higher education communities.
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Potential for rate cuts at the upcoming Fed meeting should be an addressable event for P&C insurers.
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The underwriting venture, Florida Re, will target both US and LatAm markets.
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Eight Floridians will take on personal residential multi-peril and wind-only policies.
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Citizens’ auto-renewal controls were down from February 2023 to August 2023.
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The ruling only applies to a Florida retirement community.
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The storm brought a lot of rain, but the Floridian doesn’t provide flood insurance.
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CFO Lusk said the company is about 99.2% closed on claims from the 2017 storm.
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The ‘life threatening’ hurricane has potential for “historic heavy rainfall” in the southeastern United States.
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Comparatively, in November 2023, the regulator had consented to 202,399 policies to be taken from Citizens.
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The CEO noted that the tort reforms have not led to rate pressure yet.
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Both admitted and non-admitted markets grew by more than 42% last year.
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The backing represents a rare move from a collateralized reinsurer to take on risk in the legacy space.
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It is understood that the company expects to launch its Florida reciprocal in Q4.
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Stable first half insufficient to counterbalance concerns on reserving trends.
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The $1.6bn of cat bond limit on-risk includes $1.1bn Everglades Re mega-bond.
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The proposal now goes to the Florida Office of Insurance Regulation for review.
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Excess capacity rebounded in June 2023 after hitting a decade-low just 12 months earlier.
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The program includes all perils coverage and third-event protection.
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The former Everest executive will look to roll out a range of new product lines at the MGA.
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Spreads on all tranches of notes settled above the initially guided range.
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The CEO is one of more than 20 executives who received letters from Floir citing Statute 624.4073.
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Rates are still materially higher than pre-pandemic and lower layers are holding firmer.
-
The loss ratio in the business that HCI assumed was also better than anticipated.
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The carrier has completed its 2024-25 reinsurance renewal.
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Formed in 2006, Centauri is a Demotech A-rated firm headquartered in Sarasota.
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Tim Cerio also credited litigation reforms for the current market recovery.
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The carrier of last resort is proposing total risk transfer of $5.5bn.
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Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
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FHCF rates are also projected to decrease by a statewide average of 7.38%.
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It is understood that the company aims to launch in Q3 or Q4 of this year.
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AM Best recently downgraded the insurer after Gallatin Point acquired a majority stake last January.
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The body’s budget committee is again pressing Citizens over solvency concerns.
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May and June takeout requests for Citizens are exceeding expectations.
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Overall rate expectations are flattish to single digit increases.
-
The Insurance Insider US news team runs you through the earnings results for the day.
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The closing of the Interboro sell-off was postponed to nearer the end of the year.
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Sources said preparations for a 2024 IPO were halted, but work could resume later this year.
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The downgrades reflect Gallatin Point’s recent acquisition of a majority stake in TRUE.
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A hearing with the Florida Office of Insurance is scheduled for February 21.
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The increase in limit reflects the carrier’s growing exposure.
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The company is aiming for a 2024 Florida rollout, offering HO-3 and DP-3 policies.
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The reciprocal will write homeowners’ insurance primarily in Florida.
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The carrier expects to re-emerge after operating as going-concern Anchor.
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As last year’s reforms shake out, only a few changes are pending for 2024.
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Sources said that the retailer will be marketed off an Ebitda of $40mn-$45mn, pointing to a potential valuation in the $650mn-$750mn range.
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The legislation would make all residences with dwelling replacement costs between $700,000 and $1mn eligible for coverage through the state insurer if denied by the private market.
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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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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.
-
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.
-
In November, CORE received its certificate of authority from the Florida Office of Insurance Regulation to transact insurance in the state.
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December premiums were up for all three of the top E&S states, with California posting the largest percentage increase at 44.2% YoY.
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2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.
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The assumption brings TypTap’s total in-force premium to $1bn.
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The reforms are working for claims filed after December 2022, but attorneys are still litigating claims filed prior to the legislation.
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The limit on the reinsurance Citizens will look to buy from the private markets will stretch to $14.35bn, up 2% on prior-year coverage.
-
November premiums were up for all three of the top E&S states, with Florida posting the largest percentage increase at 21.8% YoY.
-
The Senate Budget Committee, chaired by Democratic Senator Sheldon Whitehouse, is seeking information on plans to address increased underwriting losses from extreme weather events.
-
A quick roundup of this week’s biggest stories.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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Cedeño Camacho will expand his insurance carrier holdings to North America.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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The office also said it has approved the assumption of 650,399 policies from Florida Citizens so far this year, a more than 800% increase from the previous year.
-
The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.
-
The rating reflects Orange's low underwriting leverage and significant surplus relative to projected premiums written
-
The bill would spur development of a crop insurance policy to cover losses caused by cold exposure and freezes.
-
The Inside P&C news team runs you through the earnings results for the day.
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The company targets specialty markets that it believes are underserved by larger insurers and focuses on niche business lines and fee-oriented services.
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The Inside P&C news team runs you through the earnings results for the day.
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Following reforms enacted by the state, the insurer will seek to provide new insurance coverage options to property insurance policyholders.
-
AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
-
Pricing, reserves and uneven catastrophe losses will be the theme this quarter.
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In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.
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The most important factors driving insured losses over the years include hurricanes, other weather-related events, inflation, and excess litigation.
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HCI subsidiary TypTap Insurance Company has received approval from Floir to assume up to 25,000 policies from Florida’s state-owned insurance company.
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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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The first non-renewals are scheduled for May 2024 in what is expected to be an 18-month process.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
“They’re playing Moneyball,” Petrelli told attendees during the Inside P&C conference in New York, decrying the increasingly sophisticated ability of law firms to attract clients and parse effective litigation strategies.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Panelists at Inside P&C New York highlighted the changing role of MGAs, as legacy carriers pull back from cat-prone areas to combat growing losses from hurricanes, SCS and other secondary perils, such as wildfires.
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A number of the largest hurricanes have come post-peak, but the industry remains well capitalized.
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Differing trends in short- and long-tail lines offset each other to create a net positive for the industry, though the releases are slowing significantly.
-
Inside P&C’s news team runs you through the key highlights of the week.
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Hale Partnership CEO Steve Hale added that the policies in the area where Idalia hit represent less than 5% of the carrier’s book.
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The insurance company had set out plans last summer to expand its market share in Florida.
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The reciprocal exchange received a consent order on Friday and is expected to begin underwriting in December
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The hurricane, now a Category 1, is tracking around 100 miles west of Savannah, Georgia and is expected to pass through the Charleston area of South Carolina.
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Industry loss estimates range from $3bn to $10bn, but loss figures will become clearer in the days to come.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
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More than 800,000 houses could be affected by the hurricane’s storm surge.
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If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.
-
Shifting economic winds make growth plays more attractive, causing insurer stock performance to lag though short interest remains flat.
-
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The storm is now forecast to become a major hurricane by Tuesday night. This morning’s advisory update had estimated that Idalia would reach major hurricane status by early Wednesday.
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A major hurricane in any section of Florida that extends into the Southeast states is likely a “multi-billion-dollar” insurance industry event, according to the broker.
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Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.
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The nod follows that of Mainsail Insurance Company, owned by Hippo subsidiary Spinnaker, in August and HCI-owned Tailrow Insurance Company in April.
-
The start-up was previously targeting a $75mn raise. Investor meetings started last week and will continue into next week.
-
AJ Gallagher has recruited a pair of executives from Howden to boost its Latin American treaty footprint, this publication has learned.
-
The domestic carrier will write homeowners’ multi-peril business, according to filings which also detailed that $300,000 of the initial capital will be used to complete the statutory deposit requirement.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The Inside P&C news team runs you through the earnings results for the day.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The Inside P&C news team runs you through the earnings results for the day.
-
The executive said that the company reduced its consolidated retention and ceded premium ratio for its 2023 and 2024 treaty program.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
The number of policies being requested in the first half of 2023 is larger than the total number of policies requested for 2022.
-
Pricing, catastrophes and rising costs are headwinds for this quarter’s insurer results, but brokers should be buoyed by continued inflation.
-
Following media reports last week that AAA had plans to pull out of the Florida insurance market entirely, the home and auto carrier "set the record straight” on Monday.
-
The utility previously bought a $1bn policy from the (re)insurance market.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The decision applies only to policies issued through the company’s exclusive agency distribution channel.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Personal lines underperform predictions, while brokers and InsurTechs are a positive surprise (for now).
-
Bruce Lucas added that the company is no longer pursuing a Series B round.
-
Recent tort reforms, carrier capital and reinsurance relationships will determine the future for Floridians.
-
Considering recent reforms, Citizens’ rates, on average, are still 58.6% below actuarially sound levels, but the inadequacy would have been 88.3% without them.
-
ACIC’s program offers sufficient coverage for approximately a one-in-167-year event and a one-in-100-year event followed by a one-in-50-year event in the same season, the company said.
-
It’s unclear how long some insurers will be able to sustain the cost of doing business in Florida, whether the question is making it through another quarter, another hurricane season or another renewal.
-
Tower Hill Insurance Exchange has completed its 2023 Florida reinsurance program, which offers nearly $2bn for catastrophe cover, including all perils.
-
The bills place additional requirements on insurers in the state and expand consumer protections.
-
The program “exceeds regulatory and rating agency requirements and provides coverage for multiple catastrophic events”.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Recently released statutory data shows the US P&C industry loss ratio touching the 65% mark, the highest level in two decades.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The pullback mirrors what the state went through last year before and after June 1.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Early private deals have provided far more stability in this year’s renewal than last.
-
-
Village Protection is expected to be operational on or before January 2024.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
First event reinsurance tower exhaustion points are $1.3bn for the Northeast, $1.1bn in the Southeast and $870mn in Hawaii.
-
The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.
-
Analysis of 2022 statutory data shows top US-exposed reinsurers grew assumed premiums 13% year-on-year in 2022.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
With ongoing problems in sourcing low-tier reinsurance capacity, rates are expected to build on last year’s gains.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The carrier reported a Q1 2023 combined ratio of 94.5%, which improved 35 points year on year, driven by lower weather losses.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The impact of recent tort reforms is already being felt in the Sunshine State, the CEO said.
-
D&O (Inside P&C Daily lead story): There is hope that public D&O rates could stabilize in the second half of the year following a tough end to 2022 and an ongoing slump in Q1. Significant discounts granted in 2022 are unlikely to be repeated, and there are ongoing concerns around both economic and social inflation, sources said. In the meantime, rates remain pressured from ample capacity and muted demand as established providers and incumbents drawn to the hard market of past years compete for relatively stagnant demand. The collapse of SVB, while a shock, wasn’t the inflection point for D&O that some might have expected.
-
On Thursday, the bill passed 70-40 in Florida's House of Representatives, after passing the Senate last week.
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He was previously executive vice president and chief operating officer at the rival Floridian.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
HCI will own all its stock, launching it with 2.5 million shares valued at $1 per share.
-
United said it will require additional time to finalize its financial statements and disclosures “related to subsequent events”.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The recommendations await approval from the Florida Office of Insurance Regulation.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The state carrier completed phase one of its program with the $500mn Lightning Re cat bond placement.
-
Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The bill passed 23-15 in the state’s Senate on Thursday, after passing the House last week.
-
On Thursday, the bill passed 23-15 in Florida's Senate, after passing the House last week.
-
The investment came from Geodesic Capital, QED Investors, and additional investors.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The Florida insurance carrier has grown its book rapidly through acquisition.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
City of London grandee Martin Gilbert is attached to the project in a non-executive capacity, sources said.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Yaworsky has served as interim insurance commissioner since being nominated by Governor Ron DeSantis last month.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
For years, Florida attorneys have utilized one-way attorney fees and assignment of benefits to bleed the insurance market of thousands of dollars.
-
CEO Locke Burt said Florida reforms would be “transformational” and that investors had become more receptive to cat risk owing to higher rates.
-
The agency attributed the decision to a material deterioration in the company’s surplus position, as a result of challenging personal property insurance conditions in Florida.
-
The carrier reported a Q4 consolidated loss ratio of 39.4%, down one point on the year as claims frequency declined while severity stabilized towards the end of the year.
-
2022 statutory data is now available, and results show winners and losers
-
The state-backed carrier’s policy count is projected to hit a record high of 1.6 million by year-end.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The issuance is replacing $400mn of cat bond coverage placed in early 2020.
-
The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.
-
United Insurance Holdings said it had fully exhausted its personal lines reinsurance cover on the event, rendering its personal lines carrier insolvent.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
-
Ron DeSantis has also announced proposals to modernize Florida’s "bad faith" law, in the latest set of reforms he described as the most “comprehensive in decades”.
-
If January’s trends are any indication, the next step for Florida’s plaintiff attorneys will be to redirect their efforts to another piece of the market.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.
-
A canvass of Florida executives by Inside P&C suggests glimmers of an improved claims environment ahead.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The transaction provides relief for policyholders and agents, but especially for those policyholders whose policies expire past UPC’s June 1 deadline.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Slide has sent a notice to agents that it is accepting new policies on its legacy admitted HO3 product.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Receivership has been historically lower in the past 20 years, but trouble in Florida breaks away from the overall P&C industry trend.
-
Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
KBRA believes First Protective’s and Frontline’s strong underwriting and claims handling compares favourably with that of their Florida peers.
-
Inside P&C walks you through the highlights of 2022.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Here are some of the specifics from the year in Florida.
-
Personal lines insurers see a vastly different outlook in 2022 than 2021 and their reserve development reflects this.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Senate Bill 2A addresses key concerns in the Florida property market, including one-way attorney fees and assignment of benefits, the ratings agency said.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The legislature met for a special session this week, discussing key concerns in the state's property insurance market.
-
The announcement comes on the helm of both houses of the Florida legislature passing the proposed overhaul of the state's property insurance market.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Affected areas in the state include Tangipahoa, St. Bernard and Terrebonne parishes, the town of Gretna, and the New Iberia area.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The bill under discussion tackles key concerns like eliminating one-way attorney fees and getting rid of the state’s controversial assignment of benefits right.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The book totals roughly 17,000 policies.
-
As part of its bankruptcy process, the carrier will review strategic alternatives that include the reorganization of the business and the sale of its assets.
-
Citizens will be ineligible for the coverage, which will attract premiums ranging from rates-on-line of 50-65%.
-
The state’s House of Representatives will vote this week on whether to put the call to the US President and US Congress.
-
The state’s legislature has published its reform bill to be debated in the special session this week with wide-ranging reforms to tackle high litigation costs.
-
The broker has pegged the global reinsurance supply demand imbalance at $20bn-$30bn.
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