North America
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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.
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