North America
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Sources have suggested that Weston's policy count is about 20,000 policies, of which most are wind-only.
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The Florida firm lost its rating from Demotech last week.
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Nicole Fried cited her department’s duty to act in consumers’ best interests.
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The transaction values the firm at around 17.5x Ebitda, and is a bull signal for private broker valuations.
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The former executive is looking for $40mn to $80mn of new capital, sources suggested.
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It is understood that Slide has engaged investment banking firm Paulson Investment Company as an adviser in the process.
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The carrier is continuing diversifying business outside of Florida with an 18.9% reduction in policies in force and a 14.9% reduction of total insured value for Florida.
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Inside P&C’s news team runs you through the key highlights of the week.
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It is unclear if policies transferred by UPC to other entities through quota shares and renewal rights deals are covered by federal mortgage institutions.
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Yesterday, Virginia Christy, director of property and casualty financial oversight at Floir, filed an affidavit elaborating the reasons behind the suggestion.
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Floridians’ results continue to reflect the difficulties of the present marketplace and leave the future unclear.
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Inside P&C’s news team runs you through the key highlights of the week.
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