North America
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Sources said that the company is not using the listing to flush out potential trade or PE bidders.
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The CEO assured analysts that the company has secured 85% of its core all-state first-even catastrophe tower.
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Florida-based Universal sees 6.1% drop in policies in force; challenging claims environment pressures underwriting profit.
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The Tampa-based carrier said cat losses nearly tripled, while other weather losses also rose from last year.
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The company cited its continued Q1 2022 underwriting losses and recent rating downgrade.
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Lea was previously head of commercial E&O, cyber and media liability at CNA Insurance for a little over five years.
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A string of Florida carriers have had their financial stability ratings downgraded by Demotech in recent weeks.
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The state Governor’s goal is ‘to have a functioning market’ for property insurance in Florida.
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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 downgrade was attributed to weather claims from Louisiana and Texas following the company’s expansion into those markets.
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The market is in for more downgrades and, in turn, Citizens will grow further.
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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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