North America
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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 move will leave nearly 8,000 affluent customers without coverage and unable to turn to state-backed insurer Citizens Property Insurance.
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The MGA space is red hot and the Geof McKernan-led business is a rare asset with scale to come to market.
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The agency linked the downgrade to the group’s 28% surplus decline in 2021 from the prior year and a total decline of 35% over the last five years.
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Banking sources suggested Foundation Risk is a ~$120mn Ebitda business, which would put a potential $2bn valuation on the firm.
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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 carrier is facing more growth than anticipated after recent insurer failures.
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By failing to pass plans for new roof damage deductible, Citizens Property policy reductions, Florida lawmakers left property insurance reforms in limbo.
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The Florida Senate passed Senate bill SB 1728 last Thursday, but it seems to have stalled in the state’s House of Representatives.
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HCI is waiting for the right moment to maximize its chances in Florida.
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Losses and loss adjusted expenses at the Florida-based firm rose to $63mn from $40mn in Q4 2020.
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Reciprocal carriers could become more popular, but while this could better serve capital providers it does nothing to address underlying problems.
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