North America
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The acquired carrier was previously known as Ashmere Insurance Company.
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The ratings agency said 17 companies, including some recently acquired and the state’s major listed carriers and subsidiaries, appear on track to secure A ratings.
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The offering ended up well below the $43mn size initially mooted, as the carrier turned to the public market after taking $41mn of losses from winter storm Uri.
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AmCap was stripped of its Demotech rating altogether after deciding to “no longer participate” in the rating process.
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The sale of the subsidiary is the latest step in CEO Kevin Rehnberg’s plan to dial down risk and free up capital at the carrier.
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Sources said that the second biggest wholesaler in the US has already started to engage banks.
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The Floridian grew premiums in all states and products, and by 20% overall, to $282mn.
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The broker says also that the Florida and south Florida condominium market has become micro-hard in recent weeks.
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The carrier cut its policy count in Florida by 14% in the quarter, in an effort to manage exposure.
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CEO Dan Peed says the company will develop direct-to-consumer products and work on improving the carrier’s underwriting performance.
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Catastrophes increased the carrier’s losses and LAE for the quarter by 41.7% year on year.
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The Floridian’s new joint venture is called Journey Specialty Insurance Company.
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