North America
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The portfolio of InsurTech partnerships will now be overseen by the company’s specialty businesses in the US and UK.
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The Floridian carrier is not looking to expand in Louisiana or Texas, citing the elevated catastrophe risks.
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The carrier’s co-founder Bruce Lucas will step down as CEO on November 30.
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Southern Fidelity has struggled during a busy 2020 storm season because of its exposure to the Gulf states.
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Northeast Coverages is an MGA and wholesale agency that writes about $72mn in annual premiums.
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Sources said AIG is offering some staff guaranteed bonuses and stay packages.
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PE interest in the broking sector is elevated and is supporting attractive sale multiples.
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Banking sources are divided on whether AIG is likely to be able to find a buyer for its life arm.
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Hurricanes Isaias and Sally were "full retention events" and the firm took 2,000 new Irma cat claims in Q3, the company said.
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Universal’s combined ratio deteriorated by 37 points to 134.7%, driven by Laura and Sally losses.
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The calls will provide a barometer of claims activity on historic storms Irma and Michael as well as recent Hurricane Sally.
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The InsurTech now provides cover in 36 states and Washington DC.
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