North America
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This will not impact Markel International, which will continue to operate out of the UK.
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The effort will draw from California’s research and higher education communities.
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Potential for rate cuts at the upcoming Fed meeting should be an addressable event for P&C insurers.
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The underwriting venture, Florida Re, will target both US and LatAm markets.
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Eight Floridians will take on personal residential multi-peril and wind-only policies.
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Citizens’ auto-renewal controls were down from February 2023 to August 2023.
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The ruling only applies to a Florida retirement community.
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The storm brought a lot of rain, but the Floridian doesn’t provide flood insurance.
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CFO Lusk said the company is about 99.2% closed on claims from the 2017 storm.
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The ‘life threatening’ hurricane has potential for “historic heavy rainfall” in the southeastern United States.
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Comparatively, in November 2023, the regulator had consented to 202,399 policies to be taken from Citizens.
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The CEO noted that the tort reforms have not led to rate pressure yet.
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Both admitted and non-admitted markets grew by more than 42% last year.
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The backing represents a rare move from a collateralized reinsurer to take on risk in the legacy space.
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It is understood that the company expects to launch its Florida reciprocal in Q4.
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Stable first half insufficient to counterbalance concerns on reserving trends.
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The $1.6bn of cat bond limit on-risk includes $1.1bn Everglades Re mega-bond.
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The proposal now goes to the Florida Office of Insurance Regulation for review.
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Excess capacity rebounded in June 2023 after hitting a decade-low just 12 months earlier.
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The program includes all perils coverage and third-event protection.
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The former Everest executive will look to roll out a range of new product lines at the MGA.
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Spreads on all tranches of notes settled above the initially guided range.
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The CEO is one of more than 20 executives who received letters from Floir citing Statute 624.4073.
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Rates are still materially higher than pre-pandemic and lower layers are holding firmer.
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The loss ratio in the business that HCI assumed was also better than anticipated.
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The carrier has completed its 2024-25 reinsurance renewal.
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Formed in 2006, Centauri is a Demotech A-rated firm headquartered in Sarasota.
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Tim Cerio also credited litigation reforms for the current market recovery.
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The carrier of last resort is proposing total risk transfer of $5.5bn.
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Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
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FHCF rates are also projected to decrease by a statewide average of 7.38%.
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It is understood that the company aims to launch in Q3 or Q4 of this year.
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AM Best recently downgraded the insurer after Gallatin Point acquired a majority stake last January.
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The body’s budget committee is again pressing Citizens over solvency concerns.
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May and June takeout requests for Citizens are exceeding expectations.
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Overall rate expectations are flattish to single digit increases.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The closing of the Interboro sell-off was postponed to nearer the end of the year.
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Sources said preparations for a 2024 IPO were halted, but work could resume later this year.
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The downgrades reflect Gallatin Point’s recent acquisition of a majority stake in TRUE.
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A hearing with the Florida Office of Insurance is scheduled for February 21.
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The increase in limit reflects the carrier’s growing exposure.
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The company is aiming for a 2024 Florida rollout, offering HO-3 and DP-3 policies.
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The reciprocal will write homeowners’ insurance primarily in Florida.
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The carrier expects to re-emerge after operating as going-concern Anchor.
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As last year’s reforms shake out, only a few changes are pending for 2024.
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Sources said that the retailer will be marketed off an Ebitda of $40mn-$45mn, pointing to a potential valuation in the $650mn-$750mn range.
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The legislation would make all residences with dwelling replacement costs between $700,000 and $1mn eligible for coverage through the state insurer if denied by the private market.
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In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
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If the Floridian goes through with a listing, it will be a true test of whether the public markets believe that the state’s fragmented insurance market is fixed, or on its way to being so.
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Sources said the fast-growing homeowners' Floridian is finalizing the process to retain investment banks with the aim for an equity event to take place in the first half of the year.
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In November, CORE received its certificate of authority from the Florida Office of Insurance Regulation to transact insurance in the state.
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December premiums were up for all three of the top E&S states, with California posting the largest percentage increase at 44.2% YoY.
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2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.
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The assumption brings TypTap’s total in-force premium to $1bn.
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The reforms are working for claims filed after December 2022, but attorneys are still litigating claims filed prior to the legislation.
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The limit on the reinsurance Citizens will look to buy from the private markets will stretch to $14.35bn, up 2% on prior-year coverage.
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November premiums were up for all three of the top E&S states, with Florida posting the largest percentage increase at 21.8% YoY.
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The Senate Budget Committee, chaired by Democratic Senator Sheldon Whitehouse, is seeking information on plans to address increased underwriting losses from extreme weather events.
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A quick roundup of this week’s biggest stories.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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Cedeño Camacho will expand his insurance carrier holdings to North America.
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Insurance Insider US’s morning summary of the key stories to get you up to speed fast.
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The office also said it has approved the assumption of 650,399 policies from Florida Citizens so far this year, a more than 800% increase from the previous year.
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The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.
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The rating reflects Orange's low underwriting leverage and significant surplus relative to projected premiums written
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The bill would spur development of a crop insurance policy to cover losses caused by cold exposure and freezes.
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The Inside P&C news team runs you through the earnings results for the day.
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The company targets specialty markets that it believes are underserved by larger insurers and focuses on niche business lines and fee-oriented services.
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The Inside P&C news team runs you through the earnings results for the day.
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Following reforms enacted by the state, the insurer will seek to provide new insurance coverage options to property insurance policyholders.
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AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
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