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Rates have fallen an average of 10%, though changes can be highly specific to each property. -
Modeling wildfires is particularly challenging compared to primary perils like hurricanes.
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State Farm will need to provide its CA subsidiary with a $400mn surplus note.
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Insurance Insider US revealed last year that Intercare had retained MarshBerry to explore strategic options.
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The insurer has not decided whether to sell its Eaton subrogation rights.
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The LA wildfires, however, will be the firm’s largest event to date.
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Sources said JP Morgan and RBC are advising the brokerage.
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Imported goods account for 30%-50%+ of materials used for HNW homes, versus 15%-25% in standard houses.
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The suit seeks to block insurers from passing through assessment costs.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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The suit alleges a “deliberate scheme” to deny smoke damage claims.
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The counties make up for the majority of the state’s high net worth market, sources said.
