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The estimate has reduced slightly since the modeler’s last update in October. -
The anticipated portion ceded to reinsurance may reach the mid-to-high single-digit billions, it added.
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This will be the most expensive fire in the state’s history, it said.
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A $30bn industry loss would use one-third of Big Four’s 2025 cat budgets.
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The reinsurance attaches at $7bn, unchanged for the past two years.
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Sources said that the new paper is replacing PartnerRe capacity that was backing the MGA.
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Sources say the Fair Plan is under-reserved, leading to the possibility of member assessment.
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The carrier is the largest writer of homeowners’ multi-peril in the state.
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CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
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Carlos Becerra will succeed Delgado as Miami-based LatAm fac head.
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This publication revealed in July 2023 that the utility company had chosen to try self-insurance for the first time.
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New CEO Williamson will likely continue walking the hybrid path, with an emphasis on fixing US casualty.
