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The sale of the business was confirmed in June. -
The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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The 2024 hurricane season stayed within predictions for high activity but lacked market-moving events.
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Weiss Ratings has claimed that insurers are short on reserves and deny legitimate claims.
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The Class B notes on the carrier’s debut deal attach at $500mn of losses.
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The start-up has secured BMA approval as it looks to a 1 January kick-off.
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The new offerings will be part of the specialty reinsurance portfolio.
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Rivera will succeed current CEO Carlos Rivera, effective January 1.
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The loss figure has increased 200% from the initial number provided in October.
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The last time Citizens had fewer than 1 million policies was in 2022.
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The association’s Hurricane Beryl net loss stood at $455mn as of 30 September.
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Earlier this month this publication revealed that the brokerages were in advanced talks to secure a deal.
