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The downgrades reflect Gallatin Point’s recent acquisition of a majority stake in TRUE. -
A hearing with the Florida Office of Insurance is scheduled for February 21.
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The Bermudian’s reserves will be on watch when its Japanese parent reports earnings.
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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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All parties interested in the case have agreed to participate in the process.
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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 executive joined the legacy carrier as CIO in 2020.
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The ratings agency said underwriting profitability is likely peaking at current levels, as price increases moderate and loss-cost inflation persists.
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