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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk. -
The carrier also grew TL written premiums by 11% in Q4 and 24% for the full year.
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Claims related to California wildfires are "fairly insubstantial" to date, executives said.
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Organic growth in broking segment Marsh accelerated during the reporting period.
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The Floridian also expects to report its “best earnings quarter” for Q4 2024.
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Legal experts say the bill, SB 222, stands a good chance of becoming law.
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The reinsurer is ready to deploy additional capacity following the event, but only if prices are commensurate with risk.
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The figure does not include specie or auto losses.
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The nationwide carrier ranked sixth for multi-peril California homeowners' insurance in 2023.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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The executive joins after 20 years with Lexington.
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The carrier is restructuring the business into three segments.
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