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Insureds often just want cover in place at the lowest price possible, and insurers oblige under the skeptical eye of regulators. -
The Florida of 2022 lacked stability and saw many carrier insolvencies.
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But cat bonds are experiencing negative secondary market price movement.
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The company did not take questions on its recently announced business review.
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The carrier has not added new business in the state since 2007.
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The insurer acknowledged additional claims in 2025 would be “reasonably possible”.
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The specialty insurer reported favorable developments in both its insurance and reinsurance segments.
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The carrier has been reducing its presence in the state since 2007.
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A majority of losses come from property-oriented businesses and inland marine.
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The carrier’s Eaton Fire loss would be a retained net loss hit.
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RenRe gave the highest anticipated market loss of $50bn.
