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While SiriusPoint CEO Scott Egan said the committee of independent directors will examine any acquisition proposals, he added that there’s “no assurance” any deal will be executed.
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The company’s reinsurance structure is “almost entirely renewing at 1 July”, Bixby said.
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The carrier attributed its results to strong investment returns.
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The regional cohort keeps pace with nationals on pricing, and stays ahead on reserving trends.
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The Bermudian disclosed that its board has established a special committee of independent directors to review any acquisition proposal by Dan Loeb.
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The InsurTech slimmed its net loss to $65.8mn during the quarter, compared to $74.8mn in Q1 2022, as it grew both GWP and premium per customer.
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The InsurTech slashed its operating loss by 59% year on year to $29.8mn, as gross loss ratio narrowed by 12.6 points to 71.5%.
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The commentary follows AFG’s Q1 2023 earnings announcement on Tuesday, in which the carrier reported a 5.2-point deterioration in its P&C operations combined ratio to 89.2%.
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Homeowners' renewal pricing is expected to increase around 20% throughout the rest of the year.
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The CEO said the reinsurer has already written some private deals ahead of the June 1 deadline and expects to continue a pivot away from E&S in favor of property cat reinsurance.
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In March, there were 280,000 civil lawsuits filed in Florida industry-wide, up nearly 130% since the all-time high of May 2021.