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Overall, insurance rates fell by 1%, led by competition in property. -
The Floridian anticipates Hurricanes Debby and Helene to incur losses of $3.8mn in Q3 2024.
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Alan Jay Kaufman will remain the firm’s chairman and CEO.
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He succeeds Laura Vest, who is retiring after 20 years with the company.
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Chandler stepped down as CEO in January to take the role of vice chair.
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The insurer will move its Atlanta-area assets to a new "innovation hub".
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It is understood that the cut programs include Yachtinsure, Rhino, Paramount, Pinpoint and NTA.
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Sources said that Milton may slow the pace of rate deceleration.
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The firm still expects to deliver positive net income for Q3 2024.
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The Floridian insurer has $80mn in surplus, with retention sitting at less than 10%.
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The carrier saw 16% growth during the quarter.
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Backers and CEOs may be wary of falling into the same trap as larger PE-backed retail brokers.
