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In late August, Insurance Insider US revealed that Leavitt was looking for a minority investor. -
Sources said that the underwriter has been working with Houlihan Lokey to find a potential backer.
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The association’s Hurricane Beryl net loss stood at $455mn as of 30 September.
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Earlier this month this publication revealed that the brokerages were in advanced talks to secure a deal.
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The estimate includes $102mn from Milton and $114mn Helene development.
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The industry posted a good quarter, but reserving and loss cost concerns hardly abated.
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Other key leaders come from Virginia, Rhode Island and Utah.
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A separate US Chamber of Commerce report, meanwhile, put tort costs at $529bn for 2022.
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It is targeting $25mn GWP this year and $50mn GWP in 2025.
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The broker will be using Verisk US agricultural risk models.
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Insurers and their allies hope to capitalize on increased attention to pass a slew of reforms.
