Florida
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The insurer reclassified some Hurricane Ida claims as storm Nicholas losses, producing an overweight loss for the second event. -
The deadline for Lighthouse Excalibur policy cancellations has been extended to 30 June.
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The cover changed from cascading aggregate to an occurrence-based structure.
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The US P&C carrier is putting more premium through its captive.
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Despite capital infusions into the firm, the Florida insurer was unable to stave off receivership.
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The carrier’s below-FHCF layer is 29% unplaced.
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Benefits of legislative reform will take ‘several quarters’ to emerge: CaseGlide.
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Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated.
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The counties include Palm Beach, Polk, Orange, Broward, St Lucie, Escambia, Seminole, Osceola, Lake and Miami-Dade.
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The company also proactively suspended writing new personal residential policies in various counties in Florida, effective June 3.
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Reinsurers secured concessions on terms and hiked rates as most insurers managed to patch together cover to enter hurricane season.
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The state-backed carrier hopes to fill out more of the gaps in the coming days.
