Florida Citizens
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The state carrier completed phase one of its program with the $500mn Lightning Re cat bond placement. -
The bond will provide annual aggregate coverage, based on a reported PCS personal lines industry loss.
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The Florida state carrier is seeking named storm coverage for its personal lines account.
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The state-backed carrier’s policy count is projected to hit a record high of 1.6 million by year-end.
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The bond is seeking industry-loss-based annual aggregate named storm coverage.
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The executive joined Citizens as general counsel in June 2021.
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A FLOIR arrangement will help Floridians secure homeowners cover during hurricane season.
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The CEO emphasized that the estimate is a modeled estimate and does not include litigation or inflationary pressures.
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The new loss pick takes into account litigation and inflation costs, as well as claims activity to date.
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The federal flood insurance program’s claims count has stepped up from 25,000 a fortnight ago.
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The state-backed insurer's claims tally was just over 47,000 this morning.
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Speaking on a panel at Trading Risk New York, Montero said that the previous guidance was assuming a track closer to Tampa.
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