Florida
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The carrier has completed its 2024-25 reinsurance renewal.
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The coverage will be indemnity, annual aggregate for Florida named storm.
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Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
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FHCF rates are also projected to decrease by a statewide average of 7.38%.
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The bond offers named storm coverage in Florida.
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The body’s budget committee is again pressing Citizens over solvency concerns.
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The carrier is seeking named storm coverage in the state of Texas.
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The closing of the Interboro sell-off was postponed to nearer the end of the year.
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The increase in limit reflects the carrier’s growing exposure.
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The state-backed fund had been advised to increase its allocation of ILS to 1%.
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The carrier is now offering up to $250mn of Class A notes and $150mn of Class B.
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The bond will provide protection from named storms in Florida for three years.
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The Florida Building Code was introduced following the impacts of Hurricane Andrew.
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The limit on the reinsurance Citizens will look to buy from the private markets will stretch to $14.35bn, up 2% on prior-year coverage.
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The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.
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A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.
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The most important factors driving insured losses over the years include hurricanes, other weather-related events, inflation, and excess litigation.
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The insurance company had set out plans last summer to expand its market share in Florida.
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Out of the roughly 88 claims received so far, some were storm surge claims that are not covered by the carrier, according to the executive.
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Idalia might add further aggregate erosion to several cat bonds covering various perils over an annual risk period, it stated.
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With Hurricane Idalia’s landfall underway loss estimates are uncertain, but sources noted that the storm’s trajectory shows it taking the best path to impact minimal insured values in Florida.
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The technology specialist is joining the firm from Reinsurance Group of America.
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More than 800,000 houses could be affected by the hurricane’s storm surge.
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If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.
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Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.
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A major hurricane in any section of Florida that extends into the Southeast states is likely a “multi-billion-dollar” insurance industry event, according to the broker.
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The storm is now forecast to become a major hurricane by Tuesday night. This morning’s advisory update had estimated that Idalia would reach major hurricane status by early Wednesday.
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The domestic carrier will write homeowners’ multi-peril business, according to filings which also detailed that $300,000 of the initial capital will be used to complete the statutory deposit requirement.
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The carrier’s Florida reinsurance tower’s top layers comprise a total of $450mn in Class A Sanders Re cat bond coverage.
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The executive said that the company reduced its consolidated retention and ceded premium ratio for its 2023 and 2024 treaty program.
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Following media reports last week that AAA had plans to pull out of the Florida insurance market entirely, the home and auto carrier "set the record straight” on Monday.
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The decision applies only to policies issued through the company’s exclusive agency distribution channel.
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Considering recent reforms, Citizens’ rates, on average, are still 58.6% below actuarially sound levels, but the inadequacy would have been 88.3% without them.
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ACIC’s program offers sufficient coverage for approximately a one-in-167-year event and a one-in-100-year event followed by a one-in-50-year event in the same season, the company said.
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The bills place additional requirements on insurers in the state and expand consumer protections.
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Tower Hill Insurance Exchange has completed its 2023 Florida reinsurance program, which offers nearly $2bn for catastrophe cover, including all perils.
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This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.
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Shifts in reinsurance appetite across the risk spectrum has squeezed out ILS providers in some cases.
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First event reinsurance tower exhaustion points are $1.3bn for the Northeast, $1.1bn in the Southeast and $870mn in Hawaii.
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The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.
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Five counterparties account for almost half of all premiums ceded by a sample of major Floridian carriers, analysis shows.
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Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
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The pace of rate hikes will ease back from the 1 January reset as buyers seek to lock up capacity early after last year’s dislocated renewal.
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The northeast deal had previously priced at the low end of the regional insurer’s targets.
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The impact of recent tort reforms is already being felt in the Sunshine State, the CEO said.
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The recommendations await approval from the Florida Office of Insurance Regulation.
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The state carrier completed phase one of its program with the $500mn Lightning Re cat bond placement.
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Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.
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