Floridians
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The six acquired companies will work within Patriot’s Shapiro Insurance Group platform.
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The transaction reflects the evolution of the Weston Group and its plans to expand its coastal offerings across the US.
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Noting concerns about rapid growth, the Citizens board approves rate hikes up to the legal limit.
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The carrier will make takeout offers to a selection of Citizens’ customers.
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Under the agreement, Amwins will write NSA policies for Buckle in Florida and Gateway will act as admitted carrier.
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The Florida-headquartered carrier blamed litigation rates and rising reinsurance costs for the move.
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Storm losses were down 30% to $13mn, but the prior-year result had benefitted from a one-off gain.
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Monday’s disclosure showed the company had $78.8mn of gross premiums earned in 2020, and $119.4mn earned in the nine months ended 30 September 2021.
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Net cat losses were down, but other weather losses rose by 56% to $35.5mn.
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Systems vendor CaseGlide says the trend follows new rules introduced in July.
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Despite four major storms striking the US, Heritage sees Q3 cat losses decline by 35%.
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Inside P&C's Research team looks at the prospects of Florida's wave of new arrivals.
