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Top Stories / Ad / Most Recent
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It is understood that the company aims to launch in Q3 or Q4 of this year.
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AM Best recently downgraded the insurer after Gallatin Point acquired a majority stake last January.
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The body’s budget committee is again pressing Citizens over solvency concerns.
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May and June takeout requests for Citizens are exceeding expectations.
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Overall rate expectations are flattish to single digit increases.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The closing of the Interboro sell-off was postponed to nearer the end of the year.
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Sources said preparations for a 2024 IPO were halted, but work could resume later this year.
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The downgrades reflect Gallatin Point’s recent acquisition of a majority stake in TRUE.
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A hearing with the Florida Office of Insurance is scheduled for February 21.
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The increase in limit reflects the carrier’s growing exposure.
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The company is aiming for a 2024 Florida rollout, offering HO-3 and DP-3 policies.
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The reciprocal will write homeowners’ insurance primarily in Florida.
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The carrier expects to re-emerge after operating as going-concern Anchor.
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As last year’s reforms shake out, only a few changes are pending for 2024.
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The legislation would make all residences with dwelling replacement costs between $700,000 and $1mn eligible for coverage through the state insurer if denied by the private market.
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In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
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If the Floridian goes through with a listing, it will be a true test of whether the public markets believe that the state’s fragmented insurance market is fixed, or on its way to being so.
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Sources said the fast-growing homeowners' Floridian is finalizing the process to retain investment banks with the aim for an equity event to take place in the first half of the year.
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In November, CORE received its certificate of authority from the Florida Office of Insurance Regulation to transact insurance in the state.
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December premiums were up for all three of the top E&S states, with California posting the largest percentage increase at 44.2% YoY.
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2024 is likely to be another challenging year for the industry, and commercial in particular, though improvement in personal lines may soften the blow.
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The assumption brings TypTap’s total in-force premium to $1bn.
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The reforms are working for claims filed after December 2022, but attorneys are still litigating claims filed prior to the legislation.
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