Homeowners' insurance
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This is the second downgrade faced by State Farm and its subsidiaries from AM Best in the last month. -
The first non-renewals are scheduled for May 2024 in what is expected to be an 18-month process.
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The business reductions will affect policies up for renewal from December 2023 to July 2024.
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The national program will insure homes with a replacement value up to $10mn, and deductibles will range from $10,000 to $1mn. Properties in cat-exposed locations will be eligible for coverage.
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K2 will make an equity investment in Titan Flood and be given a seat on the MGA’s board.
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As of last week, Florida Citizens had sent out depopulation notices to more than 300,000 policyholders for October, though nearly one-third of those notices were delayed.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Lara's plan, backed Thursday by an executive order from California Governor Gavin Newsom, repackages elements of a proposed bill that collapsed earlier this month.
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Rating agency cites elevated underwriting results from convective storms, cat events in core states of operation.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Following the 2017 Tubbs Fire and the 2018 Camp and Woolsey fires, insurers cumulatively paid out more than twice as much in claims and expenses as they collected in premiums for both years.
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The agency cited net underwriting losses, inflationary and supply chain pressures, and elevated reinsurance costs as factors leading carriers to pull back in cat-exposed US states.
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