Homeowners' insurance
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A litany of underwriting and quoting constraints has made it much harder to write business.
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Tim Cerio also credited litigation reforms for the current market recovery.
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He will manage the region’s sales and service teams.
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CoreLogic’s report for April 2024 saw rising costs across four common loss scenarios.
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The company has retained Tony Ursano’s IAP for the raise.
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Mutuals struggle to react and adapt to a worsening loss environment.
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The carrier stopped accepting new HO business in the state last May.
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This year, the association’s funding will come to $4.05bn with a $2.45bn retention.
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The body’s budget committee is again pressing Citizens over solvency concerns.
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Sure is the first Demotech-rated insurer to offer surplus lines homeowners.
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Headwinds weigh on carrier results, but premiums and surplus remain mostly stable.
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Loss ratios and surplus improve for the group, but don’t guarantee this is a turning point.
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A January freeze saw temps drop to close to -50°F.
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The CPI all items index was at 3.2%, from 3.1% in January.
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Commercial lines difficulties continue to weigh down industry results.
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Sizeable investment returns masked 10-year high underwriting losses.
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Personal lines rate filings are rising, even as some inflation drivers slow.
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Slide, American Integrity, and Security First were approved.
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Increased cat losses in property offset auto improvements.
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The carrier has filed to withdraw from nine states total.
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The non-renewals will continue through June 15, 2025.
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Insured loss estimates are not yet available.
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Twia’s actuarial and underwriting committee made the recommendation last week.
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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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CSAA writes over 70% of its business in the Golden State.
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The changes will be up for discussion at a March 26 public hearing.
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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 home insurance start-up claims the fundraise was made at a $1bn-plus valuation.
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The carrier expects to re-emerge after operating as going-concern Anchor.
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The parties also signed a release of claims arising from the Vesttoo fraud.
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Over $1bn in claims had been paid as of November 30, 2023.
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Rates are generally cheaper than the admitted market.
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Lamb’s previous position was controller with Kin Insurance.
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The insurer said it will continue to renew existing homeowners’ business.
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The company announced it is undertaking several strategic steps designed to increase operational and capital flexibility and to better position it for future growth opportunities.
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A Branch spokesperson cited persistent inflation as a “significant challenge for home and auto insurance companies” and the reason for the staff reductions.
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Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
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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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Blandford noted that there is more willingness to deploy capacity compared to last year, a function of orderly January 1 renewals bringing in more capital and the absence of a major hurricane or wildfire in 2023.
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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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Sources said that TMA ran a profitable book in California that included personal auto and homeowners’ policies.
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The agency said TRUE’s ratings will remain under review until there is additional clarity surrounding a new business plan.
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Booten has been COO at Citizens since May 2020, and at the public insurer in various positions since 2002.
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Under the new agreements, Kingstone will cede 27% of its personal lines insurance written, down from 30% in 2023, and will receive a higher ceding commission rate than in 2023.
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TRUE will use the capital injection to provide underwriting capacity in Florida “at a crucial time” and to expand its footprint nationally, according to a statement.