New York-based Bernstein Litowitz Berger & Grossmann cited the $169mn reserve charge from loss creep James River disclosed on May 5 as a catalyst for the suit.
AM Best said predictions for an active 2021 hurricane season only compound the list of pressures carriers must manage in the Sunshine State, as Florida insurers’ move to increase their rates may be “too late and a dollar short”.
A surge of ransomware and other cyberattacks is driving premiums higher as losses increase, part of a broader trend of hardening across US commercial P&C lines.
