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The carrier’s estimated first event limit could increase 16%, to $1.35bn. -
The total cost for the program increased 1.8% from last year’s.
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With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
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The initial offering includes 6,875,000 shares of common stock.
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The offering launched last week with a valuation between $103mn and $116.8mn.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
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Planning for the carrier was halted in January due to the CEO’s health issues.
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The executive will oversee Howden Re’s treaty and fac business in Miami as well as the firm’s specialty insurance unit.
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Q1 rates in most lines were consistent with prior quarters but slightly down on 2024.
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The initial offering will include 6,875,000 shares of common stock.
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The Floridian is expecting to have around 40,000 policies in force by year-end.
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Renewal rates were favorable compared to what could have happened after several hurricanes.
