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The CEO noted that the tort reforms have not led to rate pressure yet.
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Both admitted and non-admitted markets grew by more than 42% last year.
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It is understood that the company expects to launch its Florida reciprocal in Q4.
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Stable first half insufficient to counterbalance concerns on reserving trends.
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The $1.6bn of cat bond limit on-risk includes $1.1bn Everglades Re mega-bond.
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The proposal now goes to the Florida Office of Insurance Regulation for review.
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Excess capacity rebounded in June 2023 after hitting a decade-low just 12 months earlier.
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The program includes all perils coverage and third-event protection.
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Spreads on all tranches of notes settled above the initially guided range.
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The CEO is one of more than 20 executives who received letters from Floir citing Statute 624.4073.
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Rates are still materially higher than pre-pandemic and lower layers are holding firmer.
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The loss ratio in the business that HCI assumed was also better than anticipated.
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The carrier has completed its 2024-25 reinsurance renewal.
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Formed in 2006, Centauri is a Demotech A-rated firm headquartered in Sarasota.
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Tim Cerio also credited litigation reforms for the current market recovery.
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The carrier of last resort is proposing total risk transfer of $5.5bn.
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Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
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FHCF rates are also projected to decrease by a statewide average of 7.38%.
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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.