Homeowners' insurance
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The assumption date for the combined 16,250 policies is August 19. -
Two wind and hail events were responsible for 60% of the total.
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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina.
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State Farm will need to provide its CA subsidiary with a $400mn surplus note.
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The Tampa-based insurer says it will use the capital for general corporate purposes.
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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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Shares were down as much as 20% after Hippo posted a $48mn loss.
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Hits to personal auto, workers’ compensation led to a drop in NWP.
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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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California homeowners are also expected to move admitted business to E&S.
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But automotive repair costs are likely to increase faster than home repair.
