Homeowners' insurance
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The 222-page complaint describes fraud committed against various carriers, including Zurich, Tokio Marine and Everest in surety, D&O and homeowners’ insurance programs. -
If the company does not cure the event within 10 days of the missed payment or September 25, an event of default will occur.
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Last week, Governor Ron DeSantis recommended approving the additional budget.
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With the most active hurricane month just a week away, the moment of truth has finally come for the already strained Floridians.
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It is understood that the company is being advised by boutique investment bank/broking firm Stonybrook and TigerRisk Capital Markets.
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If Hurricane Andrew were to hit the coastal regions of Florida today, insured losses would be nearly four times the $15.5bn borne by carriers 30 years ago.
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The executive believes the company will be able to achieve profitability without raising additional capital.
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At the time of publication, only a small number of carriers remain to be affirmed, including People's Trust and Cypress P&C.
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The firm needs to get a grip in HNW, dial up commercial lines growth, cut through the Corebridge knot and then an acquisition will be next.
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The company sees and opportunity to grow market share in the state.
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The former executive is looking for $40mn to $80mn of new capital, sources suggested.
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Inside P&C’s news team runs you through the key highlights of the week.
