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In tandem, the percentage of Negative outlooks almost doubled from 5.4% at year-end 2022 to 9.9% at June 30 2023. -
On a year-on-year basis, the all-items index for September increased 3.7% before seasonal adjustment.
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In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.
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The most important factors driving insured losses over the years include hurricanes, other weather-related events, inflation, and excess litigation.
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Company co-founder and co-CEO Nicholas Petcoff will become sole chief executive as co-founder James Petcoff retires.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The changes will take place “over the next few years” and will also include migrating all personal lines business into a single operating model and platform.
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HCI subsidiary TypTap Insurance Company has received approval from Floir to assume up to 25,000 policies from Florida’s state-owned insurance company.
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Worsening results in key states and belated rate action weigh against a shifting business model, making the path to profitability unclear.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Losses from the Maui wildfire include a modest amount of reinsurance recoveries from the Per Risk reinsurance program, while losses from Hurricane Idalia were fully retained.
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Q2 marked the 23rd consecutive quarter of year-over-year property rate increases, with rates rising 21% on average and further increases expected for the rest of the year.
