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Sources said the Floridian insurer has been working with Deutsche Bank on the listing preparations. -
The executive joins from RenaissanceRe.
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Chief risk officer Shannon Lucas will move to COO as part of the shakeup.
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The UK-based insurer’s Florida Re secured state regulatory approval in June.
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The company anticipates a considerable bump in book value after IPO of subsidiary Exzeo.
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The executive said inflation isn’t completely gone but is now “more understood”.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Slide does expect a “meaningful” amount of takeouts for this month and next.
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The insurer reached highs of over 1.4 million policies in September 2023.
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Exposure for California’s Fair plan has jumped, as insurers drop policyholders.
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Rate pressure on wind and quake partially offset overall Q3 programs growth.
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The company sees itself in a “very strong position” in the state.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The London-based executive will relocate to Daytona Beach, Florida.
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SageSure’s recent M&A in Florida was driven by being selective with policies and smart about claims costs.
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Critics claim the dispute system denies consumers' key legal rights.
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The tech subsidiary applied to list its common stock on the New York Stock Exchange under the ticker symbol “XZO”.
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The insurer booked a $950mn policyholder credit expense in September.
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Founder Chad King will transition to chairman but continue leading M&A efforts.
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As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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New home sales could be impacted by a prolonged stalemate.
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She previously served as Hub’s North American casualty practice leader.
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With the deal, sources expect backers Tiptree and Warburg Pincus to exit the Floridian insurer.
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Sources said they expect the carrier’s listing to raise about $100mn.
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This will be Fidelis’ first office in North America and will be led by former Navigators Re head Ivan Vega.
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Sources said that the carrier’s listing is expected to raise around ~$100mn.
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The company is estimating its IPO price at $18-$20 per share.
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A federal judge restricted former Marsh employees from soliciting for Howden.
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A report by the ratings agency challenges current industry wisdom.
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Models anticipate a busier second half, particularly in the next few weeks.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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The company generated $71.4mn in revenue for H1 2025.
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The bi-partisan legislation would make FEMA a cabinet-level agency.
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The PE-backed MGA has Morgan Stanley, Bank of America and JPMorgan advising.
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The company said defendant "distraction" can’t make up for flimsy arguments.
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Lawmakers are seeking input on risk evaluation, limits and other concerns.
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The insurer said it expects to begin writing business by the end of the month.
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The company plans to launch in New York and New Jersey next year.
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Floir has greenlit at least 14 new companies for operation in Florida in the last few years, contributing to the competition.
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Despite being hailed as an asset, executives said the current situation is not ideal for either valuation or competitive purposes.
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Rates continue to fall across the state but are firmer in the southeast region.
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The carrier sees opportunities to grow in New York, the mid-Atlantic and Florida.
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California posted a 47% jump YoY, from a 28.4% rise in June.
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The executive joined Navigators in 2010 after eight years at White Mountains Capital.
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The Miami-based executive assumes the role left vacant by April McLaughlin.
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This follows last month’s takeout of 12,000 Citizens policies.
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The broker posted a 6.5% drop in organic growth YoY.
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The lawsuit claims more than 100 employees left with Parrish and his three reports.
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This is its second significant wholesale acquisition this year following the $54mn takeover of NBS.
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The Insurance Insider US news team runs you through the earnings results for the day.
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At least 14 new companies have opened up shop in the state in recent years.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Weatherbys Hamilton provides private client, bloodstock and farm coverage.
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The segment is also seeing double-digit loss cost inflation.
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The Floridian has been approved to potentially assume 81,000 policies total.
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Category 4 and 5 storms could become more common and hit further north.
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Despite predicting fewer hurricanes, the numbers are still above average.
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The weather-modelling agency is predicting a below-normal season.
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Florida recorded premium growth in June after declines in May and April.
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The program’s total limit this year is down $594mn to $1.36bn.
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There are now 14 new companies writing homeowners’ policies in the state.
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The insurer intends to take on up to 81,040 policies this year.
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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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Slide is putting faith in tort reforms and will lean into Florida, CEO Lucas said.
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The Florida homeowners’ InsurTech went public today at $17 per share.
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Slide will also expand its footprint to New York and New Jersey towards the end of the year.
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The carrier is pricing shares at the upper end of the range announced this month.
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Florida regulators have also approved takeouts for Mangrove and Slide.
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This is up from last year’s $1bn protection for its Florida treaty.
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An active hurricane season threatens to weigh on hard-fought capital and underwriting margins.
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The suit, filed in Florida federal court, is Uber’s second Rico case.
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The Floridian is the third insurance company to go public in 2025.
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Estimates on what a cat five in downtown Miami could cost vary, but it would be painful for reinsurers.
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The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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This publication revealed back in February that Itel was being prepared for a sale.
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HCI secured three towers with $3.5bn in XoL coverage.
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The program includes all perils coverage and subsequent event protection.
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The $2.59bn renewal is up 45% from last year.
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A week ago, this publication revealed that Slide was pressing ahead with its IPO plans with an S-1 filing.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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A 20% increase in FHCF retention levels sent cedants to the private market.
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The collective CoR of 45 Floridians hit 93.1% in 2024
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Florida’s top regulator says he’s eyeing eventual tweaks to the state’s cat fund, too.
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This publication reported earlier today that the S-1 filing was imminent.
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This publication reported earlier this year that the carrier is targeting a $250mn-$350mn raise.
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The Miami-based underwriter will write lines of up to $5mn per risk for cyber and tech E&O.
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The agency forecasts up to five major hurricanes and 19 named storms.
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The sale process was first reported by this publication three months ago.
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As with 2024, pricing pressure has been most acute on top layers.
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The assumption date for the combined 16,250 policies is August 19.
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Rates have fallen an average of 10%, though changes can be highly specific to each property.
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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina.
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The revision is significantly lower than the $4.5bn October estimate.
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Hussey will take over the role left vacant when Luis Sonville moved to AJ Gallagher late last year.
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The Tampa-based insurer says it will use the capital for general corporate purposes.
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The carrier’s estimated first event limit could increase 16%, to $1.35bn.
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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.
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The deal echoes Lightyear’s earlier investment in Inszone Insurance.
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Howard and Moore were among a group to receive letters over links to prior insurance insolvencies.
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In operation since 1991, Pearl represents Ocean Harbor and Equity insurance companies.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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The insurer achieved an 86.4% acceptance rate of the policies selected.
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The release followed the filing of an updated Plan of Operation.
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The Floridian company applied to be traded on the NYSE.
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The 12 insurers together have $418mn in policyholder surplus.
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Universal submitted allegedly ineligible claims to the Florida fund.
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The bill being considered would effectively eliminate personal injury protection.
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The insurer has lined up Piper Sandler and KBW to run the process.
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Mangrove can take out up to 81,040 polices while Slide’s limit is 15,000.
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The Democratic senator said increased federal oversight of insurance is not the answer.
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Shift to growth includes all geographies in which the company does business.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The MGA is offering lines of $25mn, up from the $10mn limit it was providing until late last year.
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This year’s coverage will involve $2.94bn of new risk transfer.
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There are signs that Florida’s insurance industry is coming under increasing legislative scrutiny.
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Florida House speaker Daniel Perez is seeking an investigation into the charge.
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Enacting SB 360 may have created a spike in construction claims in Florida.
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HCI will now consist of two operating units – the other being its four underwriting entities.
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The CEO expects to see a larger shift between condos and apartments in 2026 and 2027.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Comments came as universal reported a 4.2 CoR jump to 107.9% in Q4.
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Big tort reform packages are on the table, but California steals the show, for now.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The policies represent approximately $35mn of in-force premium.
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Slide lined up Morgan Stanley, Barclays and JP Morgan as lead bookrunners.
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The news comes around three months after GTCR agreed to sell AssuredPartners to AJ Gallagher for nearly $13.5bn.
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At the first Insurance Insider US Miami Forum, Floridian industry players pointed to signs of stability.
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The bill seeks prompt claims payments and settlements, and greater transparency.
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His predecessor Peed remains with the firm as executive chairman.
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The spillover impact from the LA wildfires will play a major role in how much reinsurance capacity will be available.
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Citizens approved an average 8.6% rate hike and decreases for one-fifth of policyholders.
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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The Florida of 2022 lacked stability and saw many carrier insolvencies.
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The new Floridian carrier plans to write homeowners’ insurance in Q1.
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The bill would put new restrictions on bad faith claims, close loopholes.
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The homeowners’ carrier has secured Floir approval.
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The industry loss number has increased threefold from an initial $5bn pick.
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CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
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The new agreement provides $40mn of aggregate limit excess of zero.
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California’s crisis spurred the biggest reforms in decades.
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The state reinsurer of last resort discussed options for 2025 reinsurance buying strategy.
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The insurer will conduct an audit to ensure “transparency and accountability.”
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The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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Weiss Ratings has claimed that insurers are short on reserves and deny legitimate claims.
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The loss figure has increased 200% from the initial number provided in October.
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The last time Citizens had fewer than 1 million policies was in 2022.
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The company said Helene claims have surpassed those of Hurricane Ian.
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Fema's traditional reinsurance programme will attach at losses of $7bn and above.
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A total of $2.1bn in Fema money has been approved for the state.
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Heritage’s Q3 combined ratio improved 10.2 points to 100.6% driven by lower losses and expenses.
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The firm will provide an update on November 22 to avoid holiday season.
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The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane.
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The loss tally is considerably lower than estimates issued by model vendors.
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Richard Mangion spent almost two years as CFO at Bridgehaven.
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The Floridian insurer anticipates that it will remain profitable in Q3 and Q4 despite hurricane activity.
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Sources said that Milton may slow the pace of rate deceleration.
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The firm still expects to deliver positive net income for Q3 2024.
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The Floridian insurer has $80mn in surplus, with retention sitting at less than 10%.
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The company said $13bn-$22bn will come from wind damage.
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Hurricane Helene was blamed for $92mn of those losses.
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HCI is estimated to incur a net expense of $125mn for Milton in Q4 2024.
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Most of the insured loss was attributable to wind.
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RMS will issue its final loss estimates for Milton later this week.
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Milton’s significant but less-than-expected hit shifts our expectations for industry recovery.
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Milton made landfall near Siesta Key yesterday, leaving 2.7 million homes without power.
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Over the past several months, Floir approved nearly one million policies for takeout from Citizens.
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On Wednesday, the model had suggested a mean figure at $25.3bn.
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Florida insurers averted a crisis, but reinsurers will still see damages.
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Shares gained after Hurricane Milton did less damage than anticipated.
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