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The collective CoR of 45 Floridians hit 93.1% in 2024 -
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.
