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The sale process was first reported by this publication three months ago. -
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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