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The offering launched last week with a valuation between $103mn and $116.8mn. -
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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