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The insurer also added $150mn cat coverage while reducing the total ceded premium for this treaty. -
Cat losses rose to $175mn, fueled by Hurricane Milton and higher Helene estimated losses.
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Disclosures show the insurer has roughly 4,300 homeowners’ policies in effect in fire-impacted zip codes.
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Most carriers paid more in homeowners’ claims than they collected in premiums.
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BroadStreet took the lead as the most acquisitive brokerage last year with 90 takeovers.
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The announcement confirms this publication’s report that Grim resigned from Brown & Riding.
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The business is targeting an enterprise value in excess of $30bn, sources said.
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Loss-cost indicators are high for liability, low for property.
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Severe convective storms accounted for 41% of last year’s insured loss load.
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The carrier can claim separately for the Palisades and Eaton fires if necessary.
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The carrier has received more than 3,600 claims from LA wildfires.
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The Insurance Insider US news team runs you through this week’s key agency M&A.
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