Universal
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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. -
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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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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Renewal rates were favorable compared to what could have happened after several hurricanes.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Universal submitted allegedly ineligible claims to the Florida fund.
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Comments came as universal reported a 4.2 CoR jump to 107.9% in Q4.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The carrier is looking at a $600-$900mn hit from hurricanes Debby, Helene and Milton.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Shares gained after Hurricane Milton did less damage than anticipated.
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Milton threatens to make landfall in Florida shortly after Helene.
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The CEO noted that the tort reforms have not led to rate pressure yet.
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A roundup of today’s need-to-know news, including Commissioner Lara’s FAIR plan reforms.
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The Insurance Insider US news team runs you through the earnings results for the day.
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This compares to the 2023-2024 tower which covered losses up to $2.83bn.
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The carrier has completed its 2024-25 reinsurance renewal.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The Insurance Insider US news team runs you through the earnings results for the day.
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In addition, the executive is eligible to receive an annual bonus of $262,000 for threshold performance, and up to $437,500 for maximum performance.
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Cedeño Camacho will expand his insurance carrier holdings to North America.
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The loss was well within the company’s net retention. Losses from other weather events during the quarter added up to another $10mn-$15mn.
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AJ Gallagher posts 10.5% Q3 organic growth, lower sequentially but up year-on-year
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At the same time, insurers are assessing the level needed to address loss cost trends.
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The executive said that the company reduced its consolidated retention and ceded premium ratio for its 2023 and 2024 treaty program.
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The Inside P&C news team runs you through the earnings results for the day.
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Forecasts for “near-normal” activity may mean the chance at a reprieve for the Florida market, but a history of underestimates warrants caution.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The pullback mirrors what the state went through last year before and after June 1.
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The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio.
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The move follows the carrier’s 30-point improvement in its combined ratio to 101.4% after markets yesterday.
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The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.
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The carrier reported 76.3% for its loss ratio for the quarter, which resulted from a lower current accident-year net loss ratio and lower adverse prior-year reserve development.
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Receivership has been historically lower in the past 20 years, but trouble in Florida breaks away from the overall P&C industry trend.
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Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.
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Discussion on Q3 earnings calls focused heavily on the supply-demand imbalance in cat capacity, as executives discussed how they would navigate a challenging January renewal.
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The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.
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The Floridian's loss ratio increased 42.8 points, reflecting $111mn of retained Hurricane Ian losses and a higher attritional initial accident year loss pick.
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The executive steps into the role at a significant time where the company faces the task of dealing with the consequences of Hurricane Ian.
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The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.
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As the loss numbers for Hurricane Ian begin to come into focus, three topics to watch are impact from demand surge, litigation trends, and rate activity.
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Universal P&C, the FHCF, Axis, Berkshire and Nephila are among the firms that will be in focus as the loss develops.
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Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.
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If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape.
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With the most active hurricane month just a week away, the moment of truth has finally come for the already strained Floridians.
