Florida
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The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate. -
A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.
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The most important factors driving insured losses over the years include hurricanes, other weather-related events, inflation, and excess litigation.
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The insurance company had set out plans last summer to expand its market share in Florida.
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Out of the roughly 88 claims received so far, some were storm surge claims that are not covered by the carrier, according to the executive.
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Idalia might add further aggregate erosion to several cat bonds covering various perils over an annual risk period, it stated.
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With Hurricane Idalia’s landfall underway loss estimates are uncertain, but sources noted that the storm’s trajectory shows it taking the best path to impact minimal insured values in Florida.
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The technology specialist is joining the firm from Reinsurance Group of America.
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More than 800,000 houses could be affected by the hurricane’s storm surge.
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If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.
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Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.
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A major hurricane in any section of Florida that extends into the Southeast states is likely a “multi-billion-dollar” insurance industry event, according to the broker.
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