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The start-up fronting and risk sharing carrier was given a preliminary A- rating in March.
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The Florida insurer took $17mn of weather-related losses.
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The insurer’s Q2 earnings of $0.81 per share slightly missed analyst expectations.
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Heritage’s CEO Bruce Lucas said he has seen worsening claims abuse in the state despite the legislative reform.
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The Bermudian alternative asset manager has named Validus' Jeff Sangster as partner, CFO and head of strategy.
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The insurer has “several hundred million” of private reinsurance limit remaining. -
Profit at the carrier fell from $2.4mn to $0.7mn year on year.
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The withdrawal of Catco created retro opportunities for the reinsurer, according to the CEO.
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The insurer expects to report $16mn in net catastrophe losses for the second quarter.
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The carrier reported it will absorb $17mn in gross catastrophe losses from Q2.
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Sean Downes will remain with the business as executive chairman.
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The personal line carrier’s Camp Fire loss estimate is believed to have fallen from $1.8bn to $1.75bn.
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Research by the broker shows the ILS industry contracted by $4bn in the first quarter to $93bn, with $15bn of capital still trapped.
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The ratings agency says the legislation is a step in the right direction but flags there could be loopholes in the new law.
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The insurer expanded its property catastrophe excess of loss (XoL) reinsurance programme ahead of its imminent acquisition of 1347 Property Insurance Holdings (PIH).
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The Californian utility company reached the agreement with 18 public entities after a series of wildfires between 2015 and 2018.
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The capped increase compares with an 8.5 percent rise envisaged before the measures to curb assignment of benefits abuse.
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The Florida-based insurer is looking to drop the rate increase for personal lines policyholders from 8.2 percent to 4.7 percent.
