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The US P&C carrier is putting more premium through its captive. -
Despite capital infusions into the firm, the Florida insurer was unable to stave off receivership.
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The carrier’s below-FHCF layer is 29% unplaced.
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Benefits of legislative reform will take ‘several quarters’ to emerge: CaseGlide.
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Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated.
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The counties include Palm Beach, Polk, Orange, Broward, St Lucie, Escambia, Seminole, Osceola, Lake and Miami-Dade.
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The $100mn earthquake issuance failed to attract investor interest.
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The company also proactively suspended writing new personal residential policies in various counties in Florida, effective June 3.
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The Bermuda-based InsurTech will deploy a combination of its own and rated paper capital.
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Reinsurers secured concessions on terms and hiked rates as most insurers managed to patch together cover to enter hurricane season.
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The state-backed carrier hopes to fill out more of the gaps in the coming days.
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The ratings agency says a quarter of the Floridians it rates have still not secured multi-event cover, although first-event towers have come together.
