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The cover offers protection for a one-in-160-year first event. -
The Florida homeowners writer had suspended new business and renewals as it scrambled to procure reinsurance coverage.
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DE Shaw has been offering a form of “capacity wrap” to insurers in which its limit could be used to plug gaps throughout programmes, sources said.
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The firm recently invested $15mn in FedNat’s Monarch National.
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The forecast range of hurricanes is slightly wider than in 2021, but in line with 2020.
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The chunky deal comes as many reinsurers are heavily cutting their Florida cat books.
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The contractors’ association argued the law would prevent contractors who hold AoBs from recovering their attorneys’ fees if they prevail in a lawsuit against an insurance company.
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Insurers are still fighting to survive as reinsurance costs rise and availability dries up.
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Cat bond spreads settled 11% above sponsor targets as many deals were scaled back or parked.
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One Floridian had “zero” reinsurance in place before weekend.
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With reinsurance availability scarce and costs rising, several carriers have called an interim halt to new homeowners’ business.
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The national carrier follows Southern Fidelity’s suspensions earlier today.
