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New litigated claims were down 11% from January, when lawsuits had spiked. -
The industry has moved on from an initial focus on the nat-cat element of ESG.
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Ceded premiums earned were also up by 27.7% due to new quota share agreements.
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By failing to pass plans for new roof damage deductible, Citizens Property policy reductions, Florida lawmakers left property insurance reforms in limbo.
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Completion of the buyout remains subject to US bankruptcy courts recognising the agreement.
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Exposure management is prevalent and underwriting profitability is patchy.
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The Florida Senate passed Senate bill SB 1728 last Thursday, but it seems to have stalled in the state’s House of Representatives.
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The company’s convertible notes now have $24mn outstanding.
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The ceded premiums were up more than sixfold after it set up a new sidecar.
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Reciprocal carriers could become more popular, but while this could better serve capital providers it does nothing to address underlying problems.
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The Senate bill contains a highly debated provision that could cause homeowners to face a new deductible for roof-damage claims.
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The Floridian carrier recorded $8.1mn cat losses net of reinsurance compared with $27.9mn a year earlier.
