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Noting concerns about rapid growth, the Citizens board approves rate hikes up to the legal limit. -
The recruit was formerly a portfolio manager at Nephila Capital.
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The carrier will make takeout offers to a selection of Citizens’ customers.
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Lawsuit activity remains 39% below its July 2021 peak.
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This year, instead of talk about running late, people were highlighting how the starting gun has barely been fired.
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The Florida-headquartered carrier blamed litigation rates and rising reinsurance costs for the move.
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Farmers Insurance Group is set to sponsor its first catastrophe bond in a two-tranche deal that would provide cover for losses from named storms, severe weather, wildfires and earthquakes, Trading Risk understands.
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The financials from the listed Floridians show them plotting a path through challenges by exposure management and rate rises, but reinsurers are still picking up notable storm losses from this reinsurance-reliant group.
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Storm losses were down 30% to $13mn, but the prior-year result had benefitted from a one-off gain.
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Net cat losses were down, but other weather losses rose by 56% to $35.5mn.
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The broking group has hired Sussex Capital’s Adam Champion and investment banker Niall Baird for the new venture.
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The UK government’s policy paper provides for use of secondary legislation to make changes.
