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The losses include those of the parent company as well as Monarch National Insurance Company.
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The carrier said it has already secured two-thirds of the private reinsurance limit it will place this year.
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Demand for the transaction, which doubled in size during marketing, demonstrates a renewed appetite for Florida risk this year on the cat bond market.
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Kevin O’Donnell said that several domestic insurers in Florida are now close to exhausting their 2017 treaties. -
The ratings agency noted that numerous insurers in the state are highly dependent on reinsurance, putting them in a tight spot.
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Two bills are making their way through Florida’s state legislature, seeking to rein in legal fee payouts linked to insurance litigation, as insurers struggle to control high loss-adjustment expenses.
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The topsy-turvy nature of the past few years for the ILS market is apparent when you look at our half-yearly surveys of assets under management.
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Some reductions in demand might follow as policies change hands, but this will not be a key influence on renewal dynamics.
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The ratings agency lifts the financial strength rating outlook for the carrier and a subsidiary to stable.
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Further retro price increases at 1 January may not have yet produced much impact on the underlying reinsurance markets, but the true test will come at 1 June.
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Florida-based Centauri Specialty is to sell its Louisiana homeowners' insurer offshoot.
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The premium relates to a homeowners' book of business.
