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The mid-year renewal will be a challenge as rates increase to reflect market costs -
A similar ‘day of reckoning’ could befall many other carriers as 1.6 approaches, the ratings firm said.
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This is the first month-on-month rise in claims since July 2021, despite last year's reforms.
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Universal Insurance Holdings books $30.7mn reserve charge and sees $21.5mn in weather above plan for Q4, with shares plunging on the news.
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State Senator Jeff Brandes withdrew his amendment to an insurance omnibus bill but said he would bring the concept back before the legislature.
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Assignment of benefits (AOB) cases rose to a third of all new litigated cases in December.
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The former Markel Catco CEO won a stay pending a decision in Bermuda.
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The transaction reflects the evolution of the Weston Group and its plans to expand its coastal offerings across the US.
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The assumption of the policies, which the Florida-based insurer acquired for the price of the unearned premium, is retroactive to December 1.
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Homeowners MGA and insurer Lighthouse Management raised $65mn in a senior debt private placement in New York.
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Noting concerns about rapid growth, the Citizens board approves rate hikes up to the legal limit.
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The carrier will make takeout offers to a selection of Citizens’ customers.
