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Tropical Storm Elsa picked up some strength as it passed over the Florida Keys Tuesday, raising the possibility it could become a hurricane again before slamming into the mainland.
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UPC’s early look at its expected cat toll for Q2 – typically a quiet period for cat events – could be a signal that the quarter was busier than usual for weather events. -
The new law limits insurer liabilities for attorney fee suits against insurers and reduces time limits for claims.
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Version 21.0 of the model will become available to clients on June 23.
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The executive said reforms will help insurers, but more challenges remain to be tackled, as local executives remain divided on the potential impact of the legislation.
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The Floridian has previously been affirmed by Demotech, but AM Best cited leverage pressures in its review.
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The Floridian carrier said reinsurance spending was up by 5%.
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The Florida reinsurance renewals ran more smoothly, with lower overall rate increases than initially expected.
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New and growing carriers helped to fill out treaties as Sompo stepped back from a market that came in flatter than expected for remote risk.
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The total reinsurance program’s cost jumped to $312mn at the renewal, compared with a $272mn price tag a year ago.
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Florida domestic property insurers are getting squeezed, unable to increase rates fast enough to offset mounting losses.
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Divergence between appetite for upper and lower layer reinsurance risk may drive some panel turnover, and disadvantage some segments.
