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The upcoming special session, which will take place from December 12 to 16, will need to consider how to make Florida attractive to national insurers and reinsurers. -
In late August, UPC signaled that it will pull out of personal lines in Florida, Texas, Louisiana and New York.
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The agency has also cut the carrier’s long-term issuer default rating to A-.
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The modelling firm noted a shift towards stronger hurricanes making landfall.
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The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.
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The forecast included three intense hurricanes, six hurricanes and 13 tropical storms.
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Fidelis chairman Richard Brindle said a shift towards named cat perils and away from complex structures is underway, but that carriers need more unity between inwards and outwards teams to navigate the harder market.
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The modeler warned that climate change was increasing the chances of $20bn, $30bn and $40bn loss events.
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Analysts said attachment points are now far behind the rate of inflation over the period.
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The state’s lawmakers will meet on December 12-16 to address the challenges facing its troubled property insurance market.
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The American Family bond will provide US wind, quake and wildfire cover.
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Mt Logan ceded $68mn of premiums to Everest Re in the three months leading up to 30 September – down 41% compared to Q3 2021.
