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Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines. -
Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.
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The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.
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The company is also nearing completion of Interboro Insurance Company’s program renewal.
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The deal priced 50 basis points below guidance.
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Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
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The firm has posted a combined ratio of 75.4% for 2022.
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The carrier continued to rebalance its portfolio towards specialty at 1.1 and 1.4.
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The firm noted prior-year development on cat events that primarily occurred in late 2022.
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The reinsurance sidecar was formed in Q4 to provide collateralised reinsurance capacity for Ark's global cat portfolio.
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The company has eroded about half its international catastrophe deductible following New Zealand losses.
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Heritage’s Q1 combined ratio fell 35 points to 94.5% from the prior-year quarter, driven primarily by lower weather losses.
