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Yesterday, Virginia Christy, director of property and casualty financial oversight at Floir, filed an affidavit elaborating the reasons behind the suggestion. -
Demotech wrote to more than 15 carriers to warn of a possible downgrade last month.
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HSCM has had a majority stake in the company since 2020.
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Demotech earlier warned that more than 15 possible carrier downgrades could come in July.
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Louisiana policyholders have filed 460,709 claims of all types, of which 65% were closed with payment.
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Some reinsurers emerged as increasingly positive on the cat space, despite generally subdued risk appetites.
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The Florida senator described the agency’s market influence as “deeply troubling”.
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The purpose of the agreement is to allow insurers to meet the guidelines set forth by Fannie Mae and Freddie Mac.
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The start-up’s top team predicted further rate hardening at 1 January.
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The company aims to run off its cat and property business by 2024.
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The CEO said reduced ILS appetite was a “net positive” for the carrier.
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If no action is taken to reduce emissions, costs could soar by 87% in average annual losses to residential properties, JBA Risk Management said.
