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Proceeds will expand the company’s reinsurance protection in Florida and South Carolina. -
With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
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The total cost for the program increased 1.8% from last year’s.
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The carrier’s estimated first event limit could increase 16%, to $1.35bn.
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California homeowners are also expected to move admitted business to E&S.
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The insurer has not decided whether to sell its Eaton subrogation rights.
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The renewal and upsizing of the Trouvaille E&S sidecar highlighted the market’s potential.
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The initial offering will include 6,875,000 shares of common stock.
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Renewal rates were favorable compared to what could have happened after several hurricanes.
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The carrier surpassed the retention on its annual aggregate reinsurance cover for the year to March 31.
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The Floridian company applied to be traded on the NYSE.
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The announcement spurred a quick spike in stock market valuations.
