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Florida-based Centauri Specialty is to sell its Louisiana homeowners' insurer offshoot.
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Further Florida insurance portfolio or renewal right sales are expected, but widespread downgrades may still be averted. -
The premium relates to a homeowners' book of business.
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The ratings agency noted that capital appeared to be exiting the Florida market as it said some ratings actions would be imminent.
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Markel is fronting the deal, which will cover insurance business transacted for Nephila by State National.
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The Australian carrier boosted its overall reinsurance cover but cut back aggregate protection.
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The reinsurer was among the blue-chip cedants to benefit from an earlier renewal and occurrence structure.
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The pension fund will acquire the stake from Fairfax for a cash sum of $560mn.
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State officials are encouraging the insurer to move more risk off its books.
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The deal is set to close in the first half of 2020 and will see the Singaporean reinsurer enter run-off.
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The agreement would provide JP Morgan with equity in Scor in the event of a major disaster, or if the carrier’s share price falls below EUR10 in the next three years.
