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Noting concerns about rapid growth, the Citizens board approves rate hikes up to the legal limit.
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The carrier will make takeout offers to a selection of Citizens’ customers.
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Lawsuit activity remains 39% below its July 2021 peak.
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The Florida-headquartered carrier blamed litigation rates and rising reinsurance costs for the move.
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The financials from the listed Floridians show them plotting a path through challenges by exposure management and rate rises, but reinsurers are still picking up notable storm losses from this reinsurance-reliant group.
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Storm losses were down 30% to $13mn, but the prior-year result had benefitted from a one-off gain.
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Net cat losses were down, but other weather losses rose by 56% to $35.5mn.
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Despite four major storms striking the US, Heritage sees Q3 cat losses decline by 35%.
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Systems vendor CaseGlide says the trend follows new rules introduced in July.
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The CaseGlide figures show a 35% drop to 4,313 new litigated claims, the second sharpest month-on-month decline in the past five years.
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Coupled with aggregate cover the company has in place, United said Thursday that exposure to cat events for the remainder of its current reinsurance program would be $9mn.
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The new entity is backed by Gallatin Point Capital, Vantage Group and RenaissanceRe.