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The state’s House Commerce Committee has approved the proposed legislation with three new amendments.
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Some measures have been re-introduced to tackle legal fee multipliers, but the House version remains weaker than a bill approved by the Senate.
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UIHC attributed the reserve charge to a “significant increase” in litigated claims volume in the quarter.
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The winter increase in litigation from January to March runs counter to the usual trend, whereby cases spike in late spring.
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Reinsurers are still hoping to achieve double-digit rate increases, but brokers and cedants suggest this is unlikely against the context of strong reinsurance supply.
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Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
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After sizeable increases to take-up in 2019 and 2020, many carriers were already at maximum participation for state Cat Fund coverage.
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Investment bank partner Tom Deane said that reinsurers would remain crucial to the market and that the beginnings of rebuilding were underway that could reverse some current trends.
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The ratings agency said 17 companies, including some recently acquired and the state’s major listed carriers and subsidiaries, appear on track to secure A ratings.
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The agency withdrew its rating on American Capital Assurance and expects to deliver a complete review of the Floridian insurers it follows by 19 March.
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As Floridian insurers gear up for their mid-year reinsurance renewals, multiple issues are set to make it another challenging year for both sides.
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The personal and commercial lines book will be folded into recently-acquired Centauri Insurance.