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The carrier also expects to report $23.4mn of reserve strengthening in its results on 25 February.
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The carrier is legally obligated to sell cover at “actuarially sound rates”.
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The company announced the departures of former CEO Bruce Lucas and former president Richard Widdicombe last year.
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The transaction, announced in December, covers around $130mn in premium for business in CT, NJ, MA, and RI, helping HCI expand beyond Florida.
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Hurricanes during the second half of 2020 have worsened the insurer’s risk-adjusted capitalization.
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Centeno has three decades of insurance experience and focuses on D&O, M&A and tax liability cover.
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Defence costs are expected to remain elevated, as weather losses have also weighed on results.
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Fewer AOB cases contributed to easing the caseload down from a 2020 peak in October.
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The revived bill seeks to limit legal fees to a “lodestar” method, based on hours spent on a case.
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The ILS manager sees Florida primary and retro business producing more return than reinsurance.
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Weather activity and adverse claims trends in Florida have impacted underwriting results, the ratings agency said.
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The Floridian carrier has agreed terms for a new reinsurance treaty that increases its cession rate by eight points to 30.5%.