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Two bills are making their way through Florida’s state legislature, seeking to rein in legal fee payouts linked to insurance litigation, as insurers struggle to control high loss-adjustment expenses.
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The topsy-turvy nature of the past few years for the ILS market is apparent when you look at our half-yearly surveys of assets under management.
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Some reductions in demand might follow as policies change hands, but this will not be a key influence on renewal dynamics.
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The ratings agency lifts the financial strength rating outlook for the carrier and a subsidiary to stable.
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Further retro price increases at 1 January may not have yet produced much impact on the underlying reinsurance markets, but the true test will come at 1 June.
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Florida-based Centauri Specialty is to sell its Louisiana homeowners' insurer offshoot.
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The premium relates to a homeowners' book of business.
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The deals include a $30mn aggregate and a $110mn all-other-perils deal.
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It used to be called “diworsification” – a phrase coined by Dowling analysts that took hold and became the industry's standard jargon for low-priced international catastrophe risk back around 2011.
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Incurred losses from Hurricane Michael have risen another 4 percent to reach $7.4bn, according to the Florida Office of Insurance Regulation.
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Cat losses and higher reinsurance ceded premiums were partially offset by improved underwriting margins and continued discipline over operating expenses, the carrier said.
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News of adverse development from the two Floridians may point to a market-wide issue.