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The state-backed carrier’s policy count is projected to hit a record high of 1.6 million by year-end.
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The insurer reported an underwriting profit for Q4.
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The issuance is replacing $400mn of cat bond coverage placed in early 2020.
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The bond is seeking industry-loss-based annual aggregate named storm coverage.
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The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.
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Ron DeSantis has also announced proposals to modernize Florida’s "bad faith" law, in the latest set of reforms he described as the most “comprehensive in decades”.
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The transaction provides relief for policyholders and agents, but especially for those policyholders whose policies expire past UPC’s June 1 deadline.
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The firm’s flood solution will be available to layer on top of existing parametric hurricane wind policies.
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KBRA believes First Protective’s and Frontline’s strong underwriting and claims handling compares favourably with that of their Florida peers.
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The carrier had earlier signalled that uncertainty over reinsurance would affect its ability to write new business.
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Senate Bill 2A addresses key concerns in the Florida property market, including one-way attorney fees and assignment of benefits, the ratings agency said.
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The announcement comes on the helm of both houses of the Florida legislature passing the proposed overhaul of the state's property insurance market.