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The carrier said it was “insulated from open market pricing dynamics” for its 2023-24 reinsurance.
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The Floridian's loss ratio increased 42.8 points, reflecting $111mn of retained Hurricane Ian losses and a higher attritional initial accident year loss pick.
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The projected Ian loss is $2.2bn higher than the state reinsurer took from Hurricane Irma in 2017.
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A special session in December and prohibition of assignments of benefits have been cited on the Florida campaign trail.
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The firm’s capital and risk solutions segment has been growing its reinsurance business this year.
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UPC’s closing price hit the bottom of $0.99 per share on Sept 6 and has remained below the $1.00-threshold ever since.
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The analysts said market pricing indicators suggested a hard market was going to set in, requiring increases of 20%-30%.
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The federal flood insurance program’s claims count has stepped up from 25,000 a fortnight ago.
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Major questions confront the industry after Hurricane Ian, but no matter the answers, certain outcomes are inevitable.
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The state-backed insurer's claims tally was just over 47,000 this morning.
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The carrier is the latest in a string of primary insurers to provide loss estimates.
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So far, the company has received nearly 12,000 claims associated with the storm.