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The chunky deal comes as many reinsurers are heavily cutting their Florida cat books.
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The contractors’ association argued the law would prevent contractors who hold AoBs from recovering their attorneys’ fees if they prevail in a lawsuit against an insurance company.
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Insurers are still fighting to survive as reinsurance costs rise and availability dries up.
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Cat bond spreads settled 11% above sponsor targets as many deals were scaled back or parked.
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One Floridian had “zero” reinsurance in place before weekend.
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With reinsurance availability scarce and costs rising, several carriers have called an interim halt to new homeowners’ business.
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The national carrier follows Southern Fidelity’s suspensions earlier today.
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Southern Fidelity said until it could be sure of reinsurance capacity it could not bind cover, as renewals have been delayed.
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Some cedants remain far behind in a stressed renewal, but others are on the path to completion in a reshaped Florida market.
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The proposed Florida special session Senate bills 2-D and 4-D have overwhelmingly passed the house floor and will now move to Florida Governor Ron DeSantis for signing.
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State representatives will vote on the bill on the House floor tomorrow.
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Proposed RAP coverage layer adds protection and exposures for insurers.