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Assignment of benefits (AOB) cases rose to a third of all new litigated cases in December.
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The former Markel Catco CEO won a stay pending a decision in Bermuda.
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The transaction reflects the evolution of the Weston Group and its plans to expand its coastal offerings across the US.
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The assumption of the policies, which the Florida-based insurer acquired for the price of the unearned premium, is retroactive to December 1.
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Homeowners MGA and insurer Lighthouse Management raised $65mn in a senior debt private placement in New York.
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Noting concerns about rapid growth, the Citizens board approves rate hikes up to the legal limit.
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The carrier will make takeout offers to a selection of Citizens’ customers.
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Lawsuit activity remains 39% below its July 2021 peak.
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The Florida-headquartered carrier blamed litigation rates and rising reinsurance costs for the move.
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The financials from the listed Floridians show them plotting a path through challenges by exposure management and rate rises, but reinsurers are still picking up notable storm losses from this reinsurance-reliant group.
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Storm losses were down 30% to $13mn, but the prior-year result had benefitted from a one-off gain.
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Net cat losses were down, but other weather losses rose by 56% to $35.5mn.