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Investment bank partner Tom Deane said that reinsurers would remain crucial to the market and that the beginnings of rebuilding were underway that could reverse some current trends.
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The ratings agency said 17 companies, including some recently acquired and the state’s major listed carriers and subsidiaries, appear on track to secure A ratings.
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The agency withdrew its rating on American Capital Assurance and expects to deliver a complete review of the Floridian insurers it follows by 19 March.
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As Floridian insurers gear up for their mid-year reinsurance renewals, multiple issues are set to make it another challenging year for both sides.
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The personal and commercial lines book will be folded into recently-acquired Centauri Insurance.
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The carrier also expects to report $23.4mn of reserve strengthening in its results on 25 February.
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The executive will join the reinsurer ahead of the close of its merger with Sirius International later this month.
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The carrier is legally obligated to sell cover at “actuarially sound rates”.
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The company announced the departures of former CEO Bruce Lucas and former president Richard Widdicombe last year.
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The transaction, announced in December, covers around $130mn in premium for business in CT, NJ, MA, and RI, helping HCI expand beyond Florida.
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Hurricanes during the second half of 2020 have worsened the insurer’s risk-adjusted capitalization.
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Centeno has three decades of insurance experience and focuses on D&O, M&A and tax liability cover.