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Florida rivals Universal and United had previously announced quarterly cat loss totals of $58mn and $135mn apiece.
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His appointment comes after Steve Bitar took over as CEO in April.
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The rating actions follow "diminished results" since 2016, the agency said.
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The company has requested state-wide changes to its multi-peril homeowners account.
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Updated figures include roughly 25,000 more policies than Citizens had predicted in June.
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In June, the company renewed its reinsurance program, holding the program’s retention for Florida events steady at $43mn.
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The carrier had topped up its cover earlier this month after Laura triggered recoveries.
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The figure compares with around $50mn in pre-tax cat losses in Q3 2019 from Hurricane Dorian and other events.
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The event may be more evenly split between insurers and reinsurers due to its impact on Florida's border counties.
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The state’s top carriers have received roughly 4,500-4,600 new cases each month since June.
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The appointment fills a role that had been left vacant since Donaghy was named CEO last summer.
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Insurers need to “be ahead of the game” on rate increases, company officials told Trading Risk.