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The state is “still a cash cow for reinsurers” as over the past decade the Florida reinsurance combined ratio has been running at 79-80 percent, according to the analysts.
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The overwhelming majority of claims have come out of Bay County, the Florida Office of Insurance Regulation said.
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Some reinsurers are saying their views of Florida risk have changed post-Irma.
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Warm winter sun might have helped Miami’s case for bringing ILS folks to the city for one of its annual conferences a couple of weeks ago.
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The impact of Hurricane Irma loss creep is coming to the fore ahead of the June renewals.
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The reinsurance industry spends a lot of time obsessing about risk modelling, but arguably its efforts to pin down ever more precise estimates of expected losses are let down by a 20th century approach to data handling.
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The insurer kept its participation in the state reinsurance scheme stable at 45 percent.
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Heritage, UPC and Florida Peninsula are among the major carriers to request more cover from the state reinsurance scheme.
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The House bill targeting insurance assignment of benefits has a wider remit than a similar Senate version.
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David Unsworth has previously worked at JLT Re and Guy Carpenter.
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The insurer posted a net loss of $9.3mn for Q4 2018.