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The ratings company said Floridian insurer ratings would be under threat from hardening property catastrophe rates.
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The deal will be financed through cash and the issuance of FedNat shares.
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Anyone scanning the news stories we have covered in the past week might get a sense of déjà vu.
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Zuk brings over 15 years of experience to the MD role.
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Florida Specialty, which has ceded 100 percent of its risk to Sirus America Insurance Company, was among those affirmed.
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Florida insurers can benefit from outsourcing risk to reinsurers, but their ability to absorb excess losses from major hurricanes is a risk factor.
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Hurricane Michael generated a larger loss for the carrier than 2017’s Irma.
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The broker said new capital inflows to the sector also reduced from the levels seen last year.
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A decrease in capacity following last year’s losses is thought to be one of the largest drivers of the rate increase.
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The crucial thing for the industry now is that the nuances of the lessons from 2017-2018 are heard.
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The fund begins reimbursing insurers after industry losses have reached around $7.3bn.