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First event reinsurance tower exhaustion points are $1.3bn for the Northeast, $1.1bn in the Southeast and $870mn in Hawaii.
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The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.
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Five counterparties account for almost half of all premiums ceded by a sample of major Floridian carriers, analysis shows.
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Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
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The pace of rate hikes will ease back from the 1 January reset as buyers seek to lock up capacity early after last year’s dislocated renewal.
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The northeast deal had previously priced at the low end of the regional insurer’s targets.
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The impact of recent tort reforms is already being felt in the Sunshine State, the CEO said.
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The recommendations await approval from the Florida Office of Insurance Regulation.
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The state carrier completed phase one of its program with the $500mn Lightning Re cat bond placement.
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Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.
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On Thursday, the bill passed 23-15 in Florida's Senate, after passing the House last week.
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The Floridian has lowered pricing to 900-950bps in a second reduction.