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The coverage will be indemnity, annual aggregate for Florida named storm. -
Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
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FHCF rates are also projected to decrease by a statewide average of 7.38%.
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The bond offers named storm coverage in Florida.
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The body’s budget committee is again pressing Citizens over solvency concerns.
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The carrier is seeking named storm coverage in the state of Texas.
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The closing of the Interboro sell-off was postponed to nearer the end of the year.
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The increase in limit reflects the carrier’s growing exposure.
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The state-backed fund had been advised to increase its allocation of ILS to 1%.
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The carrier is now offering up to $250mn of Class A notes and $150mn of Class B.
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The bond will provide protection from named storms in Florida for three years.
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The Florida Building Code was introduced following the impacts of Hurricane Andrew.
