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The recommendations await approval from the Florida Office of Insurance Regulation. -
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.
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The Florida insurance carrier has grown its book rapidly through acquisition.
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Yaworsky has served as interim insurance commissioner since being nominated by Governor Ron DeSantis last month.
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The BMA also expects Bermudian insurers to consider double materiality in their reporting, as well as their own external climate-change impact.
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Reinsurers congregating in Bermuda flagged a lack of interest in helping under-capitalised Floridian insurers and under-priced diversifiers, with positive implications for ILS participation.
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CEO Locke Burt said Florida reforms would be “transformational” and that investors had become more receptive to cat risk owing to higher rates.
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Ching said young brokers were “out of their depth” and did not know where to find capacity at the 1 January renewal.
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The state-backed carrier’s policy count is projected to hit a record high of 1.6 million by year-end.
