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A 3.9-point decline in the casualty and specialty segment offset a 2.5-point deterioration in the company’s property business. -
The Gulf Coast state is keen to distance itself from Florida’s insurance woes but is resistant to some underlying changes.
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Perils said the storm tracked through an area of low value concentrations.
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Around $100mn of the facility was funded at close, with the remaining funds available in two tranches as the company reaches certain agreed-upon milestones.
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The previous estimate, released in May 2021, pegged the losses at A$1.016bn.
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Early reporters emphasised an ongoing demand for structural change.
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The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.
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The carrier said it was “insulated from open market pricing dynamics” for its 2023-24 reinsurance.
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The group booked a net loss of $285mn and negative return on equity due to cat losses, prior-year reserve charges and falling investment yields.
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The Floridian's loss ratio increased 42.8 points, reflecting $111mn of retained Hurricane Ian losses and a higher attritional initial accident year loss pick.
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CEO Andrade said the hardening property cat market was a “tremendous opportunity” for the Bermudian.
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The cover will be triggered by territory-weighted annual aggregate industry loss.
