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The initial estimate represents the third largest industry loss for an east coast low pressure event.
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Steve Bitar worked at Citizen for more than 16 years and joins the Floridian property insurer on 20 April.
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The majority of losses are thought to stem from the UK, Germany and Belgium.
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Covid-19 is not likely to make financial pressures for Florida insurers worse, he told Insurance Insider.
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The deal was one of a number of Florida insurer combinations proposed earlier in 2020.
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The carrier failed to secure sufficient investor interest for the transaction.
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Despite major increases reinsurers seem underwhelmed by the scale of the re-rating.
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The deal will allow Lighthouse to write business in Florida through Prepared Managers LLC.
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APRA chairman Wayne Byres tells lawmakers carriers remain sufficiently capitalised to respond to new events.
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The loss aggregator lifts the tally by EUR10mn from its previous prediction.
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Underwriting income for the industry climbed $4.9bn from the previous year, driven by growth in net premiums earned, according to AM Best.
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The law would make it harder for attorneys to use contingency risk multiplier fees.