Lawmakers tackle property insurance; DeSantis targets Florida prosecutor; the ‘cone of uncertainty’

Legislative leaders will soon begin a second special session to try to fix property insurance problems in Florida, which is a major concern for homeowners and policymakers.

The special session to tackle property insurance issues is scheduled for Dec. 12-16. The issue is once again front and center after the devastation caused by Hurricanes Ian and Nicole.

New Florida House Speaker Paul Renner has called this issue a priority, saying he’s aiming for “systemic reform” that will shore up the private market and steer policyholders away from the state-run Citizens Property Insurance Corp. But lawmakers will have a lot

Read more

Genworth revives mortgage insurance unit’s IPO, targets over $3 bln valuation

Sept 13 (Reuters) – Genworth Financial Inc on Monday revived plans for an initial public offering (IPO) of Enact Holdings, aiming for a valuation of more than $3 billion for its mortgage insurance unit, according to a regulatory filing.

The company had deferred the IPO in May due to market volatility, with Chief Executive Officer Tom McInerney saying the market pricing did not accurately reflect the company’s value.

Enact’s existing shareholders plan to raise as much as $266.21 million by selling about 13.31 million shares in the IPO, priced between $19 and $20 per share. Proceeds from the sale

Read more

Brex targets start-up loan market with new $150 million debt service

While several lenders have historically offered loan services to start-ups, Brex is looking to take advantage of the increase in venture debt financing with a $150 million fund. The newly launched Brex Venture Debt will look to compete with the likes of Silicon Valley Bank, American Express and Bank of America Corp. to offer early stage venture-backed businesses an alternative financing option.

Brex, which ranked No. 6 on this year’s CNBC Disruptor 50 list, offers start-ups high credit lines and software to manage their finances and credit lines. While its main product – an unsecured, high-limit charge card for start-ups

Read more