AGP Executive Report
Last update: 10 hours agoFlorida Insurance: The proposed Citizens commercial-policy clearinghouse has hit concerns from the state’s insurance regulator and board, while two Southeastern states have moved against A-Cap insurers over their ability to pay claims. A Broward jury’s award of more than $400,000 against Citizens over a roughly $46,000 Hurricane Ian repair claim adds to pressure on the state’s insurer of last resort. Central Florida Deal: Cardinal Infrastructure revised its $357.5 million acquisition of Hughes Brothers Construction to 60% cash and 40% stock. The deal would give Cardinal a larger foothold in Central Florida, with an earnout of up to $162.5 million. Financial Crime: Joshua Wander, co-founder of Miami-based 777 Partners, pleaded guilty to wire and securities fraud and agreed to pay $500 million in restitution. Prosecutors said the scheme misled lenders and investors about the firm’s assets. Banking: Centennial Bank’s parent, Home BancShares, reported third-quarter profit of $129.5 million; Bank of America also named a new president for its Sarasota-Manatee market.
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