All Florida articles – Page 10

  • II-Peak6-TeamFocus-Fl

    Tech firm Peak6 to buy parent of Florida MGA MacNeill


    Peak6 has announced a deal to acquire Florida-based Team Focus Insurance – the parent of managing general agency MacNeill Group – with AM Best responding by placing the ratings of Team Focus’s insurance carrier Capacity Insurance under review.

  • Citizens Nephila Florida

    ILS funds wrote half of Citizens’ traditional placement


    Although Nephila’s $600.8mn participation across Florida Citizens’ $1.649bn traditional reinsurance dwarfed that of all other markets writing the 1 June cover, significant lines from DE Shaw Re and LGT Capital meant that ILS funds accounted for more than 50 percent of the total.

  • IM-AMBest-SafePoint-Florida

    AM Best goes negative on Florida’s Safepoint


    AM Best has placed the B- financial strength and bb- long-term issuer credit ratings of Safepoint Insurance Company under review with negative implications as it pointed to the near-term capital management plan for the Florida homeowners specialist’s holding company.

  • Citizens Nephila Florida

    Nephila puts down $600mn line as Citizens completes $2.71bn program


    Florida’s Citizens has completed its 2021 risk transfer program by securing more limit than targeted for less cost than budgeted as Nephila played a significantly greater role on an oversubscribed traditional placement and the insurer’s cat bond issue upsized by $100mn, The Insurer can reveal.

  • Universal

    Universal pays 5.2% more for upsized reinsurance programme


    Universal Insurance Holdings has placed its 2021/22 reinsurance programmes and upped the limit on subsidiary Universal Property Casualty Insurance Company (UPCIC)’s single Florida event coverage to over $3.41bn in a 1 June renewal that also saw the Sunshine State-based insurer sponsor its first ever catastrophe bond.

  • Florida

    Orderly Florida renewal for most leaves reinsurers disappointed at 1.6


    Although a handful of Florida renewals remain unresolved as the clock winds down to 1 June, the majority of placements are now complete in what is being described as an orderly renewal for most with average rate increases that moderated to a level that will leave reinsurers largely disappointed.

  • IM-UPCInsurance-NEast-NY

    UPC restructures reinsurance and considers Interboro sale


    Floridian insurer United Insurance Holdings Corp (UPC Insurance) has significantly lowered first and second event retentions on its core cat programme and revealed it is considering selling New York subsidiary Interboro to free up capital for its growing commercial specialty book.

  • AM Best

    AM Best: Florida insurers will struggle to maintain surplus levels despite policy cancellations


    AM Best has suggested Florida carriers will find it a challenge to sustain their surplus levels – despite the property insurance reform passed last month in the Sunshine State and the recently approved cancellations of policies – while reinsurance rates are expected to continue to rise at the mid-year renewals ...

  • Meyer Shields – KBW

    KBW: Optimism rising around opportunities in $1trn run-off reinsurance market


    Senior industry executives in Bermuda and Florida are increasingly optimistic about opportunities within the $1trn run-off reinsurance market, according to KBW analyst Meyer Shields, with concerns about social inflation expected to boost demand for loss portfolio transfers and other retroactive solutions.

  • Florida sign

    KBW: Florida property cat reinsurance rate increases below expectations


    KBW has provided further evidence of the likely disappointment cat reinsurance underwriters will face at the mid-year renewal, with analyst Meyer Shields reporting a consensus among executives he met on a virtual tour that rate increases will come in below expectations established last year.

  • Citizens

    Florida’s Citizens issues FOTs with pricing up in the mid-single digits


    Florida’s fast-growing state-backed insurer Citizens Property Insurance Corporation has put firm order terms (FOTs) to the market this week for its expanded traditional reinsurance placement that are thought to be priced up in the mid-single digits on a risk-adjusted basis, The Insurer can reveal.

  • IM-Old_Florida-Capitol-and-map

    Florida’s property insurance reform helpful but far from perfect


    Carriers in the Sunshine State have welcomed the Florida Legislature’s passage of property insurance reform but are divided about how much good it will do.


    HCI’s Patel: 1 June renewals “look a lot smoother” than last year


    The CEO of Florida-based carrier HCI Group has commented that the upcoming mid-year reinsurance renewals look set to be an easier process than last year, and has welcomed the new property insurance reform passed in the Sunshine State.

  • HCI Q1 earnings

    HCI beats as GPW jumps 64.4% in Q1


    HCI Group has reported a marginal earnings beat in Q1 2021 as the fast-growing company saw its gross premiums written (GPW) jump 64.4 percent on the back of significant growth in its Homeowners Choice and TypTap Insurance Company platforms.

  • dan peed – UPC

    UPC confident Florida reforms will mitigate accelerating litigation trends


    United Insurance Holdings (UPC) said it believes legislative changes in Florida targeting the one-way attorney fee statute will help address accelerating litigation trends as it reported a Q1 loss that was heavily impacted by a reserve charge for prior-year development on its book of business in the state.

  • II-Heritage-ErnieGarateix

    Heritage combined ratio jumps to 107.7% after weather impacted Q1


    Heritage Insurance Holdings saw its first quarter 2021 combined ratio spike to 107.7 percent after the carrier faced increased weather losses, with the company ultimately falling to a net loss of $5.1mn for the period.

  • Citizens – Florida

    Citizens applauds “meaningful steps” in Florida’s compromise property insurance reform


    Citizens Property Insurance Corporation has applauded the Florida legislature for taking “meaningful steps” in passing property insurance reform that includes changes to how attorney fees are calculated and a raise of the cap on the state-run insurer’s rate increases. 

  • Florida State Capitol, Tallahassee Florida

    Florida legislature passes property insurance reform and repeals no-fault auto system


    On the last day of the Florida legislative session, lawmakers passed two bills that make property insurance changes and repeals the state’s no-fault auto insurance system.

  • Florida State Capitol, Tallahassee Florida

    Property insurance and no-fault auto reform bills head to Florida House floor


    A property insurance reform bill in Florida’s House of Representatives has cleared its final committee following amendments relating to roofing replacement costs and attorneys’ fees, joining legislation that would reform the state’s no-fault auto insurance system in heading to the House floor.

  • Citizens – Florida

    FLOIR sets Citizens rates below requested level


    The Florida Office of Insurance Regulation (FLOIR) has established 2021 insurance rates for Citizens Property Insurance Corporation below the levels requested by the state-backed insurer, including a 3.2 percent homeowners multi-peril increase that is almost half the 6.2 percent requested.