All Florida articles – Page 2

  • KBW Florida

    KBW: FL reforms unlikely to “meaningfully” impact rising reinsurance costs


    Analysts at KBW believe the bill passed by Florida legislators to create the Reinsurance to Assist Policyholders (RAP) program will help troubled carriers access lower-layer protection, but do not expect the initiative to “meaningfully impact” demand or the soaring costs of private reinsurance.

  • Florida sign

    Florida property bills pass from House to Governor DeSantis for approval


    Florida Senate Bills (SBs) 2D and 4D have passed the house floor and now await Florida governor Ron DeSantis’ final sign off to bring into effect a bipartisan reform package targeting the state’s property insurance crisis that has met with a mixed industry response.

  • Demotech – Florida

    Demotech warns on FL coverage gaps but will not ease reinsurance requirements


    Demotech has said it will not lower its minimum reinsurance requirements despite the likelihood of major holes in the cat programs of a significant number of Florida carriers as it noted that the proposed $2bn reinsurance fund aimed at providing much-needed low-down limit does not cover tropical storms.

  • Florida hurricane

    Florida placements hang in balance as “chaotic” 1.6 renewal reaches 11th hour


    A plethora of unplaced business remains out in the market as the clock ticks down on this year’s 1 June Florida reinsurance renewal, which is being seen as one of the toughest in living memory with many cedants still uncertain as to whether their programs will be successfully placed.

  • Florida

    Florida’s Senate approves property insurance bill


    Florida’s Senate has passed two bipartisan property insurance bills aimed at addressing runaway litigation against the Sunshine State’s carriers which would also see a $2bn fund formed to help alleviate the reinsurance capacity crunch which has left low attaching limit hard to find in the private market.

  • Citizens

    Citizens management: FL legislative proposals could have a “dramatic impact” on AOB


    The draft legislation being considered in Florida’s special session to address the crisis in the state’s property market won’t altogether fix the assignment of benefits (AOB) issue but could have a “dramatic impact” on reducing AOB-related claims, according to the management of Citizens.

  • FedNat and Hale Partnership

    FedNat reveals $15mn Hale investment in Monarch


    Hedge fund Hale Partnership Capital Management will invest $15mn to take a majority stake in FedNat Holding Company-owned Monarch National Insurance Company (MNIC), which is being spun off from its beleaguered parent and will assume its Florida book of 83,000 policies.

  • Bermuda and Florida

    KBW: Bermuda expects RoL of 100% or more for lower Florida layers


    Bermuda executives continue to expect Florida property catastrophe rate increases well above the low double-digit pace recorded at the January renewals, KBW has said, with many programs at risk of not getting filled at what has become a very late 1 June renewal.

  • Florida

    Two insurance bills clear Florida Senate committee during special session


    On the first day of a special session to address Florida’s property insurance crisis, the state Senate appropriations committee approved two bills that will head towards a full vote later in the week, although some committee members criticized the legislation for not going far enough.

  • Florida

    Progress of $2bn reinsurance fund proposal closely watched as renewal deadline approaches


    A proposal to create a $2bn reinsurance fund to sit below the Florida Hurricane Catastrophe Fund (FHCF) and give insurers access to hard-to-find low-layer limit is the measure on the draft legislation for this week’s special session most likely to have an immediate impact on the 1 June renewal.

  • Tower Hill Insurance

    Tower Hill FOTs highlight FL renewal dynamics with 90% RoL on first layer


    Tower Hill and its reinsurance broker TigerRisk have gone to the market with firm order terms (FOTs) on the Florida carrier’s core personal lines cat placement that include a first $10mn layer with a 90 percent rate on line (RoL) and a second $45mn layer priced at a 75 percent ...

  • Florida hurricane

    Panel: Expectations for Florida special session “not very encouraging”


    Speakers during an AM Best briefing on the Florida insurance market gave a downbeat outlook on the potential for next week’s special session to bring meaningful change, as Mark Friedlander of the Insurance Information Institute (III) warned that at least half a dozen carriers “are on the financial cliff”.

  • Citizens – Florida

    Citizens unlikely to be able to complete $4.7bn risk transfer program as reinsurers retrench


    The management of Citizens has advised its board that “severely restricted” reinsurance capacity in Florida means the state-backed carrier is unlikely to be able to place a significant portion of the limit it is seeking to complete its planned $4.7bn risk transfer program for the 2022 hurricane season.

  • Florida sign

    Florida CFO reveals five proposals for legislative special session


    Florida chief financial officer Jimmy Patronis has announced five legislative proposals targeting fraud that he will pursue for the Sunshine State’s upcoming special session on insurance reform, including establishing an antifraud squad and banning the bundling of assignment of benefits (AOBs).

  • 1 June Florida renewal

    Florida capacity crunch in toughest homeowners renewal in 15 years


    Restricted reinsurer appetite for Florida cat risk means the state’s homeowners carriers are facing rate increases in the 15-30 percent range, with a growing likelihood that some lower-tier performers will not complete 1 June placements, leading to further potential ratings actions and corporate failures.

  • FedNat Michael Braun

    FedNat’s Braun: FLOIR “receptive” to action plan to become much smaller


    FedNat Holdings’ CEO Michael Braun has said Florida’s insurance regulator is receptive to the embattled carrier’s plan to become much smaller and buy XOL reinsurance on a Florida-only book, while investors sent its share price down over 25 percent after its first quarter operating loss widened.

  • dan peed – UPC

    UPC’s Peed: Escalating pre-suit NOIs cast doubt over excessive litigation progress


    United Insurance Holdings (UPC)’s share price has slumped by 37 percent following the Florida carrier reporting a first quarter earnings miss, while CEO Dan Peed has commented that a spike in pre-suit notifications of intent to litigate (NOIs) has made any progress on excessive litigation less certain in the Sunshine ...

  • FedNat Q1 earnings

    FedNat net loss widens to $31mn in Q1 from $19mn YoY


    Catastrophe losses at beleaguered Florida insurer FedNat more than doubled in the first quarter to $29mn from $13mn last year, causing the company’s net loss to swell to $31mn in the first quarter, from $19mn last year.

  • UPC Florida

    UPC reports widening core loss and moves away from cascading cat structure


    United Insurance Holdings (UPC Insurance) fell to a worse-than-expected core loss of $29.3mn or $0.68 a share in first quarter results it said reflected its “aggressive” de-risking and deleveraging in personal lines, as it also revealed a restructure of its slimmed down cat program away from cascading limit.

  • Swiss Re Florida

    Swiss Re cautious on Florida amid underpricing concerns


    European reinsurance giant Swiss Re looks set to remain underweight in the Florida market, with chief financial officer John Dacey warning pricing in the state is still not adequate.