All Florida articles – Page 3
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NewsRenRe eyes US property margin expansion but unlikely to grow FL book
RenaissanceRe is seeing double-digit rate increases in advance of the mid-year renewals that will allow it to expand margin on its portfolio without assuming more risk, but is unlikely to reverse its recent Florida retrenchment because of social inflation and structural issues in the state, according to CEO Kevin O’Donnell.
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News
Assured Research: Florida special session too late to assuage reinsurers’ concerns
Analysts at Assured Research have suggested Florida is holding a special legislative session too late “to assuage the valid concerns of reinsurers” who might be wondering if Florida homeowners risks are insurable, with the only sure way for progress in the Sunshine State’s highly stressed market being if reinsurance capacity ...
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News
AM Best: Florida’s “troubled” carriers may find full reinsurance placement a challenge
With less than a month to go until the official start of the hurricane season, AM Best has warned that Florida property insurers are under “immense pressure” with the rating agency suggesting that full placement of reinsurance programs ahead of the upcoming renewal may be a challenge.
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News
Universal’s Donaghy “hopeful” Florida special session will bring “some relief”
The CEO of Universal Insurance Holdings has commented he is hopeful that Florida’s special session next month to consider property insurance reform will bring relief to the highly stressed market, with the executive adding “we’re trying to get as much help as we can”.
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Analysis
2022 to be another active hurricane season as weather agencies forecast 18+ named storms
Current forecasts point to an above-average North Atlantic hurricane season in line with activity levels recorded last year.
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News
Universal beats consensus in Q1 despite CR climbing 4.8 points
Universal Insurance Holdings beat Wall Street’s consensus estimate in Q1 2022 despite the company’s combined ratio increasing 4.8 points year on year to 97.9 percent as Florida’s challenging claims environment and higher than planned for weather losses took their toll.
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News
Heritage expects $64mn Q1 weather losses, up from $31mn in 2021
Tampa, Florida-based Heritage Insurance Holdings expects it will absorb $64mn in total weather-related losses when it reports its first quarter results next month, more than double the $31mn in similar losses the company faced in the same period a year ago.
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News
FedNat 10-K confirms “substantial doubt” over ability to continue operating
Beleaguered FedNat Holding Company in a 10-K filing has admitted there is “substantial doubt” over its ability to remain a going concern given Demotech’s downgrade of the carrier’s financial strength rating to ‘S’ (substantial) from ‘A’ (exceptional), its ability to secure adequate reinsurance and the continued impact of severe weather ...
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News
FedNat stock tumbles after filing consent order amid broader P&C sell off
FedNat Holding Company’s share price fell by over 26 percent during Friday trading as investors digested news that the carrier had entered into a consent order with the Florida Office of Insurance Regulation (FLOIR).
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News
FedNat to file plan with FLOIR, concedes “substantial doubt” over continuing as going concern
FedNat Holding Company has agreed to file a plan with the Florida Office of Insurance Regulation (FLOIR) to demonstrate its ability to maintain a financial strength rating acceptable to the secondary mortgage market, buy sufficient reinsurance, secure additional capital and address its non-Florida losses and policies.
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News
FedNat share price slides 14% after Demotech downgrade
Shares in embattled Florida carrier FedNat Holding Company fell 14.4 percent on Monday, the first day of trading since Demotech downgraded its financial stability rating.
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News
Florida governor DeSantis calls for May special session, “confident” reform will pass
Florida Governor Ron DeSantis issued a proclamation on Monday calling the state legislature back for a special session next month, saying the main focus would be legislation to address the state’s troubled insurance market, but that additional issues could be on the table.
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News
FedNat loses critical Demotech ‘A’ rating
Troubled Florida specialist carrier FedNat has had its financial stability rating from Demotech downgraded to S from A, breaching a critical threshold that could throw into doubt the company’s ability to write homeowners business on its own paper.
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News
Tower Hill Prime’s FSR cut to B+ as surplus erosion bites once again
Tower Hill Prime Insurance Company’s ratings have been hit with another downgrade after AM Best lowered the Florida property writer’s financial strength rating (FSR) to B+ from B++ on the back of further surplus erosion.
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News
Florida governor supports insurance special session as momentum builds in legislature
Ron DeSantis, the governor of Florida, has endorsed the calls for a special session to address the property insurance crisis in his state, as a push from state senator Jeff Brandes to get his fellow lawmakers to support his demand for such a session gained momentum.
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News
UPC to merge Journey into AmCoastal and reallocate capital
United Insurance Holdings (UPC) plans to consolidate its four Florida-domiciled carriers into three entities in a move it said will create a more efficient operating structure and help support continued profitable growth in commercial lines as well as a return to profitability in personal lines.
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News
Embark expands non-standard auto program to Florida with Incline support
Embark’s non-standard auto insurance program has been extended to Florida after the MGA expanded its relationship with program market services firm Incline P&C Group.
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News
Hub confirms acquisition of Florida’s JAG
As first revealed by The Insurer, Hub International has acquired the assets of Florida-based JAG Insurance Group.
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News
FedNat receives notice of non-compliance from Nasdaq for delay in filing 10-K
Beleaguered Florida-based regional carrier FedNat received a notice from Nasdaq, with the exchange informing the insurer it was out of compliance for failing to file its Form 10-k on time.
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News
Citizens argues for 11% rate increase as policies projected to top 1mn by year-end
Citizens Property Insurance Corporation has requested an 11 percent rate increase for this year, with the Florida state-backed insurer arguing at a hearing that the large rate increases filed by the private market are further exacerbating the gap between Citizens’ rates and the industry.
