All Florida articles – Page 4
-
NewsDemotech affirms 27 Florida carriers as others await fate
Demotech in the last two days has affirmed the ratings of 27 Florida-focused carriers out of the 42 companies it currently rates in the Sunshine State, with the outcome for other insurers unknown, including subsidiaries of publicly traded FedNat, Heritage and United Insurance Holdings.
-
News
Demotech prepared to downgrade up to 20 FL carriers as legislative relief hopes fade
Demotech expects to downgrade 10 to 20 Florida property carriers in the coming weeks as the rating agency’s president Joe Petrelli described an “impossible situation” facing carriers in the short run, and with no long-term relief in sight for the state’s beleaguered homeowners insurance sector.
-
News
Florida Farm Bureau downgraded to B++ as losses hit surplus
The Florida Farm Bureau Group (FFB)’s financial strength rating (FSR) has been downgraded to B++ by AM Best after underwriting losses from storms, hurricane activity and ongoing auto market pressure led to a 28 percent decline in its surplus in 2021.
-
News
Demotech: Florida legislative reform in special session could avert downgrades
Demotech’s management have written to Florida governor Ron DeSantis calling for immediate legislative reform in a special session to address the crisis in the state’s property insurance market and potentially allow the firm to maintain ratings on carriers that would otherwise be downgraded.
-
News
Florida governor DeSantis “very receptive” to special session on insurance reform
Florida governor Ron DeSantis has stated that he is confident that there will be further insurance reform within the next year and would be receptive to the state legislature holding a special session to pass legislation.
-
News
Lockton Re’s Bisset: Florida market “already active” ahead of difficult renewal
Many submissions are already in the market ahead of what is expected to be a challenging Florida renewal season, according to Lockton Re’s Bob Bisset, with the placement of lower program layers expected to again prove challenging for homeowners cedants.
-
News
Citizens proposes four new risk transfer options as policy count surges
The management of Florida’s Citizens Property Insurance Corporation have laid out four risk transfer proposals based on new policy count projections that will be considered by its finance and investment committee today and its board next week as it grapples with rising exposures.
-
News
Florida court confirms Avatar receivership
Avatar Property & Casualty Insurance Company has been ordered into receivership by a Florida court, following the Florida Department of Financial Services (DFS) petitioning for the move earlier this month.
-
News
Florida legislation panel: Prospects for reform could be higher in next two years
Speakers on a Florida legislative update at the Bermuda Risk Summit suggested that, following a lack of meaningful reform in this year’s session in the Sunshine State, there is a chance a special session will be held, but the prospects for reform will be better after November when new leadership ...
-
News
Aspen’s Dunleavy: Florida mid-year renewals on “a knife edge”
The Florida market is “on a bit of a knife-edge” as insurers in the Sunshine State head to the mid-year renewals with the number of reinsurance-dependent carriers facing significant financial difficulties “really quite worrying”, Aspen group CUO Christian Dunleavy has told The Insurer TV.
-
News
Altmaier: Availability of reinsurance for Florida carriers is “major concern” for FLOIR
Florida’s insurance commissioner David Altmaier has highlighted the availability of reinsurance for the Sunshine State’s carriers under the attachment point of the Florida Hurricane Catastrophe Fund as a big concern, while stating he would like increased dialogue with reinsurers about what is driving the availability capacity and price increases.
-
News
Bermuda Risk Summit: Reinsurers warn of “most difficult” Florida renewal in 15 years
The upcoming mid-year renewals will be the “most difficult” and “most fascinating” in the past 15 years, as Florida carriers face higher prices, greater client selection and a focus on payment terms, according to reinsurers on a panel at the Bermuda Risk Summit 2022.
-
News
Florida property insurance reform fails to pass
Insurers were disappointed by the Florida legislature’s failure to pass property insurance reform in this year’s legislative session, while the state Senate president suggested that a special session for such reform was possible given the deepening crisis in the Sunshine State.
-
Comment
Japan and Florida – from order to chaos
This morning we published an update on the largely uneventful 1 April Japanese cat renewal, where an orderly market is expected to get home with mid-single-digit increases. As Florida homeowners carriers do the rounds of reinsurers in Bermuda, the contrast between the two markets could not be any more stark.
-
News
Prospects for Florida insurance reform wane as bill stalls in House
The chances of insurance reform during Florida’s 2022 legislative session, which ends on Friday, look to be fading with a bill in the state House having made no progress following passage in the Senate earlier this month.
-
News
AM Best downgrades Florida Family’s LTCR to BBB
The move comes as the Florida market continues to face a deterioration in operating conditions.
-
News
HCI’s Patel sees “large and growing opportunity” in Florida
HCI chairman and CEO Paresh Patel has stated the Florida market is in “free fall”, which presents an opportunity for companies that know what they are doing, while investors sent the carrier’s share price up nearly 9 percent on a Q4 earnings beat and outlook for profitable nationwide growth.
-
News
HCI grows GWP 36% in Q4 driven by doubling of premiums at TypTap
Florida-based carrier HCI Group has reported essentially flat adjusted earnings for the fourth quarter, while its gross written premiums (GWP) increased 35.9 percent to $139.3mn, driven by a 104 percent increase at fast-growing insurtech subsidiary TypTap.
-
News
Heritage shares close up 14% after improved Q4 underwriting results
Heritage’s share price ended Tuesday trading up almost 14 percent as investors responded positively to the Floridian carrier’s Q4 2021 results which included its lowest quarterly combined ratio in two years, along with positive comments from analysts.
-
News
Avatar set to follow St Johns into receivership
Avatar Property & Casualty Insurance Company is set to follow St Johns Insurance Company into receivership after the Florida Department of Financial Services (DFS) on Friday petitioned the Leon County Circuit Court.
