All Florida articles – Page 5
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NewsHeritage posts best CR in two years but impairment charge fuels Q4 net loss
Heritage reported a Q4 2021 combined ratio of 93.2 percent – its lowest in two years – but the improved underwriting performance was not enough to prevent the Florida-based carrier from falling to a net loss of $49.2mn driven by a goodwill write-off.
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News
FedNat’s strategic review continues despite Florida refocus
FedNat Holdings continues to work with Piper Sandler on a strategic review that includes exploring capital strengthening options after a dramatic reshaping of its book to refocus on Florida, where its premium base in the state increased $80mn last year at a time when it was cutting back exposure.
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News
Florida Senate passes property insurance bill
The Florida Senate has passed SB 1728, a property insurance reform bill that includes provisions aimed at tackling roof litigation and reducing Citizens’ policy count, with the state’s House yet to approve a similar measure.
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News
BRP’s MGA of the Future set for further admitted and E&S roll-outs in 2022
After its MGA of the Future platform launched a new admitted Florida homeowners’ product last week, BRP Group CEO Trevor Baldwin has revealed plans to push out additional admitted and E&S products in further states this year.
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News
Slide’s Lucas: $400mn St Johns book can be profitable in year one
The $400mn book of business being transferred from fallen Florida carrier St Johns to Slide Insurance has already been heavily remediated and with a change in reinsurance strategy can be profitable in 2022 if it is a “normal” weather year, according to the insurtech start-up’s CEO Bruce Lucas.
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News
Florida property insurance reform bill clears final Senate committee
A Florida property insurance reform bill, Senate Bill 1728, that would make changes including provisions aimed at tackling roof litigation and reducing Citizens’ policy count has cleared its final committee before heading to the floor of the state legislature’s Senate.
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News
Florida carrier St Johns heads to receivership
A Florida circuit court has approved a liquidation order for St Johns Insurance Company, as it was also confirmed the Florida carrier is set to transfer its policies to Bruce Lucas-led start-up Slide in a move first revealed by this publication.
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Analysis
Florida insurance bills make progress with two weeks left of session
With this year’s Florida legislative session entering its final two weeks, progress has been made on a number of bills affecting the Sunshine State’s property insurance market but some are downbeat on the impact they would have for carriers.
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News
BDA’s Weinstein reminds Floridians of strong Bermuda bonds ahead of 1.6 renewals
As Florida’s insurance market readies itself for yet another challenging mid-year reinsurance renewal given the tightening of capacity and ongoing legal uncertainty, the Sunshine State’s carriers have been reminded of the strong bonds that exist between them and Bermuda’s (re)insurance industry.
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News
Universal bearish on Florida reforms and points to further rate filings as loss picks rise
Universal Insurance Holdings CEO Stephen Donaghy said he is “not overly optimistic” about Florida reforms to address the root cause of deteriorating underwriting results as he revealed the carrier is set to file for additional rate across its broader homeowners book in May.
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Universal confirms $100mn capital raise as it reports $63mn Q4 operating loss
Universal Insurance Holdings said it raised $100mn in Q4 2021 as it reported a widening operating loss of $63.4mn for the period (Q4 2020: $38.2mn) driven by preannounced reserve charges in response to inflationary pressures.
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News
Renewal rights sales accelerate UPC’s portfolio shift towards commercial lines
United Insurance Holdings (UPC Insurance) is ahead of its target to achieve a 50/50 split between its personal and commercial books within the next three years as the carrier looks to reshape its portfolio.
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UPC posts Q4 core loss and misses Wall Street estimates
United Insurance Holdings (UPC Insurance) ended 2021’s fourth quarter with a core loss and results that missed analysts’ consensus estimate, although CEO Dan Peed said the overall figures demonstrated the carrier’s continuing transition.
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Analysis
Florida homeowners carriers face latest day of reckoning
The Florida homeowners market is heading towards its latest day of reckoning with the prospect of a number of other rating withdrawals by Demotech following actions on St Johns and Avatar in the last week, and negotiations beginning in what is expected to be another challenging reinsurance renewal.
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News
Avatar joins Florida HO carriers suspending new business and loses rating
Avatar Property & Casualty Insurance Company has added to the several Florida carriers suspending writing new homeowners business in the state with the company also having its Demotech A financial stability rating (FSR) withdrawn.
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News
Lucas start-up Slide set to take $400mn St Johns FL homeowners book
Bruce Lucas-led start-up Slide is close to a transaction to assume the estimated $400mn premium homeowners insurance book from St Johns Insurance Company in Florida after the domestic insurer suspended writing new business and had its rating withdrawn by Demotech, The Insurer can reveal.
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CaseGlide: Florida insurers' new litigated claims up 37% in January
Claims litigation management software provider CaseGlide has revealed that January data from Florida’s largest P&C insurers shows the number of new litigated claims rose 37 percent from December 2021 figures.
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News
APCIA praises Florida bill progress but urges more needed to address “rampant” abuse
The American Property Casualty Insurance Association (APCIA) has welcomed the passage of Florida Senate Bill 1728 out of a key subcommittee because it helps address some of the key cost drivers in Florida’s insurance market, but the trade body warned that more is needed to address the Sunshine State’s “rampant” ...
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News
Florida homeowners crisis deepens as more carriers stop writing new policies
Two more insurers have reportedly notified agents that will suspend writing new homeowners policies in Florida, as the crisis in the Florida market deepens amid a background of Citizens’ policy count increasing a further 2.3 percent in January and some lawmakers calling for further reform.
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News
UPC continues to write significant FL renewal book despite new business move
United Insurance Holdings (UPC Insurance) had effectively stopped writing new Florida homeowners business before officially informing agents of the move in November last year, but is understood to be committed to its significant renewal book which is seeing strong rate increases as exposure is also cut.
