All Florida articles – Page 6
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NewsInflation-driven reserve charges fuel $80.1mn Q4 hit at Universal
Universal Insurance Holdings’ fourth quarter results will include an $80.1mn after-tax impact from 2021 accident year and prior year reserve strengthening to reflect inflationary pressures as well as weather losses in the current reporting period.
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Risk Strategies buys Florida public sector specialist The Gehring Group
Risk Strategies has continued its acquisitive start to 2022 with a deal to buy Florida-based employee benefits and risk services consulting firm The Gehring Group.
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Florida contractor revises RICO lawsuit against UPC
A Florida roofing contractor that is suing United Property & Casualty and two adjusters alleging violations of racketeering laws has amended its lawsuit in response to a judge’s order, as well as adding in more details of its allegations.
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Citizens warns 1-in-100 storm would wipe out surplus if board pulls risk transfer plan
Citizens management have called on the board of governors of Florida’s state-backed insurer to publicly affirm their support for its 2022 risk transfer plans or face the decimation of its claims-paying resources in the event of a 1-in-100-year storm, which would lead to $1.9bn of surcharges and assessments, or consecutive ...
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Florida roofing contractor ordered to revise RICO suit against UPC
A Florida roofing contractor that is suing United Property & Casualty and two adjusters alleging violations of racketeering laws has been ordered by a judge to revise its “impermissible shotgun pleading”.
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Southern Fidelity says 84.5% Florida HO rate hike needed to remain financially stable
The management of Southern Fidelity have told Florida regulators that rate requests of 84.5 percent on its homeowners book and 111.1 percent on its dwelling fire book in the state are needed to ensure financial stability in the face of surging losses driven by represented claims and higher reinsurance costs.
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UPC considering partial sale of American Coastal platform
United Insurance Holdings (UPC) is working with Tony Ursano’s Insurance Advisory Partners as it looks at the possibility of a partial sale of its American Coastal subsidiary, a move which could unlock meaningful value in the commercial property carrier and generate growth capital for its parent, The Insurer can reveal.
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Vyrd names Seibels veteran Harding as operations MD
Florida homeowners insurance start-up Vyrd has hired Steve Harding as managing director of operations, with the executive joining after 25 years at insurance services and technology firm Seibels.
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FL legislators weigh proposals to open up homeowners market to domestic E&S carriers
A Florida senate committee yesterday approved a legislative proposal that would allow E&S carriers based in the state to underwrite domestic business while another bill has been drafted that would allow surplus lines insurers to participate in take-outs from fast-growing residual insurer Citizens.
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American Integrity looks to tackle Florida capacity issues with product launch
Florida homeowners specialist American Integrity has launched Integrity Select, a product which it says is designed to address availability and capacity issues in the Sunshine State.
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APCIA calls for further Florida property insurance reform
The American Property Casualty Insurance Association (APCIA) has outlined that further property insurance reform is among its priorities for Florida’s 2022 legislative session, while a key lawmaker in the state has commented that he will be pushing for further reform but “nothing too aggressive”.
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PE-backed broker consolidator King Insurance secures Madison Capital financing
BHMS-backed King Insurance has completed a financing with Madison Capital Funding that it said will enable it to continue on its growth trajectory by acquiring 12 to 18 agencies a year.
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King Insurance continues acquisition streak with Don Martin Insurance and Insurance Den
Expansive retail broker King Insurance has announced the acquisitions of Don Martin Insurance and Insurance Den.
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Vyrd’s build-out continues with ex-Heritage exec Bevelacqua named in marketing role
Florida homeowners insurance start-up Vryd has appointed former Heritage and The Hartford executive Elizabeth Bevelacqua as director of sales and marketing.
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Patriot Growth racks up six acquisitions for Florida expansion
Fast-growing Patriot Growth Insurance Services – which began life three years ago with the roll-up of 17 retail agencies – has again shown its appetite for multiple-agency deals with six acquisitions in Florida that will be part of its Shapiro Insurance Group platform.
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Weston carriers merge in restructure as it targets coastal growth
Weston Insurance Company (WIC) and Weston Specialty Insurance Company (WSIC) have merged into a single carrier under the name Weston Property & Casualty Insurance Company (Weston P&C) with a renewed focus on expanding coastal offerings including into new states, The Insurer can reveal.
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Vyrd’s Howard targets $75mn in premium for 2022
Florida homeowners start-up Vyrd is in talks over potential renewal rights transactions in addition to its upcoming Citizens take-out and plans to enter the voluntary market in the second half of 2022 as it sets its sights on hitting the $75mn premium mark in its first year, The Insurer can ...
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Tower Hill considering adding Prime personal lines book to new reciprocal exchange
Florida carrier Tower Hill is considering renewing the personal lines book of its Prime subsidiary into its new reciprocal exchange in addition to the $600mn premium portfolio from its Preferred and Signature businesses.
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PE-backed King buys AGM and Fordham agencies
Florida-based broker King Insurance has continued to ramp up its acquisition strategy since securing backing from BHMS Investments earlier this year with deals to buy AGM Insurance Agency and Fordham Insurance Agency.
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Citizens board recommends statewide rate increases of 11% in ’22 and 12% in ’23
The board of Florida’s Citizens has recommended an across-the-board statutory maximum rate increase of 11 percent for policies renewing from 1 August to 31 December next year, and 12 percent for those renewing after 1 January 2023 in a bid to arrest the state-backed insurer’s dramatic growth rate.
