All Florida articles – Page 8
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NewsUPC estimates $37mn net cat hit in Q3
United Insurance Holdings (UPC)’s third quarter 2021 results will include an estimated $37mn of current year catastrophe losses before income taxes and net of expected reinsurance recoveries, after the Florida-based carrier suffered a further $10mn hit during September.
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Citizens CEO warns Florida property market rate structure not sustainable
Citizens CEO Barry Gilway has told a Florida House subcommittee that the state’s property insurance rate structure is not sustainable as the state-backed insurer’s policy count heads towards one million, in comments that follow Florida’s insurance commissioner last month bemoaning a “dire” situation.
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Patriot adds Florida agency in first acquisition since recap
Recently recapitalised insurance brokerage consolidation platform Patriot Growth Insurance Services has acquired Florida-based full-service independent agency Southern Insurance.
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2021 cat losses delay FedNat strategic review process and potential M&A
FedNat has said that the “unusually high” number of severe weather events this year added to its “significant financial challenges”, forcing $36mn of capital raises and delaying the work of the committee set up to find a path ahead for the loss-struck Florida-based homeowners carrier, including attempts to pursue strategic ...
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King buys Florida med mal agency in second deal since BHMS investment
US broker King Insurance has acquired Corsair Insurance Agency, a central Florida-based physician practices and healthcare facilities specialist, marking King’s ninth acquisition over the past year and the second since receiving backing from BHMS Investments.
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Mindy becomes third Florida tropical storm landfall of 2021
Tropical Storm Mindy became Florida’s third landfalling storm of 2021 when it came ashore on St Vincent Island in the early hours of this morning.
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Tower Hill plans to roll $600mn Florida HO book into new reciprocal insurer
Tower Hill Insurance Group (THIG) is aiming to transfer its existing $600mn Florida homeowners book to the new reciprocal insurer it has formed with capital from Gallatin Point Capital, Vantage and RenaissanceRe as it looks to continue growing the business without current surplus constraints, The Insurer can reveal.
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Tower Hill launches $200mn reciprocal insurer backed by Gallatin, Vantage and RenRe
Florida-based carrier Tower Hill Insurance Group has formed a reciprocal insurer backed by an initial capital commitment of over $200mn arranged by TigerRisk Capital Markets & Advisory and led by entities controlled by Gallatin Point Capital, The Insurer can reveal.
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Fred weakens to depression but remains on Florida course
Tropical Storm Fred has weakened to a tropical depression but is expected to regain strength as it approaches Florida.
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Atlantic storm activity resumes with Fred close to formation
Atlantic storm activity looks set to resume following a month of calm with the National Hurricane Center warning the sixth named storm of the season is close to development.
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FedNat posts cat-hit Q2 operating loss as CR spikes to 283.5%
FedNat fell to an adjusted operating loss of $50.5mn in Q2 2021 while the Florida-based carrier saw its combined ratio soar to 283.5 percent as pre-announced catastrophe losses and costs from additional reinsurance purchases took their toll.
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Acrisure Re hires Guy Carpenter’s Darling to head up new Florida operations
Acrisure Re has launched a new Florida operation and appointed Craig Darling as executive vice president and office head as the reinsurance broker continues to expand.
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Universal cedes $109mn of Q2 reserve development, says $1.2bn left in Irma tower
Florida carrier Universal Insurance Holdings has revealed that it ceded 93 percent of its $116.9mn prior-year adverse development in the second quarter, while its CEO has said he is optimistic about the recent property insurance reform in the state although gaps remain.
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RenRe further cuts Florida domestics portfolio as it grows other property and casualty/specialty
RenaissanceRe further reduced the number of Florida domestic company cat programs it wrote at the mid-year renewal from 18 to 13 and has now halved its bottom line exposure to the segment since 2019, as it also reported strong growth in its other property as well as casualty and specialty ...
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Marsh Florida hires file motions to dismiss Aon suit
The group of Florida-based producers being sued by Aon over their defection to Marsh have filed motions to either stay or dismiss the lawsuits, with the filings claiming the case against them contradicts arguments Aon has made in its battle with the Department of Justice over its merger with Willis ...
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Heritage takes $35.5mn hit from cats and other weather losses in Q2
Heritage Insurance Holdings is facing a $35.5mn hit from net catastrophe and other weather losses in its second quarter 2021 results, the Sunshine State-sited carrier has revealed.
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AF Group’s 3CU hires Florida specialist Kline
AF Group subsidiary Third Coast Underwriters (3CU) has bolstered its capabilities within Florida’s commercial insurance market with the hire of Dennis Kline from Main Street America Insurance.
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Judge stops enforcement of part of Florida’s property insurance reform
A district court judge has granted a preliminary injunction barring the Florida Department of Business and Professional Regulation from enforcing the part of the recently passed property insurance reform that restricts the advertisements and solicitations of roofing contractors.
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Marsh hires ordered to stop soliciting Aon clients and staff in Florida dispute
A judge has entered a temporary order in Aon’s dispute with Marsh over the hire of 44 mostly Florida-based employees that stipulates the individual defendants in the case cannot solicit Aon clients or staff for at least a year.
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Comment
Elsa highlights risk of further attritional losses for beleaguered Florida carriers
Heavy rains and strong winds are spreading inland across the western Florida peninsula this morning as Tropical Storm Elsa closes in on the state.
