People’s Trust Insurance Company, a Florida property and casualty insurance company, has fully placed its 2022-2023 catastrophe excess-of-loss reinsurance program.
The company assured that its program for the coming year will meet all requirements from the state and rating agencies.
“We are very pleased to announce the completion of our placement prior to June 1, 2022, including continued support of our extensive panel of highly rated reinsurance partners,” said COO Tom Gallagher.
“The company plans to resume selling new policies within the next 30 days,” he continued. “We can’t wait to get back to writing new business, once our new rates, that reflect the newest reinsurance package, are filed.”
“Our placed program meets or exceeds all state and rating agency requirements,” Gallagher added.
People’s Trust Insurance was founded in 2008 and is affiliated with Florida’s largest residential insurance restoration general contractor.
Florida renewals this year have proved challenging for many buyers, but new legislation signed into law last month seeks to stabilise the troubled property re/insurance market in the state, following a special emergency session organised by lawmakers.
The reforms, which include a $2 billion reinsurance fund and new rules on coverage denials and attorney fees, are designed to enact pro-consumer measures that help to alleviate rising insurance costs, increase insurance claim transparency, and crack down on frivolous lawsuits that have driven up prices in recent years.
However, a majority of respondents to a recent survey by Reinsurance News have said they believe that it could take years for the recent property reforms passed by Florida lawmakers to have a positive impact on reinsurance conditions in the state.
