Florida reinsurance news

Struggle continued for U.S. personal auto & Florida specialists in 2022: Fitch

30th March 2023

Despite substantial premium growth for North American P&C insurers overall in 2022, the struggle continued for personal auto business and Florida homeowners insurers, suggest analysts at Fitch Ratings. According to the rating agency's review of the results for 40 North American re/insurers, the aggregate group combined ratio increased by 1.4 percentage ... Read the full article

Florida Citizens using industry-loss cat bond coverage as it prepares for merging of accounts

16th March 2023

Florida's Citizens Property Insurance Corporation, the property insurer of last resort for the Florida market, has returned to the capital markets for a new, multi-year industry loss catastrophe bond transaction, as it prepares to merge its three accounts. The special legislative session in December 2022 saw the passing of Senate Bill ... Read the full article

Reinsurers need evidence the tide is turning in Florida, says Gallagher Re’s Schwebach

28th February 2023

During an interview with AM Best TV at the annual Artemis ILS conference in New York on February 10th, Adam Schwebach, executive vice president, Gallagher Re explained how we are starting to see “the tide turn” within Florida’s insurance market. During the interview, he explained that current local market conditions, ... Read the full article

Florida’s residential property marketplace has been redefined, says Demotech

22nd February 2023

Florida's residential property insurance marketplace has been "redefined" following an "impressive" series of meaningful legislative reforms, suggests rating agency Demotech. Demotech states that under the leadership of Governor Ron DeSantis, Senate President Kathleen Passidomo, and House Speaker Paul Renner, the calendar year 2022 was a "year to remember" for the policyholders ... Read the full article

New Florida law could reduce insurance costs, says Triple-I

17th February 2023

According to an Issues Brief from the Insurance Information Institute (Triple-I), a new Florida law and proposals announced this week have the potential to reduce the cost of homeowners insurance in the state. Addressing Florida’s Property/Casualty Insurance Crisis, the Triple-I Issues Brief states that reforms put in place in 2022 and ... Read the full article

Florida Peninsula closes $70mn of senior credit facilities

26th January 2023

The Florida Peninsula Insurance family of companies has closed on $70 million of senior credit facilities. Leading the transaction was Regions Bank, followed by Synovus who was the joint lead arranger, The facilities consisted of a $40 million term loan, a $20 million delayed draw term loan, and a $10 million line ... Read the full article

Hurricane Ian claims data shows cost to insurers of almost $12.6bn: FLOIR

29th December 2022

The Florida Office of Insurance Regulation (OIR) has released an updated insured loss estimate based on claims data submitted by primary insurers in the state following hurricane Ian, which now totals at almost $12.6 billion. According to data, there have been approximately 669,639 claims filed in Florida after hurricane Ian so ... Read the full article

Florida market policyholders surplus sees 23.5% deterioration in Q3: Gallagher Re

22nd December 2022

According to Gallagher Re's Q3 Florida Market Watch report, the state's personal property carriers are facing further turmoil this year, with policyholders surplus (PHS) down 23.5% from $12.0Bn to $9.2Bn across the group. Gallagher Re writes that all subgroups have had PHS decreases ranging from 23.5%-32.5% year-to-date, aside from the Florida ... Read the full article

Long-term relief coming for Florida insurance market – AM Best

21st December 2022

A new report from AM Best says that the recent insurance market reforms in Florida mean that long-term relief is drawing nearer, but the state remains buffeted by near-term headwinds. The note follows recent reforms in the state, which Reinsurance News has written on in recent days. Now, AM Best ... Read the full article

Challenges & opportunities ahead for Florida market: Aon’s Dittman

20th December 2022

According to Chris Dittman, Head of Florida Strategy for Aon’s Reinsurance Solutions, the state's reinsurance market is in a period of uncertainty as macroeconomic volatility and changing loss trends alter the supply and demand dynamic, however, he suggests there are still opportunities to achieve favourable outcomes at the upcoming renewals. In ... Read the full article

Florida governor signs insurance reforms into law

19th December 2022

Florida governor Ron DeSantis has signed two bills, one of which is said to be the most-important insurance reform in the state in recent history. Senate Bill 2-A looks to further reform the state’s property insurance market through a number of actions. These include:

• Eliminating one-way attorney fees for property insurance claims,

Florida property reforms pass House despite criticism

15th December 2022

Florida’s property insurance reform bill has been passed by the House and awaits a signature from State Governor Ron DeSantis, despite opposition from Democrats. The bill aims to create a $1 billion reinsurance fund, reduce litigation costs and may compel some customers to leave state-created insurer Citizens. Additionally, it aims to eliminate ... Read the full article

Florida Senate passes property insurance overhaul, now heads to House

14th December 2022

Florida’s property insurance reform bill has now been passed by the state Senate in a 27 to 13 vote that was along mostly party lines. Just one Democrat approved the Republican-brought bill, though two Republican senators voted against it. The proposed bill would create a $1 billion reinsurance fund, reduce litigation costs ... Read the full article

Pressure on Florida Citizens following exodus of private insurers: Fitch

12th December 2022

Fitch Ratings has suggested the pricing uncertainty and possible lack of reinsurance coverage in 2023 following Hurricane Ian may lead to a reduction in the number of Florida private homeowners specialists, highlighting the mounting pressure on state-sponsored Citizens to expand its underwriting exposure base. According to the rating agency, Florida homeowners’ ... Read the full article

More insolvencies possible without immediate Florida reforms: AM Best

8th December 2022

Analysts at AM Best have warned ahead of the second special session of Florida lawmakers that further insurer insolvencies are possible if “immediate and substantive” long-term reforms aren’t realised. Governor of Florida, Ron DeSantis, has called the session in order to work with the Legislature to introduce more competition and ... Read the full article