Reinsurance News
Florida reinsurance news
All of our Reinsurance News related to the Florida insurance marketplace, featuring news and analysis of the annual June renewal season, as well as Florida-specific stories.
Florida enacts temporary reinsurance plan amid Demotech downgrades
27th July 2022
The Florida Office of Insurance Regulation (OIR) has made plans to establish a temporary reinsurance arrangement through Citizens Property Insurance Corporation (Citizens) in the event of what it considers to be "disruptive" financial rating downgrades from regional rating agency, Demotech, Inc. Demotech recently wrote to 17 Floridian insurers to inform ... Read the full article
Florida homeowners market still in “free fall” – ALIRT
26th July 2022
The Florida homeowners insurance markets remain in ‘a sort of free fall’, says a new note from ALIRT Insurance Research. The note, an update on the domestic insurer market in the US state, says that a number of factors are buttressing the ongoing narrative that is the market’s decline in recent ... Read the full article
Florida officials lash back as Demotech writes to 17 insurers over potential downgrades
22nd July 2022
Rating agency Demotech sent a letter to 17 Floridian insurers on Tuesday explaining that they are likely to have their A ratings downgraded on July 26th, a move the Florida Office of Insurance Regulation (OIR) describes as an "example of inconsistent, monopolistic power of a select rating agency". The letter warned ... Read the full article
New Florida P&C litigated claims up 5% in June
20th July 2022
Data for June 2022 from Florida’s largest P&C insurers shows the number of new litigated claims rose 5% from May figures, according to claims litigation management software provider, CaseGlide. June’s total of 4,261 is up from May’s results of 4,047 and is in line with a pattern seen since January for ... Read the full article
Aeolus launched Florida-focused reinsurance facility at June 1 renewals
12th July 2022
Bermuda domiciled reinsurance and insurance-linked securities (ILS) focused investment fund manager, Aeolus Capital Management Ltd., launched a largely Florida-focused reinsurance facility at the June 1st, 2022, renewals, called Corbel, according to Artemis' sources. Our ILS-focused sister site, Artemis, reported yesterday that Corbel is mostly focused on providing reinsurance capacity to cedents ... Read the full article
Demotech extends financial strength review amid Florida challenges
4th July 2022
Financial analysis firm Demotech has extended its process of reviewing the financial strength of Florida insurers and reinsurers, following a challenging renewal period for firms operating in the state. Demotech notes that it was one of the early movers in requesting a special session for the Florida legislature to address the ... Read the full article
Gallagher Re finds pricing in Florida market up by 50% in spots
1st July 2022
Gallagher Re’s latest mid-year renewals report has found that pricing in some cases in the Florida market has increased by up to 50%. The report found that reinsurers had continued in their efforts to de-risk portfolios and manage net PMLs. It also found that some had existed the Florida market completely. ... Read the full article
Collateralised reinsurers dominate Florida Citizens renewal, again
1st July 2022
Providers of collateralised reinsurance, notably insurance-linked securities (ILS) market players, have once again taken the largest slice of Florida Citizens Property Insurance Corporation’s reinsurance program. For 2022, Florida Citizens was looking to secure anywhere up to $3.64 billion of risk transfer and reinsurance from across the traditional reinsurance and catastrophe bond ... Read the full article
Florida market “on verge of failure”: Triple-I
24th June 2022
Analysts at the Insurance Information Institute (Triple-I) have warned that Florida's insurance market is “on the verge of failure” despite recent efforts by lawmakers to mitigate its challenging conditions. Triple-I notes that re/insurers are contending with an overabundance of unneeded new roofs on homes and massive settlements on claims, meaning the ... Read the full article
New Florida P&C litigated claims drop 14% in a month
17th June 2022
New litigated claims have fallen 14% since April, according to a new report on Florida litigation management data trends by CaseGlide. May’s total of 4,047 is down from April’s results of 4,702 and is in contrast to a steady three-month increase that occurred between February and April. In February, litigated ... Read the full article
Keystone Agency Partners announces partnership with Keyes Coverage
13th June 2022
Insurance brokerage platform, Keystone Agency Partners (KAP) has formed a strategic partnership with Keyes Coverage – an independent insurance agency serving both the personal and commercial insurances needs of customers within Florida. Financial terms of the majority stake transaction were not disclosed. Based in Tamarac, Florida, Keyes has been serving the greater ... Read the full article
Florida Citizens set to go through hurricane season under-reinsured
10th June 2022
Florida’s Citizens Property Insurance Corporation is looking set to go through the 2022 hurricane season with less reinsurance protection in place than it would have liked, as sources report that only 36% of its risk transfer program is filled currently. The state property insurer of last resort has only managed to ... Read the full article
People’s Trust Insurance Company completes reinsurance renewal
6th June 2022
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 ... Read the full article
‘Well over $10bn of unplaced limit’ at June 1, further downgrades expected: Stonybrook
31st May 2022
Stonybrook Capital has reported that the current shortfall of limit placed by domestic Florida carriers for the renewal of June 1st, 2022, reinsurance programs is well over $10 billion, leading the firm to expect further downgrades in the opening weeks of next month. With a plethora of issues facing the Florida ... Read the full article
Florida reforms could take years to positively impact reinsurance: Survey
27th May 2022
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. Governor Ron DeSantis signed new legislation into law this week ... Read the full article
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