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.
‘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
Florida property reforms signed into law
27th May 2022
Florida Governor Ron DeSantis has signed new legislation into law that seeks to stabilise the troubled property re/insurance market in the state, following a week of discussions by lawmakers at a special emergency session. The reforms, which include a $2 billion reinsurance fund and new rules on coverage denials and attorney ... Read the full article
Florida passes insurance bill to settle troubled market
26th May 2022
The Florida House of Representatives passed Senate Bill 2-D on Wednesday in an attempt to stabilise the state’s insurance sector. Among the bill’s provisions are a program that provides $2bn of reinsurance capacity, attaching below the Florida Hurricane Catastrophe Fund’s (FHCF) $8.5bn attachment point, but covering only hurricane losses; the limiting ... Read the full article
Reinsurance rates to accelerate, but buyers will struggle to fill towers: Survey
25th May 2022
Market participants are confident that reinsurance rate increases will accelerate further at the mid-year 2022 renewals, while buyers of protection will find it challenging to procure the desired level of coverage, according to data from the latest Reinsurance News market survey. The survey, undertaken in collaboration with our insurance-linked ... Read the full article
Florida reforms will bring stability to market, says Senator Boyd
25th May 2022
Florida Senator Jim Boyd has said that reforms passed by a committee of legislators this week will “help bring more stability” to the state’s insurance market, while providing more rate certainty for consumers and addressing the underlying causes of cost drivers. Lawmakers have convened in a special session this week ... Read the full article
FedNat to transfer & cancel policies in downsizing deal
24th May 2022
Florida-based primary insurer FedNat Holding Company has announced a new deal to transfer and cancel the policies of its subsidiary, FedNat Insurance Company (FNIC), as part of its plans to downsize ahead of a challenging mid-year renewal period. Under the terms of the arrangement, Hale Partnership Capital Management LLC will ... Read the full article
Florida reform package makes “much-needed progress,” says NAMIC
24th May 2022
The National Association of Mutual Insurance Companies (NAMIC) has commented on Florida's special session on the property insurance crisis, which it sees as an opportunity for the Legislature to pass critical reforms to address some of the most pressing issues that have led to the current crisis in the state's ... Read the full article
Many programs risk not getting filled at ‘very late’ June reinsurance renewals: KBW
24th May 2022
As issues continue to plague Florida's property insurance market, there's a risk that many programs will not be fully placed at what appears to be a very late June 1st, 2022, reinsurance renewals, according to analysts at KBW. After meeting with re/insurance industry executives on day one of its Bermuda tour, ... Read the full article
Florida’s ‘artificial’ insurance structure is ‘untenable’ – ALIRT
18th May 2022
The efforts of both the Florida government and the state's insurance department to provide its citizens with affordable property insurance has created an "artificial structure" which is "untenable," according to ALIRT Insurance Research. For the past three decades, the state's government and insurance department have made numerous efforts to create a ... Read the full article
Risk Strategies announces acquisition of The Insurance Center of Central Florida
13th May 2022
Leading national specialty insurance brokerage and risk management firm, Risk Strategies has announced that it has acquired The Insurance Center of Central Florida (ICCF), a firm primarily focused on crafting risk management solutions for private clients. Terms of the deal have not been announced. Headquartered in Melbourne, Florida, ICCF was founded 31 ... Read the full article
AOB abuse among initiatives Florida CFO Patronis to push at Special Session
12th May 2022
Florida's Chief Financial Officer (CFO), Jimmy Patronis, has revealed five initiatives designed to tackle fraud and litigation in the state that his office will be pushing forward at the Special Session set for later this month. As numerous issues continue to hinder Florida's property insurance and reinsurance marketplace, governor Ron DeSantis ... Read the full article
HCI to wait until after Florida special session to finalise reinsurance: CEO Patel
11th May 2022
Florida-based HCI Group's founder and Chief Executive Officer (CEO), Paresh Patel, revealed recently that the company will wait until after the special session in late May to complete is reinsurance placement. Earlier this week, Florida's governor Ron DeSantis called for a special session to consider legislation to improve the prospects of ... Read the full article
FedNat seeks to downsize ahead of reinsurance squeeze
10th May 2022
Michael H. Braun, CEO of Florida based primary insurer FedNat, has revealed that the company is seeking to become “much smaller, with significantly fewer policies in force,” ahead of what it anticipates to be an extremely challenging mid-year renewal period. Last month, leaders at FedNat cast doubts over the company’s ... Read the full article
RenRe ‘not that interested in Florida’, structural issues a big concern: CEO O’Donnell
6th May 2022
Ahead of the mid-year renewals, Bermuda-based RenaissanceRe is less interested in the Florida market than in the past, with the company's Chief Executive Officer (CEO), Kevin O'Donnell, explaining that the outcome in June is "of diminishing consequence to us." Plagued by structural and legal issues, the Florida domestic homeowners' market is ... Read the full article
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