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 governor calls special session to salvage state’s insurance market
3rd May 2022
Florida governor Ron DeSantis has called for a special session to consider legislation to improve the affordability of property insurance within the state. In a proclamation, DeSantis has called for the special session to tackle a number of issues within the state’s insurance market. DeSantis is widely considered a frontrunner for ... Read the full article
Despite efforts, rate adequacy a challenge for some in Florida, says AM Best
3rd May 2022
A myriad of forces continues to pressure personal property insurers in Florida, and while carriers have responded with rate increases and underwriting adjustments, rate adequacy remains a challenge for some, according to AM Best. A by-product of the increased frequency of secondary perils, elevated reinsurance costs, rising litigation costs, and the ... Read the full article
FedNat has doubt it can continue amid downgrade and underwriting losses
26th April 2022
Florida headquartered primary insurer FedNat has cast doubt over its ability to continue as a going concern in light of its recent rating downgrade by Demotech, while the firm expects further underwriting losses in Q1 2022 on the back of new catastrophe weather events. Almost a decade ago, FedNat embarked on ... Read the full article
FedNat enters into consent order with OIR after downgrade
22nd April 2022
Florida based primary insurer FedNat along with its carriers, FedNat Insurance Company (FNIC), Maison Insurance Company (MIC) and Monarch National Insurance Company (MNIC) has entered into a consent order with the Florida Office of Insurance Regulation (OIR). In accordance to the order, FedNat and its carriers have agreed to file with ... Read the full article
Florida litigated claims up 12% through March: CaseGlide
19th April 2022
New data from claims litigation management software provider CaseGlide shows that the number of new litigated claims rose by 12% for Florida’s largest property and casualty (P&C) insurers through the month of March. The figure comes after CaseGlide data previously showed a downward trend in litigated claims through February, with ... Read the full article
Florida renewals to be toughest in recent memory: analysts
6th April 2022
Analysts at JMP Securities have warned that the upcoming June 1 Florida reinsurance renewals are set to be “one of the toughest in recent memory,” as conditions in the state continue to be regarded as unsustainable. Last week, rating agency Demotech suggested that up to 20 Florida carriers could be downgraded ... Read the full article
Citizens’ looks to make cuts as market conditions remain challenging
24th March 2022
The board of Florida's Citizens Property Insurance Corporation has urged staff to strengthen the company’s financial position as the state’s insurer of last resort faces challenges brought on by increased policy count, litigation and a continued weak private insurance market. Despite Citizens currently holding $6.5 billion in reserves, its Chairman Carlos ... Read the full article
Florida litigated P&C claims dropped 11% in February: CaseGlide
23rd March 2022
According to CaseGlide’s February data from Florida’s largest P&C insurers, the number of new litigated claims dropped 11% from January 2022 figures, which was at a 37% increase over December figures. February’s figure of 4,067 new litigated claims represents a decrease of 528 from January’s result of 4,595. Of the 17 ... Read the full article
Litigation exposure ‘still concerning’ for Florida P&C insurers: CaseGlide’s Todd
18th February 2022
Despite the arrival of Senate Bill 76 (SB76), designed to restructure litigation rules for disputed insurance claims in Florida, the number of new litigated claims reported by the state's largest P&C insurers increased by 37% in January 2022 when compared with the prior month, according to the latest data from ... Read the full article
Property cat pricing hasn’t improved enough to justify the exposure: Everest Re CEO Andrade
11th February 2022
Property catastrophe reinsurance pricing has been on the rise for some time now, but when you consider the impacts of consecutive above-average years of natural disaster events and losses, exacerbated by climate change, it simply hasn't moved enough, according to Juan Andrade, President and Chief Executive Officer (CEO) of Everest ... Read the full article
United (UPC) suspends new homeowners business in Florida
11th February 2022
United Insurance Holdings Corp. (UPC Insurance), the Florida-headquartered property and casualty (P&C) insurer, has officially ceased writing new homeowners business in the state, as of January 1st, 2022. In a memo sent to agents, seen by Reinsurance News, the company cited high catastrophe losses from the 2020 storm season, rising reinsurance ... Read the full article
Floridian P&C insurers seek higher rates and sustainable profits
24th January 2022
Concerns over sustainable underwriting profits has seen three domestic property insurers in Florida file for a state-wide average rate change, highlighting that the market for homeowners and commercial property insurance is still under pressure in the state. The carriers believe that significant additional rate is required to make it an economic ... Read the full article
American Integrity sees opportunity in challenged Florida market
21st January 2022
Florida-based property insurer American Integrity Insurance Company has launched a new product called Integrity Select that will look to capitalise on opportunities in the challenged Florida market. The product is designed to provide new property insurance options in capacity-constrained areas in the state. Bob Ritchie, President and CEO of American Integrity, acknowledged ... Read the full article
Florida P&C insurers see 7% drop in litigated claims: CaseGlide
14th January 2022
New data from claims litigation management software provider, CaseGlide, shows that the number of new litigated claims dropped 7% between November and December 2021, for Florida’s largest P&C insurers. Analysts noted that December’s number also represents a 49% decrease from July’s high of 6,663 new litigated claims. Of the 17 largest Florida ... Read the full article
SiriusPoint helps create new Floridian insurer VYRD
14th December 2021
A new insurer serving homeowners in Florida has launched as a joint venture between specialty re/insurer SiriusPoint and insurtech Bolt. VYRD is set to deploy cutting-edge technology in its efforts to bring more choice and new solutions to customers in Florida. Residents in the state have faced rising prices as litigation costs ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
