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.
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
Floridians left without insurance as Gulfstream pulls coverage
23rd August 2021
Some 32,000 Florida residents could be left without property insurance within the next 30 days, after reports suggest that regional insurer Gulfstream has decided to cancel its coverage at short notice. The beleaguered insurer was ordered to enter liquidation by a Florida court last month following a period of administrative supervision. And ... Read the full article
Fitch notes performance decline in Florida despite muted 2020 losses
10th June 2021
Analysts at Fitch Ratings have pointed to continued performance deterioration and a decline in capitalization levels amongst Florida homeowners insurance specialists. This is despite the most severe losses from the record 2020 hurricane season occurring outside of the Florida market, although they noted that losses from winter storms in Q1 2021 ... Read the full article
Florida’s property insurers hit performance and surplus lows: AM Best
7th June 2021
AM Best has reported that a group of property insurers in Florida have hit a five-year performance and surplus low in 2020, and given persisting and significant market hurdles, the rating agency believes companies will find sustaining current surplus levels a challenge. Read the full article
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