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.
Weston Insurance to acquire Anchor P&C subsidiary
15th January 2020
Specialty insurer, Weston Insurance Holdings Corporation, is set to acquire Anchor Specialty Insurance Company, a subsidiary of Anchor Property & Casualty Insurance Company. In light of the impending acquisition, financial analysis firm Demotech has announced that the Financial Stability Rating (FSR) of A, Exceptional, assigned to Anchor Specialty is being sustained. Demotech's ... Read the full article
Demotech warns of downgrades for Florida insurers
14th January 2020
Financial analysis firm Demotech has warned that it is anticipating downgrades for several insurance carriers in Florida, due to a number of state-specific pressures on financial performance. Analysts noted that some carriers will likely seek a sale to avoid being downgraded, while others may ask for permission to voluntarily run-off outstanding ... Read the full article
Citizens to reduce policy count
16th December 2019
Florida's state-run insurer Citizens Property Insurance Corporation is set for an outside review as it looks to further reduce its footprint since the last external study was published five years ago. In August 2019, Senator Jeff Brandes, R-St. Petersburg, challenged the company to look at ways to further reduce its policy ... Read the full article
Florida AoB reforms prompt homeowners discounts from Kin Insurance
5th December 2019
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has announced two new discounts for Florida homeowners, which it says were made possible by recent reforms to assignment of benefits (AoB) laws. The Responsible Repair Discount will offer an 18% discount on the water peril ... Read the full article
Florida claims settlements consistent despite hurricane losses: Demotech
26th November 2019
Florida focused property insurers are closing claims at a pace consistent with prior years despite the major storm losses of 2016, 2017 and 2018, according to a new study by financial analysis firm Demotech. The study, which used data from S&P Global, compiled information from the annual statements of 91 insurance ... Read the full article
Irma loss creep continues to dent exposed insurers
1st November 2019
With third-quarter 2019 results season well underway, some Florida focused property and casualty (P&C) insurers have revealed impacts from additional loss creep from 2017's Hurricane Irma. After more than a decade without a major hurricane making landfall along the U.S. coastline, hurricane Irma was the second of three major landfalling storms ... Read the full article
Hurricane Dorian landfall in Florida could hurt reinsurers the most: KBW
28th August 2019
Analysts at Keefe, Bruyette & Woods (KBW) believe that Tropical Storm Dorian is likely to impact reinsurers more than primary carriers if it strengthens and makes landfall in Florida. Current forecasts suggest that Dorian could develop into a major hurricane, with Category 3 wind speeds of between 111-129mph, before making landfall ... Read the full article
Insurtech Kin raises $47m to fund carrier in Florida
28th August 2019
Kin Insurance, an insurtech startup focused on matching US homeowners to insurance policies, has raised $47 million in additional funding. Kin plans on using the capital to launch Kin Interinsurance Network, a Florida insurance carrier that is expected to expand and serve other states in the near future. Using a customers’ home ... Read the full article
Demotech sees Florida insurers as stable, reinsurers as secure in 2019
2nd August 2019
Analysis by Demotech, Inc. on the Q1 2019 financial statements and the 2019/2020 reinsurance programmes applicable to its universe of Florida-focused carriers, suggests a "stable" and "secure" environment. Demotech has now released the results of its review and analysis of year-end 2018 financial information, first-quarter 2019 operating results, and the reinsurance ... Read the full article
Rising reinsurance costs pose major hurdle for Florida carriers: A.M. Best
4th July 2019
Rising reinsurance costs could pose a major hurdle for carriers in Florida, according to A.M. Best, potentially diminishing earnings and pushing companies into looking at more alternative risk transfer options. The rating agency noted that the cost benefit of doing business in the state has changed considerably in recent years due ... Read the full article
Strained Florida insurance environment stoked by AOB misuse: AM Best
2nd July 2019
A strained insurance environment has been stoked by the influential and commonly misguided use of AOBs in Florida, according to analysts at AM Best. Some contractors have solicited the transfer of rights from insureds and subsequently inflated repair costs, all while using the legal system to their advantage. AM Best says that ... Read the full article
Insurers FHCF reimbursement raised as Florida Governor approves bill
19th June 2019
Florida Governor Ron DeSantis has signed into law bill HB 301, part of which doubles the reimbursement rate insurance companies can receive from the Florida Hurricane Catastrophe Fund (FHCF). The Florida House of Representatives passed the legislation in April 2019, at the same time as it passed a bill targeting assignment ... Read the full article
Citizens to cap Florida rate increases at 4.7% following AOB reforms
19th June 2019
Citizens Property Insurance Corporation, the Florida state-run insurer, is seeking approval from its Board to cap its average premium rate increases at 4.7% following recent legislation designed to curtail assignment of benefits (AOB) abuse. If approved, the revised rate increases would be limited to nearly half the original 8.2% hikes ... Read the full article
Florida Governor signs AOB reforms into law
24th May 2019
Florida Governor Ron DeSantis has approved the recently proposed reforms to assignment of benefits (AOB) practices in the state, signing a bill to officially bring them into law. The Florida Legislature passed the reforms in April in an effort to stabilise the recent explosion in AOB litigation and provide policyholders with ... Read the full article
Ronald Natherson named CEO of Florida insurer Gulfstream
23rd May 2019
Gulfstream Property and Casualty Insurance Company, the Florida-based insurer, has announced the appointment of Ronald E. Natherson as President and Chief Executive Officer (CEO). Natherson joins Gulfstream from Southern Oak Insurance Company, where he most recently served as Chief Operating Officer, based in Ponte Vedra Beach, Florida. He has over two decades ... Read the full article
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