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 market forecast for growth into 2018: KBW
11th December 2017
Florida (FL) homeowners insurers’ underwriting margins are forecast for expansion next year, with assignment of benefits (AoB) related loss inflation expected to stabilise and Florida insurers passing reinsurance rate increases onto policyholders, according to Keefe, Bruyette & Woods (KBW). Although Florida insurers will see reinsurance rates rise, KBW said they can pass ... Read the full article
Citizens retains $6.4bn surplus despite Hurricane Irma damages
1st December 2017
Citizens Property Insurance Corporation will remain financially stable with a $6.4 billion capital surplus and substantial reinsurance coverage despite being hit with an expected total of $1.2 billion from 70,000 Hurricane-Irma related claims. The state-managed property insurer has so far closed nearly two-thirds of the 62,000 Irma-related claims, including more than ... Read the full article
Florida experts say reinsurance pricing could rise by 10%
17th November 2017
Florida experts believe reinsurance pricing in the $500-$700 million market could rise by 10%, according to the Buckingham Research Group. Kapil Bhatia, head of Raymond James’ Insurance Advisory Group, noted that while a meaningful change doesn't appear to be on the cards for Citizens book, reinsurance pricing for companies primarily domiciled in Florida ... Read the full article
Reinsurance to pick up HCI’s $100-300m hurricane Irma tab
18th September 2017
As one of the leading providers of homeowners insurance in Florida, HCI said its expecting Hurricane Irma related losses in the U.S. $100 - 300 million range, most of which will be covered by the carriers' reinsurance and retrospective provisions. With a retention level set at $16 million, the insured losses will ... Read the full article
The stars are “aligned” for private capital to enter Florida: JLT Re’s Flandro
15th September 2017
At the 2017 reinsurance conference Monte-Carlo press briefing, JLT Re's David Flandro highlighted potential opportunities for greater levels of private capital to enter the Florida market, in light of hurricane Irma. David Flandro, Global Head of Analytics at JLT Re, speaking at the reinsurance broker's press briefing, said; "The thing to ... Read the full article
8.5 million Florida properties at “significant risk” from Hurricane Irma: CoreLogic
9th September 2017
About 8.5 million Florida properties are at significant risk of potential wind damage from Hurricane Irma, according to Analytics and data-solutions provider, CoreLogic. Data analysis released yesterday shows an estimated 8.5 million residential and commercial Florida properties are at either "Extreme", "Very High" or "High" risk of Hurricane Irma wind damage. Furthermore, some ... Read the full article
Legislative assistance needed to address Florida’s AOB crisis: Citizens CEO, Gilway
24th August 2017
The Chief Executive Officer (CEO) of Citizens Property Insurance Corporation, Barry Gilway, recently called for legislative reform to address the growing assignment of benefits (AOB) crisis in Florida, warning of rising homeowners premiums. Addressing the Florida Office of Insurance Regulation (FLOIR), Gilway called for assistance from legislative partners to ensure Citizens was ... Read the full article
Reinsurers welcomed HCI’s use of tech to increase transparency during Matthew
18th August 2017
Paresh Patel, the Chairman and Chief Executive Officer (CEO) of HCI Group, Inc. has revealed how the company's adoption and utilisation of technology turned out to be a big differentiator during hurricane Matthew, raising the homeowners' insurers profile while provide its reinsurers with welcomed transparency. Speaking during the company's second-quarter 2017 ... Read the full article
Florida market pressured at mid-year as players push for 2017 targets: Willis Re
17th July 2017
The mid-year renewals season saw continued softening of pricing in Florida with stable market demand, but pressure on traditional players is growing as they make a final push for 2017 premium targets, but are squeezed into a tighter space by greater alternative capital influx. John Cavanagh, Global Chief Executive Officer (CEO) of Willis ... Read the full article
Parametrics could hedge re/insurers Florida AOB exposure
5th July 2017
A claims abuse epidemic, widely known as the assignment of benefits (AOB) issue continues to hinder the Florida market, but parametric risk transfer solutions could be utilised to help fund losses driven by higher claims totals, New Paradigm Underwriters recently told Artemis. Artemis explained that the assignment of benefits (AOB) issue can occur ... Read the full article
Florida Hurricane Catastrophe Fund saves on 2017 reinsurance placement
28th June 2017
Acting on behalf of the Florida Hurricane Catastrophe Fund (FHCF), the State Board of Administration (SBA) announced its completed reinsurance placement, ahead of the 2017 hurricane season, to help provide its statutory maximum limit of $17 billion of fully liquid funding. The FHCF liquidity breakdown consists of $14.9 billion in cash, the ... Read the full article
Florida insurers propped up by reinsurance capacity at all-time high: KBRA
20th June 2017
Abundant reinsurance capacity at ever-decreasing pricing has been a lifeboat for Florida insurers at the 2017 second quarter renewals, after their profitability has been shaken by rising water-loss and fraudulent AOB claims, the Kroll Bond Rating Agency (KBRA) highlighted in its Floridian market report. Floridian primary insurers were given a much-needed boost by ... Read the full article
Reinsurers in Florida advised caution over AOB epidemic: Hiscox Re
15th June 2017
If the Assignment of Benefits (AOB) epidemic sweeping Florida continues unchecked, insurers with weaker capitalisation could see rating downgrades or be put out of business entirely, while reinsurers' credit risk skyrockets, Bevis Tetlow, Chair of Hiscox Re’s North America business warned. Florida insurers have been struggling to keep their head above ... Read the full article
Border tax could raise Florida reinsurance rates by up to 31%
21st March 2017
The Florida insurance and reinsurance market could be set on its heels after the House GOP’s Tax Reform Tax Force proposed a 20% border-adjusted tax, that according to research institute Taxwatch, would raise reinsurance rates by up to 31%. The proposed border-adjusted tax could devastate the Floridian economy and re/insurance market where 91% ... Read the full article
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