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.
New property cat reinsurance broker COIN Re launches in Florida
24th October 2018
Industry veteran Ted Blanch has launched a new reinsurance brokerage with a focus on the property catastrophe sector, called COIN Re, that aims to use a client-centric pricing and ownership model radically different from industry norms. The Florida-based broker claims that catastrophe reinsurance market economics have historically been tipped in favour ... Read the full article
JBA launches high-resolution Florida flood maps
23rd October 2018
JBA Risk Management, the global flood risk modeller, has announced the launch of its new high-resolution state-wide flood map for Florida, part of a wider rollout for the continental U.S. Managing Director of JBA Matt Reid stated that the flood map provides “a comprehensive understanding of all three principal types of ... Read the full article
Outdated Florida building codes to inflate Michael losses, says AIR
12th October 2018
Property damage caused by Hurricane Michael, which made landfall in Florida as a high-end Category 4 storm on Wednesday, is likely to be exacerbated by the older building stock in the Panhandle region, according to AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics. AIR noted that the majority ... Read the full article
Michael will be an earnings event rather than a capital event for re/insurers: S&P
11th October 2018
Hurricane Michael, which struck Florida and the surrounding U.S states as a Category 4 storm yesterday, will be an “earnings event rather than a capital event for both the U.S primary insurance and global reinsurance sectors,” according to a report by S&P Global. Michael battered the states of Florida, Alabama ... Read the full article
Citizens to claim back $126.4mn from private reinsurers for Hurricane Irma
27th September 2018
Citizens Property Insurance Corporation (Citizens), Florida's insurer of last resort, has announced that it has incurred losses of $1.81 billion from Hurricane Irma, and that it expects to recover $126.4 million from the private reinsurance market and a further $534.7 million from the Florida Hurricane Catastrophe Fund (FHCF). Not long after ... Read the full article
Insured claims from hurricane Irma reach $10.5 billion, says Florida regulator
23rd August 2018
The Florida Office of Insurance Regulation (FOIR) has reported that insured claims from last year's hurricane Irma counted by the regulator has increased by a further 8% to almost $10.5 billion, as loss creep from the storm continues. The Florida regulator states that claims are being closed, although, according to an ... Read the full article
RenRe leads FHCF’s $1 billion 2018 reinsurance placement
20th August 2018
The Florida Hurricane Catastrophe Fund (FHCF) has completed its $1 billion 2018 reinsurance placement, which includes a broad range of global participating reinsurers, that was once again led by RenaissanceRe (RenRe) and which included increased participation from Swiss Re. The FHCF announced earlier in the year that after observing and evaluating ... Read the full article
Combined Irma loss creep exceeds $1bn for Floridian insurers
16th August 2018
The devastation caused by hurricane Irma continues to impact Floridian insurance companies, with a number of market players increasing their loss reserves as creep from the storm continues. Recorded as the strongest storm to exist in the open Atlantic region, hurricane Irma devastated parts of South U.S., especially Florida, as well ... Read the full article
Heritage sees reduced claims volatility as it further de-risks from Florida
14th August 2018
Florida headquartered property casualty insurer, Heritage Insurance Holdings, Inc., continues to expand and diversify outside of the highly competitive Florida market, a trend the firm's Chairman and Chief Executive Officer (CEO), Bruce Lucas, says should reduce claim volatility as well as reinsurance pricing. Speaking during the insurer's second-quarter 2018 earnings call, ... Read the full article
Swiss Re partnership targets property protection gap in Florida
30th July 2018
Swiss Re has partnered with Florida-based homeowners insurer Security First to provide policyholders with increased protection from water damage, including flood coverage. Ratings are to be based on Swiss Re’s proprietary flood model and priced according to the individual risk exposure. This allows for a more sophisticated delineation of premiums based on ... Read the full article
FEMA urges at-risk Floridians to secure & maintain flood insurance
25th July 2018
As the hurricane season reaches its midway-point, the U.S Federal Emergency Management Agency (FEMA) has called on Floridians to secure and maintain flood insurance. FEMA states that only half of Florida homeowners in high-risk areas had insurance against flooding before hurricane Irma made landfall late last year. Concurrently, however, the National Flood ... Read the full article
Mixed mid-year pricing results for Florida property cat reinsurers: Willis Re
11th July 2018
Property catastrophe pricing has been mixed for reinsurers in Florida at mid-year renewals, as increased demand for some companies following 2017’s catastrophes was offset by further non-traditional capital entering the market, according to reinsurance broker Willis Re. Willis Re’s 1st View Report observed that companies that performed well in Hurricane Irma ... Read the full article
Citizens defers increased rate package for Florida homeowners
19th June 2018
Citizens Property Insurance Corporation, the state-run not-for-profit insurer, has announced that its Board of Governors has voted to defer action on a proposed 2019 rate package that includes a statewide average increase of 7.9% for personal lines policyholders. The company says the proposed rate increases reflect the impact of escalating nonweather related ... Read the full article
Re/insurance industry losses from Irma surpass $9.7bn
18th June 2018
According to data from the Florida Office of Insurance Regulation, claims data filed from insurers as of June 12th, 2018, show that the total estimated insurance and reinsurance industry loss from hurricane Irma has increased to more than $9.7 billion. Artemis reported in April that data from the Florida regulator ... Read the full article
Irma showed the robustness of Florida specialists’ reinsurance utilisation: Fitch
6th June 2018
After the impact of hurricane Irma, primary Floridian insurance companies reported fairly limited losses when compared with the volume assumed by the global reinsurance segment, with many primary players reporting that overall losses fell well within their respective reinsurance programmes, reports Fitch. The ratings agency reports that a notable lack of ... Read the full article
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