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 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