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.
Disappointing Florida renewals only justified if hurricane season is benign, warns Peel Hunt
5th June 2018
After reported, disappointing reinsurance rate increases of 1.2% at the Florida June property catastrophe renewals, analysts at Peel Hunt have said that increases at these levels can only be justified if the 2018 hurricane season proves to be benign. Following years of falling rates as a result of benign loss activity ... Read the full article
Federated National completes 2018-19 catastrophe reinsurance programme
31st May 2018
Federated National Holding Company (FNHC) has completed its excess of loss catastrophe reinsurance programme for 2018-19, which will provide FNHC and its wholly-owned insurance subsidiaries, Federated National Insurance Company (FNIC) and Monarch National Insurance Company (MNIC), with $1.34 billion of reinsurance coverage in excess of $23 million retention for catastrophic ... Read the full article
Universal’s P&C subsidiaries finalise 2018-19 reinsurance programmes
31st May 2018
Universal Insurance Holdings, Inc. has announced that its wholly owned subsidiaries, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), have completed their 2018-19 reinsurance programmes. Private participants in the reinsurance programmes include Nephila Capital (via Allianz Risk Transfer), Everest Re, RenaissanceRe, Chubb Tempest ... Read the full article
Florida Hurricane Catastrophe Fund targets $1 billion of reinsurance for 2018
22nd May 2018
After evaluating improved market conditions, the Florida Hurricane Catastrophe Fund (FHCF) is looking to secure $1 billion of reinsurance protection at the mid-year renewals, at a preliminary attachment point of $10.5 billion. Following the impacts of hurricane Irma in 2017, it appears the FHCF is looking to adjust its financing for ... Read the full article
Reinsurance blindspot in Florida as roof remodels double, reports BuildFax
27th April 2018
BuildFax, a provider of property condition and history insights, has found that there has been a 110.6% increase in residential roof remodels in Florida over the last 10 years, which has not been considered in recent reinsurance negotiations and catastrophe risk models. The findings were based on in-depth analysis of more ... Read the full article
Heritage sees reinsurers offering flat mid-year renewal rates: CEO Lucas
9th March 2018
Speaking during the firm's fourth-quarter 2017 earnings call, Chairman and Chief Executive Officer (CEO) of Heritage Insurance Holdings, Inc., Bruce Lucas, highlighted the Floridian carrier's unique position in the market that has seen its reinsurers offer flat rates for hundreds of millions of dollars of limit. After the devastating impacts of ... Read the full article
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
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