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.
Guy Carpenter CEO expects continuation of 1.4 trend at mid-year renewals
17th April 2025
Speaking during Marsh McLennan's Q1 2025 earnings call this afternoon, Dean Klisura, CEO of reinsurance broker Guy Carpenter, provided an outlook for the mid-year reinsurance renewals. Klisura indicated that he expects the trends seen during the January 1 and April 1 renewals to continue into the June 1 ... Read the full article
Aon expects over $7.5bn of additional US property cat reinsurance demand at mid-year renewals
2nd April 2025
As reinsurance capital continues to grow and keep pace with increasing demand from buyers, broking group Aon's Reinsurance Solutions arm expects more than $7.5 billion of additional US property catastrophe limit demand at the mid-year renewals. The June and July reinsurance renewals are key for the US property cat market, and ... Read the full article
Demotech assigns Financial Stability Rating of A to Mangrove
11th February 2025
Demotech, Inc., a rating agency and financial analysis firm, has assigned Mangrove Property Insurance Company (Mangrove) a Financial Stability Rating of A, Exceptional. Mangrove, a newly established Florida insurer led by Stephen Weinstein, was approved by the Florida Office of Insurance Regulation in January 2025 to provide property and casualty ... Read the full article
Weinstein leads Mangrove into Florida market following OIR approval
27th January 2025
Mangrove Property Insurance Company, a newly formed Florida insurer led by industry expert Stephen Weinstein, has been approved by Florida’s Office of Insurance Regulation (OIR) to provide property and casualty (P&C) insurance to the state's homeowners. Mangrove, reportedly established with the vision of providing sustainable, long-term P&C solutions tailored to the ... Read the full article
Security First & Embark to offer new homeowners insurance solution in Florida
23rd December 2024
Florida-domiciled insurers Security First Insurance and Embark MGA, have together launched a new HO5 homeowners' insurance program designed exclusively for new home builders for affordable, turnkey insurance options for home buyers. This policy combines enhanced coverage options tailored to the needs of Florida homeowners with the simplicity of embedding the insurance ... Read the full article
Guy Carpenter launches new parametric solutions research project for California & Florida
13th December 2024
Guy Carpenter, Marsh McLennan's reinsurance broking arm, has launched a new research project to explore using parametric insurance solutions to insure communities across California and Florida for wildfire and hurricane risks. The research is in collaboration with Guy Carpenter’s Parametric Advisory and Public Sector teams, the Institute of Environment at Florida ... Read the full article
Florida Citizens sees policy count drop below 1 million as state market stabilises
5th December 2024
With conditions in the Florida property insurance market reportedly continuing to improve, Citizens Property Insurance Corporation’s policy count has dipped below 1 million for the first time in more than two years. Florida’s property insurer of last resort has suggested that the reduced policy count is due in large part to ... Read the full article
Aon and Fathom launch new Florida Flood Model for state insurers to assess exposures
15th November 2024
Aon, a global professional services firm, has been certified by the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) to launch its new Florida Flood v3.0 model statewide to assess flood exposures in the state and inform re/insurers' rate filings. Florida Flood v3.0 was developed by Impact Forecasting, Aon’s catastrophe model, ... Read the full article
KCC US Flood Model 2.0 approved by Florida Hurricane Loss Projection Commission
12th November 2024
Karen Clark & Company, a provider of catastrophe risk modelling and analytics, has announced that its KCC US Flood Reference Model Version 2.0 has received certification from the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM). This marks the first time a flood model has been approved by the Commission under ... Read the full article
Best estimate for FHCF pay out for Milton & Helene pegged at $4.6bn
1st November 2024
The Florida Hurricane Catastrophe Fund (FHCF), a tax-exempt trust fund created by the State in 1993 to provide coverage for property insurers, could pay out an estimated $4.6 billion due to claims from Hurricanes Milton and Helene, according to its independent actuary, Paragon Strategic Solutions Inc. The FHCF was created to ... Read the full article
Hurricane Milton manageable for reinsurers, but a major event for Florida insurers: Milliman
15th October 2024
According to Milliman, a global consulting and actuarial firm, hurricane Milton is likely to be a manageable event for the reinsurance industry, but a major one for insurance carriers in the State of Florida and could even put some companies under surplus pressure. Late on Wednesday, October 9th, hurricane Milton made ... Read the full article
S&P highlights Florida’s $10.4 bn safety net amid Hurricane Milton aftermath
11th October 2024
S&P Global Ratings, a provider of credit ratings and financial analytics, is closely monitoring the situation surrounding Hurricane Milton. The organisation believes that Florida has effectively strengthened its reserves and liquidity in preparation for extreme weather events. Additionally, the advanced planning by state officials suggests that collaboration among state agencies and local ... Read the full article
Milton’s effect on global re/insurance ratings expected to be limited: Fitch
11th October 2024
According to Fitch Ratings, Hurricane Milton is not likely to affect credit for its rated P&C insurers and global reinsurers given very strong capital levels, though Florida property insurance specialists are vulnerable to the extent the hurricane generates losses above reinsurance limits. Milton made landfall on the 9th of October in ... Read the full article
As industry losses from Milton rise, more will flow to reinsurers: Moody’s
11th October 2024
A new report from Moody's has suggested that insured losses from Hurricane Milton will affect both primary insurers and the reinsurance sector, with the proportion of losses ceded to reinsurers increasing as losses increase. Milton made landfall on the 9th of October in Florida’s Sarasota County as a Category 3 hurricane, ... Read the full article
Resilience in Florida’s property insurance market amid hurricane challenges
11th October 2024
After Hurricanes Helene and Milton made landfall along Florida’s coast, Insurance Commissioner Michael Yaworsky shared encouraging updates regarding the state’s property insurance market. Recent announcements from Progressive, State Farm, and the approval of several new property insurers highlight the positive impact of Florida’s major 2023 reforms. Despite scaling back operations in other ... Read the full article
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