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.
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
Milton may deplete P&C insurers’ cat budgets, but stay within reinsurers’: S&P
10th October 2024
Given that many primary P&C insurers are already near their 2024 catastrophe budgets due to H1 losses, S&P believes Hurricane Milton, along with other weather-related losses, could fully exhaust these budgets. However, reinsurers may still have room in their catastrophe budgets to absorb the combined losses from Milton and other ... Read the full article
Tampa could avoid direct Hurricane Milton impact, though significant uncertainty remains: Morningstar DBRS
9th October 2024
With the U.S. National Hurricane Center now placing the entry point of Hurricane Milton about 40 miles south of Tampa, Florida, Morningstar DBRS has suggested that insured losses could be "substantial but not catastrophic", sitting in the $30 billion to $60 billion range, though significant uncertainty remains. According to Morningstar DBRS, ... Read the full article
CoreLogic & Moody’s highlight billions in property exposure as Milton nears Florida
9th October 2024
Separate data analysis from CoreLogic and Moody's has revealed that 500,000 single-family and multifamily homes in Florida's Tampa Bay and Sarasota areas, with a reconstruction cost value of $123 billion, are at risk of storm surge from Hurricane Milton, while over 235,000 commercial properties in the state, worth $1.1 trillion, ... Read the full article
KBRA assigns rating to new Florida reciprocal exchange Trident
30th August 2024
Credit rating agency KBRA has assigned a BBB Insurance Financial Strength Rating (IFSR) to Trident Reciprocal Exchange (Trident), with a stable outlook. Trident is a newly established de novo reciprocal exchange focused on writing homeowners’ insurance in Florida. The rating reflects Trident’s low underwriting leverage and substantial surplus relative to expected premiums ... Read the full article
Florida insurers better protected ahead of active hurricane season: KBRA
15th August 2024
Insurers in Florida are preparing for an active Atlantic storm season in 2024 by purchasing increased reinsurance limits and coverage to protect their balance sheets, according to a recent KBRA report. The report also highlighted that a combination of recent regulatory reforms and insurers obtaining extensive rate increases, have attracted reinsurers ... Read the full article
Florida’s Yaworsky affirms strengthening property market as Progressive commits
12th August 2024
As Florida's property insurance market improves on the back of reforms, Insurance Commissioner Michael Yaworsky has revealed that Progressive is committed to investing in the state, just days after Hurricane Debby’s landfall in the Big Bend area. The news follows announcements by State Farm and the most recent approval of the ... Read the full article
Hurricane Debby losses to largely fall within reinsurance retentions: Moody’s
6th August 2024
The majority of insured losses from Hurricane Debby are anticipated to fall within primary insurers’ retentions under their reinsurance coverages, as per James Eck VP-Senior Credit Officer, Financial Institutions Group at Moody’s Ratings. Hurricane Debby is the second hurricane to form in the Atlantic basin this season, having recently made landfall ... Read the full article
Debby intensifies to cat 1 hurricane as Florida landfall imminent
5th August 2024
With tropical storm Debby recently intensifying into a category 1 hurricane, the National Hurricane Center (NHC) has warned of further strengthening, as an imminent landfall is anticipated in the Big Bend area of the Florida Panhandle. According to the forecasters, conditions will remain conducive for intensification as tropical storm Debby moves ... Read the full article
Florida Citizens purchases just $3.564bn of reinsurance for 2024 risk transfer program
10th July 2024
Citizens Property Insurance Corporation, Florida’s property insurer of last resort, has confirmed that it bought a lot less reinsurance than the $5.5 billion target announced back in April, securing a "cost-efficient" risk transfer program of approximately $3.564 billion. Previously, the Board of Governors approved Citizens targeting total reinsurance coverage of ... Read the full article
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