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.
American Integrity reduces its rates by 6.9%
3rd July 2024
Florida domiciled property insurer, American Integrity Insurance, has significantly reduced its rates by 6.9%, benefiting more than 55,000 customers. At the same time, the insurer has revealed that nearly 215,000 homeowners can now enjoy stable rates, with no increases following the annual filing set for mid-July 2024. This rate reduction directly results ... Read the full article
Gallagher Re finds Florida risk-adjusted rates flat to down 10% at mid-year renewals
1st July 2024
As per Gallagher Re's latest mid-year renewals report, market softening in Florida levelled off and firmed as capacity became less abundant closer to June 1, ultimately leaving risk-adjusted rates on most programs either flat or down by as much as 10%. The report found that programs which were completed in early ... Read the full article
June US SCS flooding spurs anticipation of hundreds of millions in insured losses: Aon
17th June 2024
Aon, a professional services firm providing risk, retirement, and health solutions, has released a weekly catastrophe report showing that since June 11, Southern Florida has faced substantial financial losses due to prolonged and excessive rainfall and severe convective storms (SCS). This has led to significant flash flooding and expected economic and ... Read the full article
DeSantis’ new $237mn budget to strengthen the Florida Office of Insurance Regulation
14th June 2024
Florida’s governor Ron DeSantis’ 2024-2025 Focus on Florida's Future budget invests millions in the Florida Office of Insurance Regulation's (OIR) to bolster residential home mitigation programs in the state. The OIR has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of ... Read the full article
AM Best revises Florida Family Insurance Company outlook to stable
14th June 2024
AM Best has revised the outlooks of Florida Family Insurance Company and its subsidiary, Florida Family Home Insurance Company, from negative to stable, a move that reflects improvement in its operating performance due to more strict underwriting guidelines. Together, Florida Family Insurance Company and Florida Family Home Insurance Company, make up ... Read the full article
Orderly June Florida reinsurance renewal leads to price declines: JMP
3rd June 2024
JMP Securities, an investment bank and brokerage firm, reports that the June 1 Florida reinsurance renewal proceeded smoothly, with increased supply largely matching the higher demand, leading to an overall expectation of single-digit price declines. In contrast to the Florida-focused June 1 renewal last year, this year's process unfolded earlier and ... Read the full article
HCI expands reinsurance coverage across subsidiaries at June renewal
31st May 2024
Florida-based insurtech HCI Group has increased its reinsurance coverage across both its reinsurance towers, securing over $2.7 billion in aggregate limit at the June 1 renewal. Similar to the previous year, HCI established two reinsurance towers for its insurance subsidiaries, Homeowners Choice and TypTap. Reinsurance Tower 1 covers all Homeowners Choice ... Read the full article
Florida market improving though reinsurance dependancy remains: AM Best
30th May 2024
Despite Florida-focused personal property insurers experiencing material volatility in their operating results and surplus levels in recent years, alongside a reinsurance dependency that "skews" higher than the broader overall property segment, AM Best has noted that their results improved in 2023. It's no secret that Florida insurers have been suffering from ... Read the full article
Strong demand for reinsurance at midyear renewals as pricing moderates: Fitch
30th May 2024
Fitch Ratings has observed that reinsurance demand was strong at the midyear 2024 renewals, particularly for higher catastrophe layers, as Florida property writers are seeking more protection with insured values increasing from inflation and exposure growth. According to the rating agency's most recent report on the matter, increased demand at the ... Read the full article
Heritage secures 3.3% rate decrease for its Florida homeowners business
23rd May 2024
Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, has announced a 3.3% rate decrease approval by the Florida Office of Insurance Regulation for its Florida homeowner's (HO3) business. This rate reduction is a result of positive changes in Florida's laws, including the elimination of one-way attorney fees and other ... Read the full article
Florida property cat reinsurance rates expected to be flat to down at June 1: KBW
23rd May 2024
As per analysts from KBW, most of the re/insurance executives that the firm met in this week’s Bermuda Tour expect the Florida-heavy June 1 property catastrophe reinsurance renewals to reflect overall y/y risk-adjusted rate changes in the “flat to down 5%” range. KBW's analysts noted that several executives reported modest improvement ... Read the full article
Florida insurance reforms tackle fraud: Triple-I report
10th May 2024
Florida's property insurance sector, grappling with prolonged challenges from legal system manipulation and fraudulent claims, is witnessing a turnaround as the 2024 Atlantic hurricane season approaches, as outlined in a recent report by the Insurance Information Institute (Triple-I). Recent legislative changes in 2022 and 2023 have bolstered Florida's insurance environment, according ... Read the full article
Florida market in a much better place ahead of renewals but RenRe remains cautious: CEO O’Donnell
1st May 2024
Bermuda-based reinsurer RenaissanceRe (RenRe) is seeing additional demand for reinsurance in Florida, but while the company also anticipates good discipline from the market at the June 1 renewals and feels the Florida market is in a better place, it remains cautious. Speaking recently during RenRe's Q1 2024 earnings call, executives ... Read the full article
Florida market anticipated to be healthy at upcoming June renewals: Arch CEO
1st May 2024
Commenting on the upcoming June reinsurance renewal in Florida, Marc Grandisson, President, and CEO of Arch Capital Group, expects the state's market to be "well priced" and "very good" on a risk-adjusted basis. As covered by our sister publication Artemis back in April, according to an array of data, Florida ... Read the full article
Florida Peninsula partners with ZestyAI for enhanced property risk assessment
29th April 2024
ZestyAI, a company that leverages artificial intelligence (AI) for risk assessment, has announced its partnership with Florida Peninsula Insurance Company, integrating ZestyAI's Z-PROPERTY Location Insights solution to enhance underwriting precision and elevate customer experience. ZestyAI's advanced property analytics solutions employ cutting-edge computer vision and machine learning technologies to extract valuable insights ... Read the full article
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