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.
VYRD confirms completion of 2023 Florida reinsurance program
1st June 2023
VYRD Insurance Co., an admitted Florida-domiciled Property and Casualty insurance firm, has successfully completed its 2023 reinsurance program for the upcoming Atlantic hurricane season. VYRD suggests that its reinsurance program "exceeds regulatory and rating agency requirements and provides coverage for multiple catastrophic events." The program runs from June 1, 2023, through May ... Read the full article
Universal completes combined 2023-24 reinsurance program for subsidiaries
31st May 2023
Universal Insurance Holdings, Inc. has announced the completion of its combined 2023-2024 reinsurance program, effective June 1, 2023, by Universal Property & Casualty Insurance Company and American Platinum Property and Casualty Insurance Company, its wholly-owned insurance company subsidiaries. UPCIC and APPCIC set the top of their combined ... Read the full article
Slide Insurance places reinsurance program for 2023 hurricane season
26th May 2023
Full-stack homeowners insuretech Slide Insurance has completed its reinsurance program for the 2023 hurricane season, bolstering its ability to protect policyholders across Florida and South Carolina. According to Slide, its reinsurance program exceeds regulatory and rating agency requirements. The comprehensive reinsurance tower protects the firm to the 185-year return period, reduces retention ... Read the full article
Further reinsurance pricing-power increases expected at mid-year FL renewals
24th May 2023
Analysts at BMO Capital Markets anticipate +30-40% reinsurance pricing-power increases at the mid-year Florida renewals, compared to reinsurance pricing of +28-38% at Jan 1. According to BMO's analysts, Terms & Conditions remain "as tight as can be", meaning reinsurers will be "on the hook" for meaningfully less market share of overall ... Read the full article
Florida renewal sees orderly process and price increases, driven by recent reforms: JMP Securities
22nd May 2023
The Florida insurance market is poised to experience a marked contrast during its June 1 renewal, characterised by an early and orderly process, according to JMP Securities. However, the renewal will also bring significant price increases as the market seeks to stabilise and address ongoing challenges, the report noted. Industry experts ... Read the full article
Florida Citizens targets at least $5.5bn of reinsurance for 2023 on $675m budget
17th May 2023
Florida’s Citizens Property Insurance Corporation's Board met yesterday to debate the carrier's reinsurance risk transfer plans, approving a lower-than-expected budget of $675 million, which Chief Financial Officer (CFO), Jennifer Montero, hopes will be enough to secure at least $5.5 billion of risk transfer from both the traditional reinsurance and capital ... Read the full article
It will take time for reinsurers to get comfortable with Florida: United CEO Peed
16th May 2023
As United Insurance Holdings works to finalise its June 1st catastrophe reinsurance renewal, Chief Executive Officer (CEO) Dan Peed has said that the Florida residential cat market remains extremely hard, warning that it will take some time for reinsurance companies to get comfortable with the exposures and challenges. The property and ... Read the full article
June renewal will be challenging regardless of legislative reforms: Stonybrook
16th May 2023
Florida domestic carriers will have a challenging June reinsurance renewal, even with the implementation of the legislative reforms, suggest analysts at Stonybrook Capital. According to the analysts, natural catastrophes and the increased frequency of secondary perils placed pressure on property carriers across the nation in 2022, especially in the coastal regions. Stonybrook ... Read the full article
No-win situation for Florida insurers at renewal: ALIRT
10th May 2023
Analysts at insurance research firm ALIRT have warned that insurers in the Florida market face a “no-win situation” when they come to renew their reinsurance this year. The firm notes that rates at the upcoming June reinsurance renewals are estimated to potentially rise by up to 50% and could result in ... Read the full article
Governor DeSantis secures commitment from UK reinsurers to increase access for carriers in Florida
2nd May 2023
Florida Governor Ron DeSantis, and Tim Cerio, the Citizens Property Insurance Corporation President and CEO, provided an update to reinsurers in the UK on Florida’s efforts to stabilise the property insurance market, and secured a commitment from the companies in attendance to increase access for carriers serving Florida policyholders. Governor Ron ... Read the full article
UPC Insurance unit reaches agreement with Florida Department of Financial Services
20th April 2023
United Insurance Holdings' (UPC Insurance) unit, American Coastal Insurance Company (ACIC), has entered into an agreement with the Florida Department of Financial Services' Division of Rehabilitation and Liquidation (DFS), regarding the Reinsurance Allocation with the company's former subsidiary, United Property & Casualty Insurance Company (UPC). The Allocation Agreement was put in ... Read the full article
OIR approves Tailrow’s application to form as authorised domestic insurer
18th April 2023
The Florida Office of Insurance Regulation (OIR) has approved the application of HCI Group's Tailrow Insurance Company for the issuance of a permit to become an authorised domestic insurer and write homeowners multi-peril line of insurance in the state. This announcement marks Tailrow as the first company to be approved as ... Read the full article
Floridian insurers see underwriting weaken in 2022: Gallagher Re
13th April 2023
According to reinsurance broker Gallagher Re’s 2022 year-end Florida Market Watch Report, the combined ratio of the industry weakened by over 17% year-over-year to 136.1% compared with 116.3% in 2021. At the same time, net loss & LAE ratios at an industry level rose by 26.3% to 108.9% at 2022 year-end, as ... Read the full article
Trial lawyers could slow down Florida reform benefits: Triple-I
13th April 2023
Analysts at Triple-I have warned that a huge inundation of lawsuits by trial lawyers in Florida could seriously slow down insurance reform benefits for consumers in the state. In the wake of Florida's enactment of historic tort reform legislation, Triple-I notes that the state’s trial lawyers have responded by dumping tens ... Read the full article
HCI launching Tailrow as Florida homeowners insurance startup
11th April 2023
Insurance focused holding company HCI Group, Inc. is looking to establish a new Florida domestic homeowners insurer, named Tailrow Insurance Company, Reinsurance News has learned. HCI Group already owns Florida licensed insurer Homeowners Choice, insurtech property and flood insurance specialist TypTap, and reinsurance focused unit Claddaugh. Tailrow Insurance Company is expected to ... Read the full article
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