Florida
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The company plans to reduce its quota share to 20% from 40%.
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The carrier has completed its 2024-25 reinsurance renewal.
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The coverage will be indemnity, annual aggregate for Florida named storm.
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Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
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FHCF rates are also projected to decrease by a statewide average of 7.38%.
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The bond offers named storm coverage in Florida.
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The body’s budget committee is again pressing Citizens over solvency concerns.
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The carrier is seeking named storm coverage in the state of Texas.
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The closing of the Interboro sell-off was postponed to nearer the end of the year.
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The increase in limit reflects the carrier’s growing exposure.
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The state-backed fund had been advised to increase its allocation of ILS to 1%.
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The carrier is now offering up to $250mn of Class A notes and $150mn of Class B.
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The bond will provide protection from named storms in Florida for three years.
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The Florida Building Code was introduced following the impacts of Hurricane Andrew.
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The limit on the reinsurance Citizens will look to buy from the private markets will stretch to $14.35bn, up 2% on prior-year coverage.
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The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.
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A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.
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The most important factors driving insured losses over the years include hurricanes, other weather-related events, inflation, and excess litigation.
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The insurance company had set out plans last summer to expand its market share in Florida.
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Out of the roughly 88 claims received so far, some were storm surge claims that are not covered by the carrier, according to the executive.
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Idalia might add further aggregate erosion to several cat bonds covering various perils over an annual risk period, it stated.
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With Hurricane Idalia’s landfall underway loss estimates are uncertain, but sources noted that the storm’s trajectory shows it taking the best path to impact minimal insured values in Florida.
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The technology specialist is joining the firm from Reinsurance Group of America.
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More than 800,000 houses could be affected by the hurricane’s storm surge.
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If the storm steers clear of Tampa, reinsurers will be well placed for minimal losses, but a retention loss is a further blow for weak Floridians.
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Idalia is forecast to become a hurricane later today and a dangerous major hurricane over the northeastern Gulf of Mexico by early Wednesday.
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A major hurricane in any section of Florida that extends into the Southeast states is likely a “multi-billion-dollar” insurance industry event, according to the broker.
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The storm is now forecast to become a major hurricane by Tuesday night. This morning’s advisory update had estimated that Idalia would reach major hurricane status by early Wednesday.
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The domestic carrier will write homeowners’ multi-peril business, according to filings which also detailed that $300,000 of the initial capital will be used to complete the statutory deposit requirement.
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The carrier’s Florida reinsurance tower’s top layers comprise a total of $450mn in Class A Sanders Re cat bond coverage.
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The executive said that the company reduced its consolidated retention and ceded premium ratio for its 2023 and 2024 treaty program.
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Following media reports last week that AAA had plans to pull out of the Florida insurance market entirely, the home and auto carrier "set the record straight” on Monday.
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The decision applies only to policies issued through the company’s exclusive agency distribution channel.
-
Considering recent reforms, Citizens’ rates, on average, are still 58.6% below actuarially sound levels, but the inadequacy would have been 88.3% without them.
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ACIC’s program offers sufficient coverage for approximately a one-in-167-year event and a one-in-100-year event followed by a one-in-50-year event in the same season, the company said.
-
The bills place additional requirements on insurers in the state and expand consumer protections.
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Tower Hill Insurance Exchange has completed its 2023 Florida reinsurance program, which offers nearly $2bn for catastrophe cover, including all perils.
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This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.
-
Shifts in reinsurance appetite across the risk spectrum has squeezed out ILS providers in some cases.
-
First event reinsurance tower exhaustion points are $1.3bn for the Northeast, $1.1bn in the Southeast and $870mn in Hawaii.
-
The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.
-
Five counterparties account for almost half of all premiums ceded by a sample of major Floridian carriers, analysis shows.
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Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
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The pace of rate hikes will ease back from the 1 January reset as buyers seek to lock up capacity early after last year’s dislocated renewal.
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The northeast deal had previously priced at the low end of the regional insurer’s targets.
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The impact of recent tort reforms is already being felt in the Sunshine State, the CEO said.
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The recommendations await approval from the Florida Office of Insurance Regulation.
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The state carrier completed phase one of its program with the $500mn Lightning Re cat bond placement.
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Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida.
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On Thursday, the bill passed 23-15 in Florida's Senate, after passing the House last week.
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The Floridian has lowered pricing to 900-950bps in a second reduction.
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The Florida insurance carrier has grown its book rapidly through acquisition.
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Yaworsky has served as interim insurance commissioner since being nominated by Governor Ron DeSantis last month.
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CEO Locke Burt said Florida reforms would be “transformational” and that investors had become more receptive to cat risk owing to higher rates.
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The state-backed carrier’s policy count is projected to hit a record high of 1.6 million by year-end.
-
The insurer reported an underwriting profit for Q4.
-
The issuance is replacing $400mn of cat bond coverage placed in early 2020.
-
The bond is seeking industry-loss-based annual aggregate named storm coverage.
-
The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.
-
Ron DeSantis has also announced proposals to modernize Florida’s "bad faith" law, in the latest set of reforms he described as the most “comprehensive in decades”.
-
The transaction provides relief for policyholders and agents, but especially for those policyholders whose policies expire past UPC’s June 1 deadline.
-
The firm’s flood solution will be available to layer on top of existing parametric hurricane wind policies.
-
KBRA believes First Protective’s and Frontline’s strong underwriting and claims handling compares favourably with that of their Florida peers.
-
The carrier had earlier signalled that uncertainty over reinsurance would affect its ability to write new business.
-
Senate Bill 2A addresses key concerns in the Florida property market, including one-way attorney fees and assignment of benefits, the ratings agency said.
-
The announcement comes on the helm of both houses of the Florida legislature passing the proposed overhaul of the state's property insurance market.
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The legislature met for a special session this week, discussing key concerns in the state's property insurance market.
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Affected areas in the state include Tangipahoa, St. Bernard and Terrebonne parishes, the town of Gretna, and the New Iberia area.
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The bill under discussion tackles key concerns like eliminating one-way attorney fees and getting rid of the state’s controversial assignment of benefits right.
-
Citizens will be ineligible for the coverage, which will attract premiums ranging from rates-on-line of 50-65%.
-
The broker has pegged the global reinsurance supply demand imbalance at $20bn-$30bn.
-
The upcoming special session, which will take place from December 12 to 16, will need to consider how to make Florida attractive to national insurers and reinsurers.
-
A FLOIR arrangement will help Floridians secure homeowners cover during hurricane season.
-
The special session comes as the Florida market braces itself for the effects of the anticipated reinsurance market hardening, potential regional insolvencies and the dearth of private capital.
-
The state’s lawmakers will meet on December 12-16 to address the challenges facing its troubled property insurance market.
-
2022 was a near-average season in terms of the number of storms, but featured an unusually quiet start in August, followed by two Florida hurricanes, including one of the US’s most expensive.
-
The NAIC argued that crass use of industry data would not accurately reflect climate change impacts on affordability.
-
The CEO emphasized that the estimate is a modeled estimate and does not include litigation or inflationary pressures.
-
Most ILS firms are marking the Ian loss as a $50bn+ event, although there are exceptions.
-
Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.
-
According to the latest reports, around 110,000 customers have been left without power in Florida as Nicole makes its way across the state.
-
The Florida carrier has cut total insured values in the state by 10.3% compared to Q3 2021.
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The company is confident it has sufficient additional reinsurance capacity should claims begin to develop outside of initial expectations.
-
The Floridian's net loss ratio jumped nearly 18 points to 97.6%, driven by a $40mn retention from Ian and slightly lower net earned premium than the prior-year quarter.
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FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian.
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The executive added that while the Florida market has seen benefits from recent legislation, the major issue remaining is one-way attorney fees.
-
The carrier said it was “insulated from open market pricing dynamics” for its 2023-24 reinsurance.
-
The Floridian's loss ratio increased 42.8 points, reflecting $111mn of retained Hurricane Ian losses and a higher attritional initial accident year loss pick.
-
The projected Ian loss is $2.2bn higher than the state reinsurer took from Hurricane Irma in 2017.
-
A special session in December and prohibition of assignments of benefits have been cited on the Florida campaign trail.
-
The firm’s capital and risk solutions segment has been growing its reinsurance business this year.
-
UPC’s closing price hit the bottom of $0.99 per share on Sept 6 and has remained below the $1.00-threshold ever since.
-
The analysts said market pricing indicators suggested a hard market was going to set in, requiring increases of 20%-30%.
-
The federal flood insurance program’s claims count has stepped up from 25,000 a fortnight ago.
-
Major questions confront the industry after Hurricane Ian, but no matter the answers, certain outcomes are inevitable.
-
The state-backed insurer's claims tally was just over 47,000 this morning.
-
The carrier is the latest in a string of primary insurers to provide loss estimates.
-
So far, the company has received nearly 12,000 claims associated with the storm.
-
The company estimates its overall gross loss to be approximately $1bn, below its $3bn overall reinsurance tower.
-
Buyers are more open than ever to different sources of capacity, but the timing of entry will not be on the industry’s terms.
-
The state insurance body received reports of 375,293 claims as of 6 October.
-
The loss estimate does not include litigation or claims below the deductible.
-
The cat bond market has a high level of exposure to Florida wind risk.
-
The Swiss ILS specialist pointed to potential impacts on Floodsmart, Florida indemnity and index-linked bonds.
-
The storm, currently 285 miles south of Charleston, is expected to make landfall as a hurricane on Friday.
-
Georgia, Virginia and the Carolinas have declared a state of emergency as the storm moves north.
-
Research by sister title Inside P&C shows the top three homeowners carrier exposures by county for forecast highest impact areas.
-
A landfall at Category 3 or 4 along the west coast of Florida later this week would be one of the more damaging scenarios for Ian.
-
The industry net loss and LAE ratios decreased 7.3 points year-over-year, while expense ratios improved by 5.9 points.
-
Florida specialists have continued to cede more premium to reinsurers, topping $7bn in 2021.
-
Some sources argue that now is the time for new management teams to tap into the market with fresh platforms.
-
As the ILS market heads back to the office after summer breaks to get stuck into a busy conference season, we recap our top summer features and news coverage that you won’t want to miss.
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The carrier said its commercial business gave the company a platform to build on.
-
It is understood that the company is being advised by boutique investment bank/broking firm Stonybrook and TigerRisk Capital Markets.
-
The guaranty association’s board voted on Friday to extend an existing 0.7% assessment into 2023.
-
UPC policyholders could be force-placed by their mortgage lender.
-
Sources have suggested that Weston's policy count is about 20,000 policies, of which most are wind-only.
-
At the time of publication, only a small number of carriers remain to be affirmed, including People's Trust and Cypress P&C.
-
The Florida firm lost its rating from Demotech last week.
-
Nicole Fried cited her department’s duty to act in consumers’ best interests.
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The former executive is looking for $40mn to $80mn of new capital, sources suggested.
-
The carrier had improved its combined ratio by 6 points to 99.4%.
-
It is unclear if policies transferred by UPC to other entities through quota shares and renewal rights deals are covered by federal mortgage institutions.
-
HSCM has had a majority stake in the company since 2020.
-
The firm said it was well prepared for hurricane season with no gaps in reinsurance coverage.
-
The purpose of the agreement is to allow insurers to meet the guidelines set forth by Fannie Mae and Freddie Mac.
-
With many local insurers essentially “zombie companies”, state legislators need to end one-way fees and assignment of benefits.
-
The insurer also completed the reorganization plan to consolidate its four Florida domiciled insurance carriers into two.
-
Floir stated that they "formally referred those insurers to the stability unit" after the legislation from the special session was passed.
-
The insurance agents’ trade body also raised concerns over brokers’ E&O cover.
-
Floir Commissioner Altmaier and Florida CFO Patronis sent out letters questioning Petrelli's decision to put 17 insurers on notice of a downgrade.
-
The ratings agency has given the carriers until next week to respond.
-
Since January, claims lawsuits have hovered around the low to mid 4,000s each month.
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The $2.5bn includes $1.45bn of newly placed limit and $1.06bn of existing coverage.
-
The latest forecast from the insurer of last resort envisages 1.55 million policies by the end of 2023.
-
The portfolio covers distressed Florida, Louisiana and US nationwide deals.
-
The ratings agency continues to review other Florida carriers’ positions following the 1.6 renewal.
-
The vehicle was supported by a group of institutional investors.
-
At the end of 2021, Centauri Specialty had 26,000 policies in force and $79mn of total written premiums.
-
The insurer reclassified some Hurricane Ida claims as storm Nicholas losses, producing an overweight loss for the second event.
-
The deadline for Lighthouse Excalibur policy cancellations has been extended to 30 June.
-
The cover changed from cascading aggregate to an occurrence-based structure.
-
The US P&C carrier is putting more premium through its captive.
-
Despite capital infusions into the firm, the Florida insurer was unable to stave off receivership.
-
The carrier’s below-FHCF layer is 29% unplaced.
-
Benefits of legislative reform will take ‘several quarters’ to emerge: CaseGlide.
-
Rates have climbed 20%-35% since 1 January, and 40%-50% year on year, sources estimated.
-
The counties include Palm Beach, Polk, Orange, Broward, St Lucie, Escambia, Seminole, Osceola, Lake and Miami-Dade.
-
The company also proactively suspended writing new personal residential policies in various counties in Florida, effective June 3.
-
Reinsurers secured concessions on terms and hiked rates as most insurers managed to patch together cover to enter hurricane season.
-
The state-backed carrier hopes to fill out more of the gaps in the coming days.
-
The ratings agency says a quarter of the Floridians it rates have still not secured multi-event cover, although first-event towers have come together.
-
The cover offers protection for a one-in-160-year first event.
-
The Florida homeowners writer had suspended new business and renewals as it scrambled to procure reinsurance coverage.
-
DE Shaw has been offering a form of “capacity wrap” to insurers in which its limit could be used to plug gaps throughout programmes, sources said.
-
The firm recently invested $15mn in FedNat’s Monarch National.
-
The forecast range of hurricanes is slightly wider than in 2021, but in line with 2020.
-
The chunky deal comes as many reinsurers are heavily cutting their Florida cat books.
-
The contractors’ association argued the law would prevent contractors who hold AoBs from recovering their attorneys’ fees if they prevail in a lawsuit against an insurance company.
-
Insurers are still fighting to survive as reinsurance costs rise and availability dries up.
-
Cat bond spreads settled 11% above sponsor targets as many deals were scaled back or parked.
-
One Floridian had “zero” reinsurance in place before weekend.
-
With reinsurance availability scarce and costs rising, several carriers have called an interim halt to new homeowners’ business.
-
The national carrier follows Southern Fidelity’s suspensions earlier today.
-
Southern Fidelity said until it could be sure of reinsurance capacity it could not bind cover, as renewals have been delayed.
-
Some cedants remain far behind in a stressed renewal, but others are on the path to completion in a reshaped Florida market.
-
The proposed Florida special session Senate bills 2-D and 4-D have overwhelmingly passed the house floor and will now move to Florida Governor Ron DeSantis for signing.
-
State representatives will vote on the bill on the House floor tomorrow.
-
Proposed RAP coverage layer adds protection and exposures for insurers.
-
State senators will vote on the bill on the Senate floor tomorrow.
-
Industry association FAIR said a full reinsurance backstop should be provided.
-
The multiple is significantly up on the 4.8x achieved last time on a higher expected loss.
-
Major ILS providers active in Florida including Nephila and Aeolus lifted assumed premiums.
-
A key plank will be a Reinsurance to Assist Policyholders (RAP) program providing a $2bn reinsurance layer below the FHCF.
-
The special legislative session to be held the week of May 23 is the last chance Florida insurers and reinsurers have this year for some desperately needed reform to the stricken homeowners’ market.
-
Sources close to the industry are calling for litigation reform as a priority, while Florida Hurricane Catastrophe Fund expansion is also on the cards.
-
The bill that will be discussed in the special session is expected to be available for senator perusal later this week or early next week to allow ample time to read and discuss.
-
Several firm-orders have been released, but there are widespread expectations of a much-delayed renewal as low-layer capacity remains elusive.
-
Notices of intent to file lawsuits fell 12%, the first time such notices have fallen since July.
-
The company previously had its Demotech rating downgraded from 'A' to 'S'.
-
The bond will provide cover against named storms in the US.
-
The US nationwide has placed $550mn of nat cat risk into the cat bond market already this year.
-
The issuance is seeking named storm cover in Florida, Georgia and South Carolina.
-
The Florida carrier has yet to finalise its programs as it awaits potential reforms.
-
RenaissanceRe CEO Kevin O’Donnell explained on an earnings call his take on the mid-year renewals and a relatively low impact of the Ukraine war.
-
American Integrity was looking to replace $79mn of maturing cover.
-
The carrier has already secured 85% of all-states, first-event cover for the June renewal.
-
Florida-based Universal sees 6.1% drop in policies in force; challenging claims environment pressures underwriting profit.
-
The issuance is much smaller-scale than the previous Everglades Re cat bond but the multiples on offer are considerably higher.
-
The company cited its continued Q1 2022 underwriting losses and recent rating downgrade.
-
With a hugely challenging reinsurance renewal ahead, Florida insurers are maximising participations in the state scheme.
-
The Floridian carrier must improve its financial strength rating ahead of its 1 July reinsurance renewal.
-
The state Governor’s goal is ‘to have a functioning market’ for property insurance in Florida.
-
March tolls second-highest monthly count since Senate Bill 76 took effect last July.
-
The downgrade was attributed to weather claims from Louisiana and Texas following the company’s expansion into those markets.
-
The Florida governor said action was needed to prevent more carriers from failing.
-
The consolidation plan, subject to regulatory approval, seeks to create a more efficient operating structure for United going forward.
-
Downgrades are expected to be announced next week for some Florida carriers that are “already winding down”.
-
The ratings were withdrawn after the reports for the full-year 2021 fell short of requirements to maintain it, Joseph Petrelli, president at Demotech said.
-
The move will leave nearly 8,000 affluent customers without coverage and unable to turn to state-backed insurer Citizens Property Insurance.
-
The agency linked the downgrade to the group’s 28% surplus decline in 2021 from the prior year and a total decline of 35% over the last five years.
-
The firm says that, without change, firms will be downgraded in the coming weeks.
-
New litigated claims were down 11% from January, when lawsuits had spiked.
-
Ceded premiums earned were also up by 27.7% due to new quota share agreements.
-
By failing to pass plans for new roof damage deductible, Citizens Property policy reductions, Florida lawmakers left property insurance reforms in limbo.
-
Exposure management is prevalent and underwriting profitability is patchy.
-
The Florida Senate passed Senate bill SB 1728 last Thursday, but it seems to have stalled in the state’s House of Representatives.
-
The company’s convertible notes now have $24mn outstanding.
-
Reciprocal carriers could become more popular, but while this could better serve capital providers it does nothing to address underlying problems.
-
The Senate bill contains a highly debated provision that could cause homeowners to face a new deductible for roof-damage claims.
-
The Floridian carrier recorded $8.1mn cat losses net of reinsurance compared with $27.9mn a year earlier.
-
The mid-year renewal will be a challenge as rates increase to reflect market costs
-
A similar ‘day of reckoning’ could befall many other carriers as 1.6 approaches, the ratings firm said.
-
This is the first month-on-month rise in claims since July 2021, despite last year's reforms.
-
Universal Insurance Holdings books $30.7mn reserve charge and sees $21.5mn in weather above plan for Q4, with shares plunging on the news.
-
State Senator Jeff Brandes withdrew his amendment to an insurance omnibus bill but said he would bring the concept back before the legislature.
-
Assignment of benefits (AOB) cases rose to a third of all new litigated cases in December.
-
The former Markel Catco CEO won a stay pending a decision in Bermuda.
-
The transaction reflects the evolution of the Weston Group and its plans to expand its coastal offerings across the US.
-
The assumption of the policies, which the Florida-based insurer acquired for the price of the unearned premium, is retroactive to December 1.
-
Homeowners MGA and insurer Lighthouse Management raised $65mn in a senior debt private placement in New York.
-
Noting concerns about rapid growth, the Citizens board approves rate hikes up to the legal limit.
-
The carrier will make takeout offers to a selection of Citizens’ customers.
-
Lawsuit activity remains 39% below its July 2021 peak.
-
The Florida-headquartered carrier blamed litigation rates and rising reinsurance costs for the move.
-
The financials from the listed Floridians show them plotting a path through challenges by exposure management and rate rises, but reinsurers are still picking up notable storm losses from this reinsurance-reliant group.
-
Storm losses were down 30% to $13mn, but the prior-year result had benefitted from a one-off gain.
-
Net cat losses were down, but other weather losses rose by 56% to $35.5mn.
-
Despite four major storms striking the US, Heritage sees Q3 cat losses decline by 35%.
-
Systems vendor CaseGlide says the trend follows new rules introduced in July.
-
The CaseGlide figures show a 35% drop to 4,313 new litigated claims, the second sharpest month-on-month decline in the past five years.
-
Coupled with aggregate cover the company has in place, United said Thursday that exposure to cat events for the remainder of its current reinsurance program would be $9mn.
-
The new entity is backed by Gallatin Point Capital, Vantage Group and RenaissanceRe.
-
She previously worked as VP underwriting for IAT insurance group, a Florida based property-casualty carrier.
-
The company said claims adjusting fees from the event would offset the hit to its retention.
-
Weather losses continued to take a relatively high toll amid a mixed picture for prior-year reserving levels.
-
The Florida insurer’s CEO said he was “cautiously optimistic” that legal reforms would benefit insurers struggling with rising loss inflation.
-
The insurer also sourced more buydown reinsurance layers to reduce its retention of North American catastrophe risks.
-
The insurer had a record quarter for earned premiums, linking the boost to the growth of TypTap, which recorded $39mn in earned premiums.
-
It was nearly 900% up on the year-ago figure, as the insurer’s executives cautiously welcomed new Florida legal reforms.
-
Universal Insurance Holdings reports premium growth and lower cat losses in Q2.
-
Heritage expects to incur $24.5mn of net current accident quarter catastrophe losses and $11mn of net current accident quarter other weather losses in Q2 2021.
-
Its reinsurance premiums ceded are expected to reach $207mn, up from $175mn a year earlier.
-
The new adjustments will increase rates 7.6% on average after February 1, 2022.
-
A federal judge finds that a new law banning contractors from advertising that insurance may cover roof repairs unconstitutional.
-
It hit north of Tampa, and storm surge warnings for wider Gulf Coast were discontinued.
-
It was upgraded to a category one hurricane by the National Hurricane Centre last night before being downgraded in a public advisory at 2am (EDT).
-
Tropical Storm Elsa picked up some strength as it passed over the Florida Keys Tuesday, raising the possibility it could become a hurricane again before slamming into the mainland.
-
UPC’s early look at its expected cat toll for Q2 – typically a quiet period for cat events – could be a signal that the quarter was busier than usual for weather events.
-
The new law limits insurer liabilities for attorney fee suits against insurers and reduces time limits for claims.
-
Version 21.0 of the model will become available to clients on June 23.
-
The executive said reforms will help insurers, but more challenges remain to be tackled, as local executives remain divided on the potential impact of the legislation.
-
The Floridian has previously been affirmed by Demotech, but AM Best cited leverage pressures in its review.
-
The Floridian carrier said reinsurance spending was up by 5%.
-
The Florida reinsurance renewals ran more smoothly, with lower overall rate increases than initially expected.
-
New and growing carriers helped to fill out treaties as Sompo stepped back from a market that came in flatter than expected for remote risk.
-
The total reinsurance program’s cost jumped to $312mn at the renewal, compared with a $272mn price tag a year ago.
-
Florida domestic property insurers are getting squeezed, unable to increase rates fast enough to offset mounting losses.
-
Divergence between appetite for upper and lower layer reinsurance risk may drive some panel turnover, and disadvantage some segments.
-
Berkshire, along with some other expansive reinsurers, grew its level of assumed reinsurance premium from top Florida insurers significantly in 2020, as the ILS market share dropped overall.
-
The first-time ILS sponsor expects to pay a coupon at the lower end of its initial forecast.
-
Whatever their eventual impact on runaway loss inflation the fact reforms were enacted at all is a happy surprise for the industry.
-
Pockets of the distressed Florida market are still expected to face a challenging renewal, but much of the remediation was carried out last year.
-
The state insurer will raise $800mn-$950mn after initially launching with a modest $500mn target.
-
United Insurance Holdings reported a core after-tax loss of $19.4mn for the first quarter of 2021, as elevated natural catastrophe claims from Winter Storm Uri and a $30mn reserve charge weighed on the carrier’s results.
-
The Senate has signed off an insurance reform bill which eliminated earlier proposals on cash roof settlements and fee multipliers, but reduced the statue of limitations and made other pro-industry changes.
-
The hurricane made landfall in Alabama on 16 September 2021 and swept through a number of southern states.
-
The House amended the Senate’s earlier proposals, adding in restrictions on contractor solicitations but tempering legal fee reform.
-
The state’s House Commerce Committee has approved the proposed legislation with three new amendments.
-
Some measures have been re-introduced to tackle legal fee multipliers, but the House version remains weaker than a bill approved by the Senate.
-
UIHC attributed the reserve charge to a “significant increase” in litigated claims volume in the quarter.
-
The winter increase in litigation from January to March runs counter to the usual trend, whereby cases spike in late spring.
-
Reinsurers are still hoping to achieve double-digit rate increases, but brokers and cedants suggest this is unlikely against the context of strong reinsurance supply.
-
Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
-
After sizeable increases to take-up in 2019 and 2020, many carriers were already at maximum participation for state Cat Fund coverage.
-
Investment bank partner Tom Deane said that reinsurers would remain crucial to the market and that the beginnings of rebuilding were underway that could reverse some current trends.
-
The ratings agency said 17 companies, including some recently acquired and the state’s major listed carriers and subsidiaries, appear on track to secure A ratings.
-
The agency withdrew its rating on American Capital Assurance and expects to deliver a complete review of the Floridian insurers it follows by 19 March.
-
As Floridian insurers gear up for their mid-year reinsurance renewals, multiple issues are set to make it another challenging year for both sides.
-
The personal and commercial lines book will be folded into recently-acquired Centauri Insurance.
-
The carrier also expects to report $23.4mn of reserve strengthening in its results on 25 February.
-
The carrier is legally obligated to sell cover at “actuarially sound rates”.
-
The company announced the departures of former CEO Bruce Lucas and former president Richard Widdicombe last year.
-
The transaction, announced in December, covers around $130mn in premium for business in CT, NJ, MA, and RI, helping HCI expand beyond Florida.
-
Hurricanes during the second half of 2020 have worsened the insurer’s risk-adjusted capitalization.
-
Centeno has three decades of insurance experience and focuses on D&O, M&A and tax liability cover.
-
Defence costs are expected to remain elevated, as weather losses have also weighed on results.
-
Fewer AOB cases contributed to easing the caseload down from a 2020 peak in October.
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