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Florida Citizens struggles to fill reinsurance towers, only ~36% secured so far

Florida’s Citizens Property Insurance Corporation, the property insurer of last resort in the state, continues to work on filling out its reinsurance towers for the 2022 wind season, a process that has been a particular struggle given the challenging reinsurance market environment. As of this time, Florida Citizens has only secured read the full article →

Florida property insurance legislation “inadequate”, says Demotech’s Petrelli

In an exclusive interview with Artemis, Joseph Petrelli, President and Co-Founder of rating agency and consultant Demotech, Inc. explained that the special session reforms passed by the Florida legislature last week are "inadequate", when measured against what the state really needs to fix its property insurance marketplace. Petrelli told us recently read the full article →

Florida property reforms pass House, but reinsurers to remain sceptical

Progress on property insurance reform continues in the state of Florida, with the first bill from the special session now passing through the legislature having been approved on the House floor, to now make its way to the Governor for signing. But the reinsurance market is likely to remain sceptical of read the full article →

Florida insurance reforms pass Senate, but may not save all carriers

Florida's lawmakers continue to progress new legislation that they hope will stabilise the states dysfunctional property insurance market, with the package of bills now passing the Senate and heading to the House today. This is the second hurdle for the property insurance reforms, after they passed a committee on Monday. During a read the full article →

Florida’s insurance carriers over-litigated, not under-capitalized: Demotech’s Petrelli

Florida's insurance carriers face one problem above all others, the fact that they are over-litigated and being badly affected by a litigious property insurance claims environment where fraud has been de rigueur. This is according to Joseph Petrelli, President and Co-Founder of rating agency and consultant Demotech, Inc., who believes it read the full article →

Florida insurance bills pass first hurdle. But details to matter

Florida's Legislature made progress on some of the property insurance reform bills that were heard by a committee yesterday, moving them on to the Senate, but the details underlying the reforms will matter for the reinsurance market and the prospects of meaningful change. Positively though, the fact legislation is making progress read the full article →

Florida: Some carriers are on life support, others about to pull the plug

Driving home the seriousness of the situation in Florida's property insurance market today, the sponsor of one of the bills being discussed at the special legislative session in Tallahassee said on the floor that some carriers in the state are "on life support." The bill, brought to the special session by read the full article →

Florida’s special session property insurance reforms: Opportunity lost?

Industry contacts have been raising concerns over the weekend, that proposed property insurance related legislation set to be raised during Florida's special session of the legislature this week will not go far enough on litigation and won't do enough to bring reinsurance market confidence back to the state. Bills have been read the full article →

Florida Citizens secures PLA cat bond at $200m, priced above guidance

Florida’s Citizens Property Insurance Corporation has now secured its latest catastrophe bond that will provide it $200 million of reinsurance protection, but pricing for the Everglades Re II Ltd. (Series 2022-1) transaction eventually settled above the initial guidance. Readers will know we've been covering Florida Citizens experience in the reinsurance and read the full article →

Citizens had planned more cat bonds for 2022, but pricing not conducive

Florida's Citizens Property Insurance Corporation had originally been seeking more catastrophe bond backed reinsurance for 2022, specifically to fill out layers of its Coastal Account reinsurance tower, but pricing feedback from investors caused the insurer to change plans and these cat bond tranches never made it to market. This news came read the full article →