Florida Citizens


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 →

“Really significant” property insurance reforms for Florida: DeSantis

The Governor of Florida Ron DeSantis expects the special session of the legislature will deliver "really significant reforms" to Florida's property insurance sector, that he believes can stabilise the marketplace there. As we've been explaining, DeSantis set a special legislative session for later this month, with the primary goal of reforming read the full article →

Florida “flash point” as reinsurance market begins to throw in the towel: ALIRT

Having previously warned that the Florida insurance market has spent the last 30 years kicking the can of its problems down the road, a road that is now running out, ALIRT analysis now suggests the market is at a "flash point" moment, where it risks reinsurance capital pulling-back even more read the full article →

Florida Citizens new Everglades cat bond sized up to $200m as price rises

Florida’s Citizens Property Insurance Corporation's target for its new catastrophe bond now stands at up to $200 million, while pricing for the Everglades Re II Ltd. (Series 2022-1) transaction has risen to above the initial guidance, Artemis has learned. With Florida Citizens expanding rapidly, as policyholders return to the insurer of read the full article →

Florida Special Session to focus on fraud, AOB abuse & affordability: CFO Patronis

Florida's lawmakers are set to focus on affordability of property insurance for citizens of the state at the upcoming Special Session, with tackling fraud and abuse of assignment of benefits (AOB) both key areas to reform, according to the states CFO Jimmy Patronis. Speaking in the last hour, alongside Florida's Citizens read the full article →

More insurers seeking rate hikes of 23% to 49% in Florida

As the Florida market continues to grapple with its challenges, even with the promise of some legislative change being on the horizon through the upcoming Special Session, still carriers are pushing hard for steep rate rises in order to restore profitability. As we’ve been explaining in our coverage on Florida's property read the full article →

Cat Fund reform is crumbs, Floridians need a feast: Demotech’s Petrelli

The Florida property insurance market crisis that has unfolded through recent years won't be fixed by minor reforms to the Florida Hurricane Catastrophe Fund (FHCF), according to Demotech President and Co-Founder Joseph Petrelli. Speaking with Artemis, Petrelli explained that lawmakers need to address the critical issues of litigation and fraud, or read the full article →

Florida – “The theatre is on fire,” FHCF change won’t solve it: RenRe CEO

Commenting on the potential for legislative reform in the challenged property insurance market of Florida, RenaissanceRe CEO Kevin O'Donnell remarked that a reduction in the FHCF attachment point will change nothing for his reinsurance firm's view of risk in the state. Speaking during the RenaissanceRe (RenRe) first-quarter 2022 earnings call, O'Donnell read the full article →

Swiss Re not optimistic on Florida reinsurance pricing: CFO Dacey

Global reinsurance giant Swiss Re looks set to remain underweight on Florida reinsurance business, as unless the market accepts its view of risk, the company is unlikely to expand in the state and lacks optimism on the potential for pricing to rise adequately, its CFO John Dacey explained this morning. Speaking read the full article →

To ensure progress in Florida reinsurers could pull capacity: Assured Research

In order for progress to be made in reforming and fixing Florida's property insurance crisis, analysts at Assured Research have said that the only way to move forwards may be for reinsurance underwriters to pull capacity from the state. In a thought-piece on the state of the Florida property insurance market, read the full article →