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Florida property insurance woes persist with rate increases & non-renewals

Florida's property insurance market continues to be beset by challenges from losses, loss cost inflation (social inflation) and litigation, which is persistently driving a need for more rate, but also affecting property owners as insurers non-renew in a number of cases. Property insurers operating in Florida have been challenged for years, read the full article →

Acrisure hires Darling from Guy Carpenter for Florida reinsurance launch

Insurance and reinsurance broking group Acrisure has announced the launch of a Florida reinsurance unit under its Acrisure Re brand, hiring Craig Darling from Guy Carpenter to lead the new office. Acrisure Re has set up a Florida operation and Craig Darling has been hired and appointed as EVP and Office read the full article →

Social inflation hits Florida loss costs, but Universal still has $1.2bn Irma tower

Loss costs on Florida property insurance business continue to be impacted by social inflation, according to the CEO of Universal Insurance Holdings, but this hasn't put the carrier off writing more business in the state, with its Florida book expanding in Q2. Universal, the Florida headquartered and expansive primary insurance carrier, read the full article →

Nephila Capital’s MGA Velocity Risk pauses new Florida homeowners business

Velocity Risk Underwriters LLC, the managing general agency (MGA) operation of reinsurance, catastrophe, climate and weather risk-linked investment manager Nephila Capital, has paused accepting new homeowners business in Florida, citing a desire to control its rapidly grown portfolio in the State, we've learned. Please note: We've updated this article to clarify read the full article →

Aon launches Florida hurricane catastrophe risk model

Insurance and reinsurance broker Aon has announced the launch of a new Florida hurricane catastrophe risk model developed by its specialist Impact Forecasting unit, as it seeks to provide an alternative view of the risk to market participants. Aon said that the new Florida hurricane model brings together the latest research read the full article →

Florida property insurance reform continues with signing of SB 76

Governor of Florida Ron DeSantis signed into law the latest addition to efforts to reform the Florida property insurance market, as legislators try to stem rising prices and reduce insurance related litigation that has been inflating claims. Governor Ron DeSantis signed Senate Bill (SB) 76, which is his latest commitment to read the full article →

Florida’s carriers struggling to maintain surplus: AM Best

Rating agency AM Best has chimed in on the issues facing the Florida property insurance market and chief among them is the fact many are going to struggle to maintain their surpluses, leading some to downsize, shed business and move away from the coast. All of which have been factors that read the full article →

Rising combined ratios, lower capital, to drive Florida reinsurance demand

At the upcoming mid-year reinsurance renewals our sources suggest there could be increased demand for reinsurance protection coming out of Florida, despite the delicate financial position of many insurance carriers focused on the state. The twin effects of another year of elevated combined ratios for Florida's insurance carrier cohort, alongside the read the full article →

Demotech warns some Florida carriers must “markedly improve” in 2021

With thoughts turning to the key mid-year reinsurance renewals and negotiations already underway for many Florida domestic insurance carriers, rating agency Demotech has warned that nine carriers need to report "markedly improved operating results in 2021" to sustain their current rating level. Following up on its warning ten days ago that read the full article →

Access to capital key in “dysfunctional” Florida insurance market

Florida's insurance marketplace needs targeted legislative reform to address the numerous issues being faced by carriers in the state according to Demotech, while access to additional capital remains key for the "dysfunctional" marketplace. Rating agency Demotech, Inc. has laid out some of the issues facing Florida's property insurers, citing an urgent read the full article →