Florida insurance and reinsurance market news

The recently enacted legislative reforms to Florida’s property insurance marketplace have the potential to alleviate some of the concerns of the insurance-linked securities (ILS) industry over prolonged trapping of capital, according to AM Best.

The package of reforms targeting Florida’s beleaguered property insurance sector that passed the House of Representatives this week will “save the insurance industry” according to Slide CEO Bruce Lucas, who also said that the reforms can make Florida’s market more attractive for reinsurance capital providers.

The package of reforms to Florida’s property insurance market contained in the Bill being debated during this week’s Special Session has now passed its final real hurdle in the Legislature, having been approved in the House of Representatives. It’s a meaningful step in the right direction, but no panacea for all of Florida’s future insurance […]

Hurricane Ian’s impacts in Florida and on its property insurers could have sounded a death knell for many of them, were it not for the support they’re receiving from their catastrophe reinsurance arrangements, ALIRT Insurance Research has said.

Some new reinsurance capital could begin to flow in advance of the Florida focused June renewal season at June 1st 2023, according to Chris Dittman, Head of Florida Strategy at Aon’s Reinsurance Solutions.

Florida’s property insurance reform Bill continues to make speedy progress through this week’s Special Session of the legislature, with it now having passed the Senate, as a largely party-lines vote approved the measures.

The proposed bill containing property insurance industry reforms for the state of Florida has passed the Senate Banking and Insurance Committee unchanged, the first hurdle it faces this week.

The property insurance related legislation currently being debated by lawmakers during Florida’s Special Session is seen as “historic” by the CEO of the state’s insurer of last resort, Citizens Property Insurance Corporation.

FedNat Holding Company, the regional insurance holding company of the Florida-focused carrier group, has now filed for bankruptcy protection alongside a number of wholly-owned subsidiaries, as its restructuring continues.

Florida’s personal property carriers are having another very difficult year, with policyholders surplus being down by 23.5% across the group by the end of the third-quarter of 2022, new data from reinsurance broker Gallagher Re shows.