Florida carrier Security First will provide its paper to Embark MGA to launch what is being described as an “innovative” embedded HO5 offering through which the companies will enter the new home builders insurance segment in the Sunshine State.

Tampa-based P&C holding company Heritage Insurance Holdings has announced a new $10mn share repurchase plan.

Staff at state insurer of last resort Citizens Property Insurance Corporation of Florida have budgeted for $4.453bn of risk transfer through transitional reinsurance and the capital markets next year, which would be an increase from the $3.564bn placed this year.

Tomorrow marks the official conclusion of the 2024 Atlantic hurricane season, which ultimately delivered on expectations that it would be “hyperactive”, with a few surprises along the way.

Weiss Ratings has responded to the Florida Office of Insurance Regulation (OIR) issuing it a subpoena for information related to statements about the financial stability of the state’s insurance carriers by stating it was not “necessary”.

Florida insurance commissioner Mike Yaworsky has underlined the stability of the state’s property insurance market, pointing to rating upgrades for three Florida special tax bonds.

Aon has marked the end of an 18-month certification process with the launch of its Florida Flood v3.0 model at a time of great opportunity in the US flood insurance space. Sustainable Insurer talks to Dan Rees, director of US flood model development at Aon, to find out the motivations behind the updated model.

Property Claim Services (PCS) has issued an updated estimate of $14.7bn for insured losses from Hurricane Milton, almost three times its initial estimate of $5bn, The Insurer understands.

The Federal Emergency Management Agency (Fema) has said that more than 72,000 National Flood Insurance Program (NFIP) policyholders have filed claims in Florida from hurricanes Debby, Helene and Milton.

Verisk’s Extreme Event Solutions unit has become the latest modelling firm to provide a wide-ranging estimate for Hurricane Milton amid continued uncertainty over the ultimate quantum of insured losses from the event.

Karen Clark & Company (KCC) has estimated that privately insured losses from Hurricane Milton will be close to $36bn in the US as a result of wind, storm surge and inland flooding.

Hurricane Milton is not likely to affect credit for rated P&C insurers and global reinsurers, Fitch Ratings has said, adding that it does not expect most Florida property insurance specialists’ reinsurance programs to be exhausted.

Hurricane Milton’s rapid intensification on Monday to a Category 5 storm with Tampa Bay in its sights was met with a predictable sell-off of Florida carrier stocks as well as talk of a sudden shift in dynamics in the property cat reinsurance market ahead of 2025 renewals.

Hurricane Helene will likely become one of the 10 largest losses on record for the National Flood Insurance Program (NFIP) due to its expected impacts in the Tampa Bay region, with wind losses likely retained by primary insurers after the storm’s track took it east of Tallahassee and Atlanta, according to reinsurance broker Guy Carpenter.

Hurricane Helene has now weakened to a tropical storm as it passes northward through Georgia, having made landfall in Florida’s Big Bend region as a Category 4 storm.