Florida

Willis Re: Wide gap remains between booked and estimated Covid-19 losses

In an analysis of 2020 results, Willis Re has highlighted the significant degree of uncertainty around ultimate Covid-19 losses as well as noting that capital raising has continued into 2021 with $4bn raised so far and a further $2bn contemplated.

WTW brings legal action over CRB exodus to Lockton in Florida

Willis Towers Watson has filed an emergency motion to halt the loss of “millions of dollars” of revenue after Lockton hired 25 of its Florida-based Corporate Risk and Broking staff.

Florida head Zutel among 25 exits from Willis CRB to Lockton

A group of approximately 25 Florida-focused Willis Towers Watson Corporate Risk & Broking (CRB) staff led by producer Fred Zutel have left the business and joined rival Lockton, The Insurer can reveal.

Property insurance bill heads to Florida Senate floor

The Florida Senate Rules Committee has passed a bill that takes aim at excessive attorney fee awards in property insurance cases, with the legislation now heading for consideration by the full Senate.

Florida carriers signal modest uptick in cat fund participation

The take-up of the Florida Hurricane Catastrophe Fund (FHCF) by private insurers is projected to edge up in 2021, with the average coverage level increasing from 85.94 percent of the available limit last year to 86.16 percent.

FedNat ups 2020 net loss after fundraise

Florida-based homeowners insurance specialist FedNat Holding has revealed that the $73mn 2020 net loss reported in its full-year results and the prospectus for its just-completed fundraise was understated as it estimated a new range of $77mn to $80mn.

Applied Underwriters acquires Florida-based Ashmere

Applied Underwriters has acquired Florida Casualty Insurance Company (FCIC), formerly Ashmere Insurance Company, with the acquisition marking the latest in a series of expansionary moves for the carrier.

Demotech issues affirmations but warns several carriers to “markedly improve” results to keep A rating

Demotech has updated on its year-end results review process as it issued further affirmations but warned a total of nine Florida property specialist insurers that they must report “markedly improved” operating results in 2021 and meet other financial metrics to hold onto their A ratings.

Everest exits tightening Florida condo market

The Florida condominium market has become a “micro hard market” so far this year with Everest Re withdrawing from the space completely and retrenchment along with churn of capacity among other carriers and MGAs.

Florida: Déjà vu with a different outcome?

It is not unusual in early March to be talking about the woes of the Florida specialist homeowners and property insurance marketplace and whether its participants will all still be around by the time it comes to the mid-year reinsurance renewal.

FedNat prices downsized $16.6mn capital raise

FedNat Holding Company will raise $16.63mn from an underwritten public offering of 3.5 million shares of its common stock, which is less than the 6.5 million shares it proposed offering last week.

Florida carrier annual statements reveal 2020 pain

With around half of the 40+ specialist Florida homeowners carriers rated by Demotech yet to be affirmed as the ratings agency continues its year-end review, analysis of annual statements by The Insurer reveals worsening pain for underwriters, with aggregate operating losses increasing five-fold.

Property insurance reform bill clears Florida Senate committee

A bill that takes aim at excessive attorney fee awards in Florida property insurance cases has passed the state’s Senate Judiciary Committee, the second committee to clear the legislation.

Florida homeowners specialists await fate as Demotech assesses 2020 damage

Around half of the Florida homeowners specialists rated by Demotech, including four of the five publicly traded carriers, are awaiting the outcome of the ratings agency’s review of year-end 2020 financials after another painful year for the cohort, especially those that have diversified outside the Sunshine State.

Demotech and AM Best act on AmCap ratings after surplus drops 64% in 2021

Demotech has pulled its rating from American Capital Assurance Corp (AmCap) while AM Best has slashed its rating from A- to C after the Florida-based commercial residential and flood specialist reported surplus that plunged from $61mn to just $22mn in 2020 on the back of multiple severe weather losses.

Upsized Citizens reinsurance shows ill-health of FL homeowners market

Fast-growing Citizens looks to upsize cat cover by 160% to $2.6bn

Florida’s insurer of last resort Citizens is aiming to significantly scale up its private risk transfer program ahead of the 2021 hurricane season from expiring limit of $1.02bn to around $2.6bn across its coastal and personal lines accounts as it addresses an expanding exposure base.

FedNat confirms ex-Florida tower and says expects less reinsurance spend in ‘21

The CEO of Florida-based FedNat Holding Company expects his company to spend less on reinsurance this year as a result of splitting its catastrophe tower, in a move first revealed by The Insurer yesterday, while the insurer’s share price fell 9 percent on Wednesday as a strategic committee explores options to strengthen its capital position.

FedNat in market for back-up cover after Texas winter storm

FedNat and its broker Aon have been in the market looking to secure back-up reinsurance protection following last month’s Texas winter storm, with the homeowners specialist also expected to restructure its 1 July cat placement to purchase a separate tower for its ex-Florida book, The Insurer can reveal.

Insurers call for reform as Florida legislative session gets underway

As Florida’s new legislative session begins, the insurance industry is backing two bills that would reform the state’s property insurance market, which the American Property Casualty Insurance Association (APCIA) says is at “a crisis point”.