Florida

FedNat ups Florida QS and seeks additional protection after heavy Q3 cats and Delta hit

Homeowners carrier FedNat is restricting new Florida business and looking to buy extra reinsurance after confirming pre-tax net cat losses of $44.9mn for Q3, largely from hurricanes Laura and Sally, and warning that Delta will also exceed its cat retention of $25mn.

Olympus brings in Rollins as CFO

Olympus Insurance Company has named former Citizens executive John Rollins as CFO.

Heritage estimates net $24.5mn Q3 cat hit

Florida’s Heritage Insurance Holdings expects its results for the third quarter of this year to include approximately $24.5mn of net catastrophe losses, mainly as a result of Hurricanes Isaias and Sally.

Florida’s broken record jumps to a different tune

After several years of mounting pressures for writers of Florida homeowners insurance business, a culmination of hard market reinsurance conditions and a series of loss events outside of the state could trigger the long-awaited day of reckoning for several players in the market.

Floridians look at capital raises and M&A amid surplus and reinsurance pressures

Southern Fidelity is among a number of Florida-based homeowners carriers looking to raise capital or find other solutions to address the impact on surplus from the spate of hurricanes that have hit adjacent states they have expanded into, The Insurer can reveal.

Cypress promotes Rine to president

Florida homeowners insurer Cypress Property & Casualty Insurance Company has named Jay Rine as its new president and hired Trevor Hillier to take his former role as CFO and treasurer.

Sally follows Laura in attaching FedNat’s reinsurance cover

Hurricane Sally losses in Alabama and the Florida Panhandle will exceed the single-event aggregate reinsurance retention of $25mn for FedNat, the homeowners carrier has confirmed in a filing.

Floridians’ geographical gain = Q3 pain

Diversifying outside of Florida in recent years through M&A and organically adding state licenses has been a tactic deployed by a number of homeowners carriers seeking respite from the challenges of the Sunshine State.

Universal receives regulatory sign off for Tennessee entry

Florida’s Universal Insurance Holdings’ P&C subsidiary has received regulatory approval to become a licensed carrier in Tennessee.

Cyber insurtech Coalition enters Florida’s admitted market

Insurtech Coalition has been given the green light by the Florida Office of Insurance Regulation to begin offering its comprehensive cyber coverage on an admitted basis in the Sunshine State.

FedNat CEO calls for further Florida reform as losses outpace rate hikes

FedNat’s management has revealed that reinsurers took $46mn of its $94.2mn gross catastrophe losses in the second quarter, while CEO Michael Braun has called for further Florida reform with losses in the state still outpacing rate increases.

HCI gross premiums grow 29% in Q2

HCI Group has reported its gross written premiums increased to $172mn in the second quarter from $133mn in the prior period, while its percentage of premiums earned that was ceded dropped.

FedNat Q2 CR soars as severe weather takes its toll

FedNat Holding’s combined ratio soared to 147.9 percent in 2020’s second quarter and the carrier ended the period with an adjusted operating loss of $28.1mn after being hit by severe weather events in Florida and the Southeast US.

UPC Q2 CR drops 8.8 points as company focuses on U/W profit

United Insurance Holdings’ (UPC) second quarter 2020 underlying combined ratio shed 8.8 points year on year despite it being an active period for non-named catastrophes as the company continues to focus on what it called its “top strategic priority” of earning an underwriting profit.

Heritage posts Q2 CR of 100% as GPW jumps

Heritage Insurance Holdings has posted a 100 percent combined ratio for the second quarter and a 14 percent increase in its gross premiums written (GPW), after pre-announcing that its operations would take a net $26.8mn hit from weather-related losses during the period.

Isaias becomes hurricane as intensity forecast increases

Hurricane Isaias is continuing to track towards the US East Coast this morning with the storm having intensified overnight.

Universal sees no ramp up of Irma claims in Q2

Florida carrier Universal Insurance has reported that new Hurricane Irma claims stayed steady in the second quarter, despite an anticipated increase for the market ahead of the claims window for the 2017 storm closing soon.

Tropical Storm Isaias struggles to gain strength on route to Florida

Tropical Storm Isaias is expected to reach Florida over the weekend after becoming the ninth named storm of the 2020 Atlantic season.

FedNat pegs Q2 cat losses at $48.3mn

Floridian carrier FedNat has estimated it expects to suffer $48.3mn in cat losses net of recoveries and reinsurance in the second quarter.

UPC gives new roles to Martz and Dittman as Peed focuses on UW profitability

United Insurance Holdings (UPC Insurance) has expanded the role of CFO Bradford Martz to president and appointed reinsurance buyer Chris Dittman to the newly created position of chief risk officer.

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