Florida

Industry ultimate Irma loss up 11.4% in Q4: FHCF

There was further significant creep in the projected industry ultimate incurred Irma loss in the fourth quarter as the total grew 11.4 percent to $14.13bn, according to the Florida Hurricane Catastrophe Fund (FHCF).

Avatar to buy Centauri in latest Florida M&A deal

Avatar Partners is set to buy Centauri National Insurance Company and Centauri Specialty Insurance Company in the latest of a flurry of Florida homeowners M&A transactions.

Bad faith reform is APCIA’s top Florida legislative priority for 2020

The American Property Casualty Insurance Association (APCIA) has revealed that its primary focus for Florida this year is on the state’s bad faith laws, workers compensation system and the assignment of benefits (AOB) in auto glass repairs.

Florida insurer Weston to buy Anchor Specialty

Florida insurer Weston Insurance has agreed a deal to buy Texas carrier Anchor Specialty Insurance and its associated MGA, The Insurer can reveal.

New Paradigm adds Grunewald as it targets further expansion

New Paradigm Underwriters has hired former Greenlight Re deputy chief underwriting officer Matthew Grunewald as the managing general agent looks to secure additional reinsurance support to fuel further growth.

Florida’s HCI Group agrees to buy $69mn Anchor P&C book

Homeowners Choice Property & Casualty Insurance Company is set to buy all the insurance policies of its smaller Florida rival Anchor Property & Casualty Insurance Company in what is expected to be the first of a flurry of portfolio and M&A deals in the Sunshine State.

Florida – this time the squeeze is real

For the third time in four years, Florida’s homeowners insurance market is entering the first quarter in a state of great uncertainty as the deteriorating operating environment again brings the prospect of ratings downgrades in the crucial months leading up to the hurricane season.

Run-off warning as Demotech prepares to begin Florida downgrades

Demotech will this week begin issuing statements on the 46 Florida-focussed carriers it rates with the majority to be affirmed but a number set to be downgraded or to seek a sale to avoid that outcome, while others may end up in run-off.

Demotech issues downgrade threat as Florida homeowners pressure mounts

Demotech has warned that it could downgrade up to 19 Florida homeowners carriers once it has reviewed year-end 2019 financials as the deteriorating operating environment in the state continues to impair profitability.

UPC ups AOP reinsurance cover at 1.1

Florida insurer United Insurance Holdings (UPC) purchased more all other perils (AOP) coverage but increased its aggregate catastrophe excess of loss (XOL) retention at the 1.1 reinsurance renewals.

Greenlight Re non-renewed Windhaven after reducing exposure with retro

Greenlight Re had ceded a significant portion of its exposure from failed Windhaven Insurance to the retro market before non-renewing its reinsurance of the Florida non-standard auto (NSA) insurer last summer.

Liquidation of Florida insurer Windhaven takes effect

Windhaven Insurance, a major cedant of Greenlight Re until last year, has officially moved into liquidation after it was determined that attempts to rehabilitate the Florida private passenger insurer would be useless.

Edison requests 21.9% hike in Florida homeowners rates as water claims surge

Edison Insurance Company is awaiting a ruling on its request to increase homeowners rates in Florida by 21.9 percent – below the 34.7 percent its actuaries said was needed – as lawsuits continue to drive up the cost of water damage claims in the state despite recent regulatory reforms.

Florida auto insurer Windhaven placed into rehabilitation

Erstwhile Greenlight Re counterparty Windhaven Insurance Company, a Florida writer of non-standard private passenger insurance coverage, has been placed into rehabilitation amid allegations of under-reserving.

Florida Citizens will look at options to further reduce exposure

The board of Florida’s state-backed carrier Citizens has responded to calls to further cut its policy count by agreeing to seek an outside review of options to reduce its footprint while continuing to protect property owners in the Sunshine State.

Patriot adds SIG to fuel Florida expansion

Expansive US insurance agency Patriot Growth Insurance Services has entered the Florida marketplace through the addition of Shapiro Insurance Group (SIG) to its platform.

State Farm enters Florida E&S homeowners platform

State Farm’s E&S platform Dover Bay Specialty Insurance Company has begun underwriting in Florida as the US insurance giant looks to broaden its offering in the Sunshine State to coastal areas it had retreated from in the last decade, The Insurer can reveal.

FedNat joins Florida peers in upping Irma gross loss

Florida insurer FedNat has increased its gross loss estimate of Hurricane Irma losses by $40mn and Hurricane Michael by $50mn.

HCI GWP up 7.6% in Q3 on insurtech TypTap growth

HCI Group has reported consolidated gross written premiums of $97.3mn, up 7.6 percent from $90.4mn in the third quarter of 2018, reflecting the growth of insurtech subsidiary TypTap Insurance.

Court gives FIGA green light to pay Florida Specialty claims

A judge has ruled that the Florida Insurance Guaranty Association (FIGA) may make claims and unearned premium payments to Florida Specialty Insurance Company (FSIC) policyholders without the court making a new insolvency finding.

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