Florida

Dorian could reach Cat 4 strength at Florida landfall

Forecasting models are showing an increased confidence that Hurricane Dorian will hit the east coast of Florida over the Labor Day weekend as a major hurricane that could reach Category 4 intensity.

Florida shares hit as Dorian threatens to be Cat 3 hurricane

Dorian is now forecast to threaten the Florida coast with winds at Category 3 strength, sending shares in the state’s homeowners insurers down in trading this afternoon.

Insurtech Kin raises $47mn to launch Florida reciprocal exchange

Kin Insurance has raised $47mn from new investors including Avanta, Hudson Structured Capital Management and UChicago Startup Investment Program.

Florida Specialty still pursuing MGA transition after Demotech downgrade

Florida Specialty is understood to be working on a renewal rights deal with Tower Hill for the H03 homeowners portion of its book as it continues its attempts to transition from a carrier to an MGA, The Insurer can reveal.

TransRe fronts for Fermat on flat FHCF renewal

There was confirmation of TransRe’s fronting arrangement for Fermat Capital Management as the ILS fund significantly upsized its participation on the excess of loss reinsurance cover for the Florida Hurricane Catastrophe Fund (FHCF).

Florida Peninsula in $30mn capital raise

Top ten Florida homeowners insurer Florida Peninsula Holdings has raised $30mn of capital in the form of a senior debt facility in a transaction put together by Stonybrook Capital.

American Integrity names Dowd as executive VP

Former Aegis General senior vice president Dick Dowd has joined American Integrity as executive vice president responsible for all sales and marketing staff and initiatives.

Florida carriers reveal Q2 AOB surge ahead of expected abatement

Florida insurance CEOs on Q2 earnings calls predicted that a spike of assignment of benefit (AOB) cases ahead of reform enacted 1 July was the “dying breath” of an issue that has plagued the industry.

HCI’s insurtech transition accelerates with Q2 TypTap growth

HCI Group made progress with its goal of transforming its core insurance business to an insurtech insurance in the second quarter, with TypTap’s gross premiums more than doubling over the first quarter.

FedNat’s Maison acquisition expected to close in December

Florida insurer FedNat Holdings has provided an update on its Maison acquisition while reporting second quarter adjusted operating income of $5.7mn, down from $9.1mn for the same period of 2018.

Cat-hit Florida insurers’ shares slide further

FedNat’s share price fell 8.4 percent yesterday while the shares of Heritage and United Insurance Holdings (UPC Insurance) also fell.

UPC reveals $31mn hit from 2018 loss creep and Q2 cats

United Insurance Holdings (UPC Insurance) has warned it expects to incur $15mn of adverse development from accident year 2018 and $16mn of net losses from second quarter catastrophes.

Heritage leads Florida shares down with 8% dip on cat losses

Investors reacted negatively to preannounced hail and wind-related losses for the second quarter from Florida homeowners insurers Heritage and FedNat.

Downes steps away from Universal CEO role

Sean Downes is leaving his position as CEO of Universal Insurance Holdings at the end of this week, with current COO Stephen Donaghy replacing him in the position at the Florida homeowners insurer.

FedNat confirms combined cat cover with Maison

FedNat placed $147mn of additional private market limit as it combined its pending Maison acquisition with its Monarch and core FedNet operation into a single reinsurance programme.

FedNat hires former Heritage CUO to lead Monarch growth

FedNat has hired former Heritage and UPC Insurance executive Mel Russell as vice president and head of its Monarch National subsidiary.

DE Shaw writes biggest share of Citizens’ 2019 placements

Collateralised reinsurer DE Shaw Re wrote just over 21 percent of the limit secured by Florida’s Citizens on the layers of its traditional programme placed at 1 June 2019, including a $100mn line on its new personal lines account (PLA) cover.

FedNat could delay Maison deal – analyst

Florida homeowners insurer FedNat could delay the close of its acquisition of Maison Insurance Company until after the wind season, according to JMP Securities analyst Matthew Carletti.

Citizens slashes rate request by 43% after AOB reform

Florida’s state-backed insurer Citizens is seeking board approval to file a revised capped 4.7 percent rate increase for personal lines business that is well below the 8.2 percent increase it filed for at the end of last year.

Florida’s governor approves bill to increase FHCF reimbursement

Florida’s governor Ron DeSantis has approved legislation that increases the required loss adjustment expenses (LAE) reimbursement covered by the state’s catastrophe fund and tweaks surplus lines rules.

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