Florida

HCI trades up after announcing public offering plans and Citizens depop drive

HCI Group’s share price was up by more than 7 percent early on Thursday, as investors responded to the carrier announcing plans for an underwritten public offering, with part of the proceeds intended to facilitate the carrier’s continued assumption of policies from Florida’s residual insurer Citizens.

Citizens projects $5.5bn private market risk transfer for 2024

Citizens Property Insurance Corporation has projected a $5.5bn traditional reinsurance/capital markets placement for 2024, which at that level would be higher than the placement for 2023, while Florida’s state-run insurer has also highlighted its policy count is falling following reform and depopulation efforts.

HCI’s condo-focused CORE targets February for new business

HCI Group has confirmed its newly minted Condo Owners Reciprocal Exchange intends to commence operations in February 2024 by assuming policies representing $75mn of in-force premium from Citizens Property Insurance Corporation.

Atlantic hurricane season delivers welcome break from large losses

Today marks the official end of the 2023 Atlantic hurricane season, which generated the fourth-largest number of named storms on record. Given that statistic, the industry will welcome the paucity of insured loss activity which has arisen.

HCI’s condo-focused reciprocal exchange CORE secures FLOIR approval

HCI Group’s newly formed Condo Owners Reciprocal Exchange has received approval from Florida’s regulator to begin operating as a property and casualty insurer in the Sunshine State.

HCI’s Homeowners Choice assumes 53,750 policies from Citizens

HCI Group’s Homeowners Choice Property & Casualty Insurance Company has assumed approximately 53,750 policies from Florida’s state-backed Citizens Property Insurance Corporation.

Florida reciprocal start-up Orange secures BBB KBRA rating

KBRA has assigned a BBB insurance financial strength rating to Orange Insurance Exchange, the new Don Matz-led reciprocal insurer that formally launched operations in Florida earlier this month.

UK and Florida sign pact to boost trade and investment

UK Business and Trade Secretary Kemi Badenoch and Florida Governor Ron DeSantis have signed a memorandum of understanding to boost trade and investment between the UK and Florida in areas including reinsurance.

APCIA panel: Optimism that Florida reforms working but California concerns continue

There is “hopeful optimism” that the reforms to Florida’s property insurance market are having a positive impact on carriers’ results, while regulatory changes are needed in California lest it go the way of the Sunshine State with carrier retrenchment, attendees at the APCIA Annual Meeting have heard.

Griffin Highline-backed reciprocal Orange launches with Florida entry

Universal narrows op loss by 95% and says Idalia won’t attach reinsurance

Florida-based homeowners carrier Universal Insurance Holdings has reported a Q3 operating loss that dropped from $91.6mn in the prior-year period to $6.2mn with a net combined ratio that came in 28.5 points lower at 110.7 percent as its CEO pointed to “strong and improving underlying trends”.

Slide picks up renewal rights for 86,000 Farmers policies in Florida

Bruce Lucas-led Slide Insurance has acquired the renewal rights for 86,000 Florida homeowners policies from Farmers, a move that follows the insurer announcing a pullback from the Sunshine State in July.

Citizens CEO Cerio: Depop “going much better than we thought it would”

The CEO of Florida state-run insurer Citizens has highlighted the progress made in policy takeouts this year but highlighted that a greater reduction in policies in force is still needed before it can be viewed as “truly a residual market”.

Florida Senator Boyd sees no “big-deal” insurance legislative changes for ’24

The chairman of the Florida Senate insurance and banking committee has suggested that there are no “additional big-deal” insurance reforms that need to be done in the 2024 legislative session, while the state’s insurance commissioner has revealed a “couple more” carriers are being formed.

Progressive non-renews ~100,000 FL polices with Loggerhead to send replacement offers

Personal lines giant Progressive will send non-renewal notices to more than 100,000 Florida homeowners insurance policyholders after striking a deal with Loggerhead to send replacement offers, according to reports.

HCI’s TypTap approved to assume 25,000 policies from Florida Citizens

HCI Group’s TypTap Insurance Company subsidiary has been given the greenlight to assume up to 25,000 policies from Florida’s state-backed residual carrier Citizens Property Insurance Corporation.

Citizens bullish on takeouts lowering year-end policy count

Florida Citizens is optimistic it will end 2023 with around 1.3 million policies on its book, far lower than the 1.5 to 1.7 million it had forecast earlier in the year, following depopulation efforts from the Sunshine State’s insurer of last resort.

Griffin Highline Capital backing Matz-McNitt Florida start-up Orange

Former RenaissanceRe executive Michael Doak’s private equity firm Griffin Highline Capital is backing Florida residential insurance start-up Orange Insurance Exchange as it prepares for a December launch, The Insurer can reveal.

Florida homeowners market: back from the abyss?

After several brutal years of mounting losses, corporate failures, soaring reinsurance costs and rampant litigation, the once bleak outlook for the Florida homeowners market looks brighter following game-changing legislative reforms that have spurred what looks to be a return of reinsurer appetite.

Matz teams up with McNitt and Cabrillo on FL start-up Orange Insurance Exchange

Former Tower Hill executive Don Matz has teamed up with Michael McNitt and MGA Cabrillo to launch Florida residential insurance start-up Orange Insurance Exchange, which aims to begin underwriting in December in the voluntary market as well as considering Citizens takeouts, The Insurer can reveal.