June 6, 2024
Via: Insurance JournalPractitioners of Brazilian butt lift surgery, repeatedly in the news after infections and at least two patient deaths in south Florida, must now obtain medical malpractice liability insurance, thanks to a bill signed into law last month. House Bill 1561, […]
May 15, 2024
Via: JD SupraIf you’ve suffered any type of personal injury that leaves you with large medical bills, lost wages, pain and suffering, and other damages, you may be able to file suit against the insurance company of the negligent party. But one […]
April 8, 2024
Via: Reinsurance NewsFlorida’s property insurer of last resort, Citizens Property Insurance Corporation, aims to secure reinsurance coverage of approximately $5.5 billion across a sliver and core layer, as part of its 2024 risk transfer program. As we wrote previously, Citizens projected at […]
April 4, 2024
Via: Reinsurance NewsThe Florida insurance market continues to strengthen, showing signs that recent legislation is having positive impacts on the property insurance market, according to the state’s Insurance Commissioner Michael Yaworsky. Yaworsky’s comments stem from the Florida Office of Insurance Regulation’s (OIR) […]
January 10, 2024
Via: Artemis BMFlorida insurance carriers purchased 11% more in reinsurance over the course of 2023 than a year earlier and while market conditions were certainly hard, it was not as challenging as had been forecast for the domestic Floridian insurance market. In […]
December 18, 2023
Via: Artemis BMThe enactment of legislative reforms targeted at the insurance market in Florida has opened the runway for tens of billions in fresh capital to flow into the state from investors, John Seo, Co-Founder & Managing Director at Fermat Capital Management […]
December 5, 2023
Via: Artemis BMFlorida’s property insurer of last resort, Citizens Property Insurance Corporation, could increase its purchase of reinsurance and catastrophe bond backed risk transfer in 2024, with its new layer structure following the merging of its accounts suggesting as much as $5.5 […]
October 19, 2023
Via: Insurance BusinessFlorida’s insurance market has managed to see an upturn after years of struggling with profitability. This is according to Mark Friedlander of the Insurance Information Institute (Triple-I), who pointed to figures from the state’s insurance regulator. “According to data from […]
September 26, 2023
Via: Insurance BusinessCustomers in Florida are more dissatisfied with their homeowners’ insurance than customers in any other state, according to a new report from Clearsurance.com. The report found that Florida homeowners deal with several issues that make homeowners’ insurance more complicated than […]
August 28, 2023
Via: Reinsurance NewsFlorida is facing a significant hurricane threat this week, as tropical storm Idalia is forecast to become hurricane Idalia later today, before then heading over extremely warm Gulf waters towards Florida’s coast where the NHC forecast it could be near […]
August 2, 2023
Via: Insurance JournalFor the first time in three years, Florida’s struggling domestic residential property insurers have posted a quarterly profit, according to an analysis by S&P Global Market Intelligence. Excluding Citizens Property Insurance Corp., Florida property insurers reported $38.6 million in profit […]
July 17, 2023
Via: Insurance BusinessFlorida State Senator Tracie Davis has called on Governor Ron DeSantis to take immediate action and convene another special session to address skyrocketing insurance premiums and policy cancellations. Davis, who represents Jacksonville, said the property insurance reforms passed after a […]
July 13, 2023
Via: Insurance BusinessThe precarious state of Florida’s insurance market could cause the Republican Party to lose votes in the next election, a Trump ex-official has warned. Michael Caputo, who served as the assistant secretary of public affairs under former President Donald Trump’s […]
July 12, 2023
Via: Reinsurance NewsFarmers will no longer offer coverage in Florida, ending auto, home, and other policies in the state, with the decision set to impact an estimated 100,000 policyholders. The organisation notified the Florida Office of Insurance Regulation (OIR) of its decision. […]
June 29, 2023
Via: Insurance BusinessFlorida has a unique property insurance market consisting mostly of small and medium-sized local insurers that rely heavily on reinsurance. These companies serve to fill the gap left by national insurers that have shied away from providing coverage in the […]
May 24, 2023
Via: Reinsurance NewsAnalysts at BMO Capital Markets anticipate +30-40% reinsurance pricing-power increases at the mid-year Florida renewals, compared to reinsurance pricing of +28-38% at Jan 1. According to BMO’s analysts, Terms & Conditions remain “as tight as can be”, meaning reinsurers will […]
May 22, 2023
Via: Reinsurance NewsThe Florida insurance market is poised to experience a marked contrast during its June 1 renewal, characterised by an early and orderly process, according to JMP Securities. However, the renewal will also bring significant price increases as the market seeks […]
May 10, 2023
Via: Insurance JournalWith the Florida legislative changes passed in December – prohibiting assignments of benefits and one-way attorney fees – there is now an opportunity to change the dynamic in Florida and create a more stable market. Historically, the main tools to […]
April 6, 2023
Via: Reinsurance NewsKin Insurance, a direct-to-consumer home insurance company, closed a $100 million private placement catastrophe bond transaction, bringing Hestia Re Ltd.’s total outstanding limit to $275 million. Kin Interinsurance Network has secured a new reinsurance agreement with Hestia Re., a newly […]
March 23, 2023
Via: Insurance JournalMore than 18 months after he pleaded guilty to absconding with almost $5 million in premiums, a Florida insurance agent has been sentenced to 14 years in prison. John M. Thomas, 52, the former owner of Thomas Insurance agency in […]