Florida Citizens

Speaking on a panel at Trading Risk New York, Montero said that the previous guidance was assuming a track closer to Tampa.

Loss creep from Hurricane Ida has led to the loss and an increase in loss reserves.

The guaranty association’s board voted on Friday to extend an existing 0.7% assessment into 2023.

UPC policyholders could be force-placed by their mortgage lender.

Sources have suggested that Weston's policy count is about 20,000 policies, of which most are wind-only.

The purpose of the agreement is to allow insurers to meet the guidelines set forth by Fannie Mae and Freddie Mac.

No matter what the outcome, further market dislocation is on its way – but there are various band-aid options that could help Florida insurers limp through hurricane season.

The $2.5bn includes $1.45bn of newly placed limit and $1.06bn of existing coverage.

The latest forecast from the insurer of last resort envisages 1.55 million policies by the end of 2023.

The state-backed carrier has seen massive growth in the distressed Florida market.

The state-backed carrier hopes to fill out more of the gaps in the coming days.

Industry association FAIR said a full reinsurance backstop should be provided.