-
The state Governor’s goal is ‘to have a functioning market’ for property insurance in Florida.
-
March tolls second-highest monthly count since Senate Bill 76 took effect last July.
-
The downgrade was attributed to weather claims from Louisiana and Texas following the company’s expansion into those markets.
-
The Florida governor said action was needed to prevent more carriers from failing.
-
The consolidation plan, subject to regulatory approval, seeks to create a more efficient operating structure for United going forward.
-
Downgrades are expected to be announced next week for some Florida carriers that are “already winding down”.
-
The ratings were withdrawn after the reports for the full-year 2021 fell short of requirements to maintain it, Joseph Petrelli, president at Demotech said.
-
The move will leave nearly 8,000 affluent customers without coverage and unable to turn to state-backed insurer Citizens Property Insurance.
-
The agency linked the downgrade to the group’s 28% surplus decline in 2021 from the prior year and a total decline of 35% over the last five years.
-
The firm says that, without change, firms will be downgraded in the coming weeks.
-
New litigated claims were down 11% from January, when lawsuits had spiked.
-
Ceded premiums earned were also up by 27.7% due to new quota share agreements.