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By failing to pass plans for new roof damage deductible, Citizens Property policy reductions, Florida lawmakers left property insurance reforms in limbo.
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Exposure management is prevalent and underwriting profitability is patchy.
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The Florida Senate passed Senate bill SB 1728 last Thursday, but it seems to have stalled in the state’s House of Representatives.
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The company’s convertible notes now have $24mn outstanding.
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Reciprocal carriers could become more popular, but while this could better serve capital providers it does nothing to address underlying problems.
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The Senate bill contains a highly debated provision that could cause homeowners to face a new deductible for roof-damage claims.
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The Floridian carrier recorded $8.1mn cat losses net of reinsurance compared with $27.9mn a year earlier.
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The mid-year renewal will be a challenge as rates increase to reflect market costs
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A similar ‘day of reckoning’ could befall many other carriers as 1.6 approaches, the ratings firm said.
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This is the first month-on-month rise in claims since July 2021, despite last year's reforms.
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Universal Insurance Holdings books $30.7mn reserve charge and sees $21.5mn in weather above plan for Q4, with shares plunging on the news.
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State Senator Jeff Brandes withdrew his amendment to an insurance omnibus bill but said he would bring the concept back before the legislature.