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KBRA believes First Protective’s and Frontline’s strong underwriting and claims handling compares favourably with that of their Florida peers. -
The carrier had earlier signalled that uncertainty over reinsurance would affect its ability to write new business.
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Senate Bill 2A addresses key concerns in the Florida property market, including one-way attorney fees and assignment of benefits, the ratings agency said.
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The announcement comes on the helm of both houses of the Florida legislature passing the proposed overhaul of the state's property insurance market.
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The legislature met for a special session this week, discussing key concerns in the state's property insurance market.
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Affected areas in the state include Tangipahoa, St. Bernard and Terrebonne parishes, the town of Gretna, and the New Iberia area.
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The bill under discussion tackles key concerns like eliminating one-way attorney fees and getting rid of the state’s controversial assignment of benefits right.
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Citizens will be ineligible for the coverage, which will attract premiums ranging from rates-on-line of 50-65%.
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The broker has pegged the global reinsurance supply demand imbalance at $20bn-$30bn.
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The upcoming special session, which will take place from December 12 to 16, will need to consider how to make Florida attractive to national insurers and reinsurers.
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A FLOIR arrangement will help Floridians secure homeowners cover during hurricane season.
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The special session comes as the Florida market braces itself for the effects of the anticipated reinsurance market hardening, potential regional insolvencies and the dearth of private capital.
