Articles by Michael Adams

Florida Revises Insurer Solvency Review Process

The Florida legislature has approved legislation setting out new insurer solvency requirements while also requiring individuals to disclose information about any affiliated company. Sponsored by Senator David Simmons (R-Altamonte Springs) and Representative Clay Ingram (R-Pensacola), the bill (SB 1308) closely …

Florida’s Citizens Readies $1.5 Billion Catastrophe Bond Deal

Florida’s largest property insurer is preparing to transfer $3.1 billion in risk through a combination of reinsurance catastrophe bonds, including a $1.5 billion deal that is the largest of its kind on record. The Citizens Property Insurance Corp. board of …

Insurers Cooperated in Writing of Florida Rule on Gun Ownership

Florida lawmakers have approved legislation that supporters say will uphold a policyholder’s constitutional right to bear arms by preventing insurers from using gun ownership in underwriting. The Florida House of Representatives by a 77 to 44 margin signed-off on the …

Florida’s Heritage Insurance Hopes to Raise $100 Million in IPO

A Florida property insurer that provides insurance coverage to 128,000 homeowners is planning to go public by issuing an initial public offering (IPO) that could result in the insurer raising up to $100 million in new capital. Heritage Insurance Holdings, …

Florida’s Citizens to Shave Operating Costs by Consolidating Offices

Florida’s state-backed property insurer is seeking to control its operating costs by consolidating its office space, a move expected company officials say could save almost $12 million over the next five years. Citizens Property Insurance Corp. currently has offices in …

Mississippi Withdrawing Lawsuit Over Flood Insurance Rates

Mississippi’s insurance regulator is withdrawing his lawsuit against the federal government after Congress voted to delay changes to the federal flood insurance program. Mississippi Insurance Commissioner Mike Chaney said he is withdrawing the suit aimed at stopping flood insurance premium …

South Carolina Looks to Increase Home Mitigation Funding

South Carolina lawmakers are moving forward with a plan to increase grants to homeowners who strengthen their homes against storm damage. The South Carolina Senate Finance Committee approved the “Competitive Insurance Act,” which will provide $1.6 million additional funding for …

Carriers Being Selective with Florida’s Citizens Clearinghouse Agency Appointments

Florida’s state-backed Citizens Property Insurance Corp. says the initial opening of its new web-based clearinghouse designed to make it easier for private insurers to write its policies has been promising, although the number of policies removed by insurers has been …

Anticipating Hurricane Season, Florida Insurer Cancels Policyholders

A Florida insurer has decided to lessen its exposure in south Florida, cancelling thousands of policyholders in anticipation of the June 1 opening of hurricane season. People’s Trust Insurance Co. reported that it is cancelling about five percent of its …

Florida Sees Drop in Auto No-Fault Questionable Claims

A national study found that Florida has seen its first decrease in questionable automobile claims since state lawmakers rewrote the no-fault law in 2012. The National Crime Insurance Bureau conducted the report that looked at claims from 2010 to 2013. …