March 8, 2023
Heritage Insurance Holdings Inc. (HRTG) on Thursday reported fourth-quarter net income of $12.5 million, after reporting a loss in the same period a year earlier. For the year 2022, though, the company reported that its loss widened to $154.4 million, …
June 6, 2022
The Demotech insurance industry rating firm has withdrawn the financial stability rating for Southern Fidelity Insurance Co. after the carrier said it was unable to complete its reinsurance program at the start of hurricane season. Southern Fidelity was founded in …
February 1, 2022
Another Florida property insurer is taking major steps to cut its losses, including suspending the writing of new homeowner policies starting this week – the latest warning sign about the state’s distressed insurance market. Florida Farm Bureau Insurance, a 50-year-old …
May 12, 2021
More than 50,000 Florida policyholders will soon be looking for a new carrier for their homeowners insurance after three Florida-based companies were approved by the state regulator to drop the policies. The moves come just a few weeks before the …
March 12, 2021
The Florida Office of Insurance Regulation will conduct a rate hearing on Monday, March 15 on proposed rate increases from Citizens Property Insurance Corp. The hearing will be held virtually at 9 am EST and will include testimony and public …
January 28, 2021
After holding off on approving its 2021 rates last month, Citizens Property Insurance Corporation’s Board of Governors has approved rate recommendations that the insurer says will make its rates more competitive with the private market to slow the flow of …
January 13, 2021
Florida homeowners’ insurance specialists are reporting continued performance deterioration and a decline in capitalization levels, despite the most severe losses from the record 2020 hurricane season occurring outside of the Florida market, Fitch Ratings said in a recent report. According …
December 29, 2020
It was another busy year for the Southeast region – from Florida’s distressed property insurance market to the COVID-19 pandemic, there was plenty of news to follow. Some of the top insurance topics this year included: Florida, Florida, Florida The …
December 22, 2020
Florida’s fluctuating and volatile private market may be instigating long-term policy growth for Citizens Property Insurance Corp. and creating serious obstacles to its position as the state’s residual insurer, according to a new study. The 236-page “Exposure Reduction and Depopulation …
December 17, 2020
Citing a flood of new policies entering Citizens Property Insurance Corp. and a growing disparity between its rates and rising rates of private insurance companies, the board of Florida’s insurer of last resort voted unanimously to postpone final action on …