After a tumultuous year that included double-digit rate increases, an intervention by the state regulator and a merger, Florida-based insurer Southern Fidelity Insurance Co. (SFIC) and its affiliated entities have ceded a majority stake in ownership to Hudson Structure Capital …
The Florida Office of Insurance Regulation is monitoring the state’s property insurance situation that is seen as in a crisis by those in the industry. The regulator said the insurance market has been buffeted by multiple hurricanes in the last …
After years of warnings that the Florida property insurance market was heading towards an availability crisis, many in the industry say the moment of reckoning has arrived. They blame unchecked claims litigation from non-catastrophe water losses and rising reinsurance rates …
The property insurance market in Florida has significantly shifted in market share as Citizens Property Insurance Corp. (Citizens)—the state-run property insurance company—continues to depopulate and move policyholders to the private market, which has increasingly seen the emergence of newly formed, …
Florida’s insurance regulator has approved rate decreases for policyholders of Citizens Property Insurance Corp. The approval means for the first time in five years a majority of the state-backed insurer’s 998,800 policyholders will see rates go down on average. Florida …
It’s been nearly eight years since Hurricane Wilma raked the southern end of Florida and caused billions in damages, the last of eight hurricanes to hit the state in 2004 and 2005. Yet even as the state has been spared …
