Florida domestic carriers News

State Finds Florida Specialty Insurance Insolvent; 90K Homeowners Lose Coverage

Florida personal lines insurer Florida Specialty Insurance Co. (FSIC) has been ordered into receivership and will be liquidated after state regulators determined the company is insolvent and unable to establish a viable business plan moving forward. The Florida Department of …

As Irma Looms, This Small Insurer Has an Outsized Bet on Florida

As Hurricane Irma edges closer to Florida, investors on Wall Street are watching a small insurer with an unusually big commitment to the state. Universal Insurance Holdings Inc., with a market capitalization dwarfed by industry giants like Allstate Corp. and …

Florida Domestic Insurer Sawgrass Mutual to ‘Wind Down’ Operations

Just a day after being downgraded by ratings agency Demotech, Florida-based insurer Sawgrass Mutual Insurance Company has revealed it is under administrative supervision by the Florida Office of Insurance Regulation. According to an amended consent order for administrative supervision dated …

How Florida Insurers Can Prepare for Claims from a Major Hurricane

After eight hurricanes in two years between 2004 and 2005, we haven’t seen a hurricane in Florida for over 10 years. Has the state learned from those storms? Are the insurance companies ready? What about the independent adjusting companies, do …