florida insurance market News

HSCM Bermuda Takes Majority Stake in Florida Insurer Southern Fidelity After Merger

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 …

Florida Property Insurance Market Inches Closer to Crisis – Part 2

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 …

Florida Property Insurance Market Inches Closer to Crisis – Part 1

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 …

Judge Finds Strems Guilty of Misconduct; Advises 2-Year Suspension, Probation

After finding Florida attorney Scot Strems in violation of numerous rules regulated by The Florida Bar last month, the court-appointed referee overseeing his case has recommended a 24-month suspension followed by one year of probation. In a report issued to …

Florida Homeowners Insurtech TypTap Goes National; Plans Roll-Out in 20 States

After launching in Florida as a flood insurer in 2016 and expanding into the homeowners market in 2018, TypTap Insurance Co. has officially started the process of becoming a nationwide company. The technology-driven insurer and subsidiary of HCI Group launched …

Florida Attorney Behind Thousands of Insurer Lawsuits Violated 14 Bar Rules: Judge

Embattled Florida attorney Scot Strems, who, with his firm, has filed thousands of assignment of benefit and first party lawsuits against Florida property insurers over the last several years, has been found by a court-appointed referee to have violated more …

Hurricane Irma’s ‘Last Gasp’: 3-Year Claims Deadline Put to the Test

It’s been 3 years since Hurricane Irma made landfall in Florida as a Category 4 storm, and the trail of damage left in its wake is still being felt across the state today, particularly by the insurance industry as it …

Florida High Court Rejects Strems Bid to Dissolve Suspension; Contempt Petition Filed

A Florida attorney accused of causing great public harm through a “vast campaign of unprofessional, unethical, and fraudulent conduct,” by way of thousands of insurer lawsuits has lost his latest battle to overturn his suspension and now faces a petition …

Suspension of Florida Lawyer Accused of Causing ‘Great Public Harm’ Justified: Judge

A Florida judge has recommended the Florida Supreme Court deny the motion to dissolve the suspension of a Florida attorney who, with his firm, has filed thousands of assignment of benefit and first party lawsuits against Florida property insurers over …

Florida’s Citizens Accuses Embattled Law Firm, Others of Sham Lawsuits, Racketeering

Florida’s state-run Citizens Property Insurance Corp. has joined a chorus of insurance companies accusing the Strems Law Firm of lawsuit abuse. Citizens says it has lost millions of dollars due to an alleged scheme of “sham” claims by the law …