florida insurance market News

Southern Fidelity Loses Rating; Heritage, People’s Trust Complete Re Programs

The Demotech insurance industry rating firm has withdrawn the financial stability rating for Southern Fidelity Insurance Co. after the carrier said it was unable to complete its reinsurance program at the start of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 …

Florida Farm Bureau Action Plan Says it Will Stop Writing New HO Policies

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 …

3 Florida Insurers to Drop Thousands of Policies, Make Moves to Stay Afloat

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 …

Florida Regulator to Hold Hearing for Proposed Citizens’ Rate Increases

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 …

Florida’s Citizens Seeks to Stem Flow of New Policies with Drastic Rate Changes

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 …

Fitch: Florida Homeowners’ Insurers Performance Deterioration Continues

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 …

Insurance Journal’s Most Noteworthy Topics of 2020: Southeast Region

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 …

Florida Market Stabilization Critical to Reducing Citizens’ Exposure: Study

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 …

Citizens to Delay Rate Increases, For Now

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 …

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 …