Florida property insurance market News

Florida’s Property Insurance Market Is ‘Spiraling Towards Collapse’ Due to Litigation: Report

Florida’s property insurance market is “spiraling towards collapse” and requires immediate attention if there is any chance of protecting the market, consumers, and ultimately, the state’s economy, according to an analysis about to be presented to the Florida Legislature. The …

Best Downgrades Ratings of Tower Hill Prime Insurance of Florida

AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “a-” of Tower Hill Prime Insurance Co., headquartered in Gainesville, Fla. The outlook of …

As FAIA Chief Grady Says Goodbye, He Shares His Top 10 Moments

For 22 years, the Florida Association of Insurance Agents has been led by Jeff Grady, president and chief executive officer, who admits that when he started all those years ago he did not expect to “fall in love with insurance …

Florida’s Capitol Preferred to Shed Nearly 24K Policies; Regulator to Monitor Operations

Capitol Preferred Insurance Co., one of the top writers of homeowners insurance in Florida, has received approval from the state’s insurance regulator to shed 23,800 policies just weeks before the start of hurricane season. In a May 12 consent order, …

Demotech Reveals Florida Insurer Ratings, Says Market ‘Most Difficult’ in U.S.

The long-awaited Demotech rating decisions for Florida domestic carriers are in, with many carriers having satisfied necessary steps to avoid ratings downgrades by the financial analysis firm. After affirming a slew of companies in mid-March, Demotech announced April 2 that …

What Florida Agents Need to Know During Coronavirus Crisis

Watch the Full Interview Florida is a catastrophe-prone state when it comes to weather, but the challenges that come from a non weather-catastrophe like the current COVID-19 pandemic bring about a host of new issues that Florida insurance agents are …

Demotech Affirms Ratings of 37 Florida Insurers; Still Reviewing Others

Demotech has affirmed 37 of the 46 Florida-based companies rated by the actuarial firm, as of March 26, according to information gathered from Demotech’s website. That leaves fewer than 10 Florida insurers that are still awaiting a decision on their …

Update: Demotech Evaluating 2019 Results of Florida Carriers, Expects ‘Many’ Downgrades

Ratings agency Demotech is currently reviewing the 2019 fourth quarter earnings and year-end financials of the Florida insurers it rates after indicating in January that several Florida domestic insurers could receive rating downgrades. Demotech President Joseph L. Petrelli provided the …

Florida Carriers Seek Staggering Rate Increases Amid Market Turmoil

It’s no surprise that Florida carriers are raising homeowners’ insurance rates given several years of catastrophes and losses from litigation related to assignment of benefits and water damage claims. What may be surprising for insureds, however, is how substantial the …

AM Best: Florida Insurers Brace for Challenging June Reinsurance Renewals

Although the 2019 hurricane season did not have a significant impact on Florida, loss creep from prior storms continues to weigh on reinsurers, leading to a likely rise in rates for the upcoming June renewal period. As noted in AM …