Florida property insurance News

Florida Regulators Unveil Ratings Crisis Solution: Let Citizens Reinsure Carriers

Florida’s insurance commissioner announced today that his office has found an “unprecedented solution” to the looming property insurer rating crisis – let Citizens Property Insurance Corp. provide a level of reinsurance to companies in case they are downgraded, at least …

Another Big Insurer Stops Writing Homeowners Policies in Florida

The Florida property insurance market is showing more signs of trouble, with one of the state’s largest carriers deciding to stop writing new homeowner business in the state – while also asking for a rate increase on some policies. United …

Citizens’ CEO: Florida Insurers Swimming in a Sea of Red Ink; Capital Drying Up

It’s not just a few Florida property insurance companies that are running into financial trouble. Almost every carrier is losing money in 2021 and the future does not look any better, the CEO of Citizens Property Insurance Co. told lawmakers …

Now Available: Insurance Journal’s Focus on Florida Special Edition

Check out Insurance Journal’s recent special edition on Florida including a special report on new legislation to help Floridians who are battling the state’s property insurance crisis. This legislation aims to solve some of the issues plaguing Florida’s homeowners insurance …

Vertafore Expands Comparative Rating System Into Florida Property Market

Vertafore, a provider of insurance technology, has added several new homeowner carriers to their flagship comparative rating system PL Rating, expanding the company’s reach into the Florida property market. Since its acquisition of QQSolutions, a Florida-based agency management system and …

A.M. Best Special Report: Florida Property Insurers Remain Untested

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 Tower Hill Prime Now Writing Commercial Lines Products in the State

Tower Hill Insurance Group has made its commercial lines products available to Florida businesses through Tower Hill Prime Insurance Co. Tower Hill Prime is an admitted property and casualty carrier headquartered in Gainesville, Fla. Previously, only personal lines products were …

Heritage Insurance Launches Commercial Residential Program

Heritage Insurance Holdings, Inc. has launched a new insurance program for commercial residential properties in Florida. The new line will be written by Heritage’s wholly-owned subsidiary, Heritage Property & Casualty Insurance Co. Randy Jones, commercial president, says the commercial residential …

Florida’s Citizens Has New Plan to Shift 200,000 Policies to 8 Private Insurers

Florida’s largest insurer could be shifting thousands more of its policyholders away from the state-created company and into private insurance companies. The head of Citizens Property Insurance Corp. announced Friday that as many as 200,000 customers from across the state …

Security First to Lower Florida Homeowners Insurance Rates

Security First Insurance, one of Florida’s largest private property insurance companies, has told state regulators that it is going to lower rates by an average of 9.3 percent statewide. The lower rates will take effect for new customers on Oct. …