property insurance market

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  Florida Gov. Scott Signs Bill to Reform Last-Resort Insurer

  By Chad Hemenway, PropertyCasualty360.com  |  May 30, 2013

  Florida Gov. Rick Scott has signed a bill meant to continue the Sunshine State’s mission to return Citizens Property Insurance Corp. to its rightful place as the last-resort property insurer.

• Despite Sandy, Property-Insurance Market Remained Stable in Q1

  By Staff Writer  |  May 20, 2013

  The first quarter of 2013 saw few changes to limits purchased or deductibles in the property-insurance market, which remained relatively stable and competitive, according to a new briefing from Marsh’s U.S. Property practice.

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  Florida Legislators Move Bill to Shrink Citizens Property Insurance Corp.

  By Chad Hemenway, PropertyCasualty360.com  |  May 2, 2013

  The industry is calling for Florida Gov. Rick Scott to sign SB 1770—a bill touted as yet another positive step toward stabilizing the Sunshine’s State’s property insurance market.

• Florida Citizens Looks to Loan Its Surplus to ‘Take-Out’ Companies, to Reduce Exposure

  By Chad Hemenway, PropertyCasualty360.com  |  September 17, 2012

  Florida Citizens Property Insurance Corp. plans to make up to $350 million available to private insurers willing to assume its policies, offering low-interest, 20-year loans from its surplus to qualifying “take-out companies”—those approved by the state Office of Insurance Regulation to remove policies from Citizens in order to reduce its...

• Florida Citizens Looks to Loan its Surplus to Take-Out Companies

  By Chad Hemenway, PropertyCasualty360.com  |  September 11, 2012

  Florida Citizens Property Insurance Corp. says it plans to make up to $350 million available to private insurers willing to assume its policies.

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  Remembering Hurricane Andrew: 20 Years Later -- Slideshow

  By Chad Hemenway, PropertyCasualty360.com  |  August 23, 2012

  Twenty years ago on Aug. 24, Hurricane Andrew made landfall in Florida and taught the insurance industry lessons it still adheres to today. Here’s a look at the devastation Andrew caused 20 years ago, with recollections from some of the industry’s key players.

• In Florida, Blame Will Flow Before the Wind Stops Blowing

  By William H. Stander  |  June 11, 2012

  As we stand at the beginning of the next hurricane season, here’s one prediction I’m willing to make: When it comes, the next hurricane will bring more than high winds and plenty of claims.

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  In Florida, Blame Will Flow Before the Wind Stops Blowing

  By William H. Stander  |  May 31, 2012

  Following a hurricane, insurers need a plan to preserve brand credibility while responding to claims because, in Florida, it has become easy and politically rewarding to depict insurance companies as enemies of the people.

• RAND, Risk Management Solutions Launch Company to Provide P&C Consulting Services

  By Staff Writer  |  March 14, 2012

  The RAND Corporation, Risk Management Solutions, Inc. (RMS), and private investors launches a company named Praedicat, Inc., that will provide consulting services and software to the property & casualty insurance industry.

• A Measure of ‘Last Resort’

  By Chad Hemenway, PropertyCasualty360.com  |  February 24, 2012

  Throughout the country surplus-lines carriers are being affected by newly enacted and proposed legislation, but a measure being mulled in Florida is looking at these unregulated high-risk writers to help save the state’s residential market.

• A Measure of ‘Last Resort’

  By Chad Hemenway, PropertyCasualty360.com  |  February 23, 2012

  Desperate to shrink its dangerously overexposed state-run insurer, Florida is floating legislation to allow eligible surplus-lines insurers to take policies from Citizens Property Insurance Corp., the state’s ostensible last-resort insurer.

• Marsh: 4Q U.S. Property-Renewal Gains Outpace Losses

  By Mark E. Ruquet, PropertyCasualty360.com  |  December 2, 2011

  More than half of all property renewals experienced increases during the fourth quarter as more accounts are finding it difficult to obtain savings on their insurance placements, according to a report released by insurance broker Marsh.

• Surplus Lines Could Be Entering Florida Citizens Take-Out Mix

  By Chad Hemenway, PropertyCasualty360.com  |  October 25, 2011

  Companion bills introduced in the Florida House and Senate would allow surplus-lines insurers to participate in a program to depopulate the state’s supposed insurer of last resort.

• Florida Hurricane Fund Not Prepared to Meet Obligations

  By Chad Hemenway, PropertyCasualty360.com  |  October 24, 2011

  It came as no surprise to anyone that has followed the Florida’s reinsurance fund that it could potentially have a $3.2 billion shortfall, according to new report issued by independent-financial advisor Raymond James.

• Florida’s Largest Carrier Could Be Privatized

  By Gary Fineout  |  July 27, 2011

  Some people are so frustrated that state lawmakers have been unwilling to make major changes to Citizens Property Insurance Corp. that they want legislators to consider privatizing part of the company. Will that cause a storm of controversy?

• Florida’s Insurance Regulatory Environment Earns “F” From Research Group

  By Joan E. Collier, PropertyCasualty360.com  |  June 28, 2011

  Florida is once again given the lowest ranking of all states from The Heartland Institute. Its state-created property insurance carrier drew heavy criticism.