You’ve likely read that insurance company ratings agency Demotech last Thursday sent letters to several Florida-based homeowners insurance companies to inform of a potential downgrade of their “A” (Exceptional) Financial Stability Rating. The recent Demotech actions, while surprising with the short time frame for companies to respond, are not the crux of the problems Florida …
We expect to get more information later today about those 17 or so letters that Demotech sent to Florida property insurance writers warning they may lose their “A” rating as soon as tomorrow. The letters reflect a weakening in their long-term financial stability brought about by the chaos in Florida’s homeowners …
Earlier this month, the Office of Insurance Regulation (OIR) reported that 27 companies are on its own “enhanced monitoring” list for various indicators of unsound financial condition. OIR also reports that excessive litigation – which we know is at the heart of the property insurance crisis – is …
The president of Citizens Property Insurance Corporation, the state-created and taxpayer backed insurer of last resort said Florida’s private domestic insurance companies are losing about 25% to 35% of their surplus each year from underwriting losses. Barry Gilway told the company’s Board of Governors recently that “The reason is clear. …
The list of property insurance companies trying to reduce their exposure in writing Florida homeowners policies continues to grow. Other carriers are looking for ways to reduce their litigation claim costs as regulators try to better quantify excessive lawsuits with a new reporting form. Meanwhile, the state is asking a federal judge …
The U.S. Attorney’s Office for the Southern District of New York recently announced the arrest of nine people, many of them gang members, who are accused of racketeering and extortion to try to take over the entire New York City area fire mitigation industry.
The group allegedly infiltrated the First …
For months we’ve been chronicling the record high home real estate sales and record high median sales prices in Florida, but now it appears the tide is starting to turn according to recent reports. Meanwhile the record high rents continue, making it hard for some businesses to pay on time. …
In a recent viral video, two of Florida’s most curious creatures can be seen making rare, yet endearing contact with a young human boy. The manatees, also known as sea cows, decided to stop by and greet an unsuspecting native Florida family of surfers. To be sure, the Blais family was in for a surprise …
