LMA NEWSLETTER July 15, 2019

Tropical Storm Barry

We open this newsletter making sure our friends and colleagues in Tropical Storm Barry’s path know we are here for them.  Our team reached out to many of our partners in Louisiana and Mississippi as we watched the wall of clouds and heavy rains flash on our TV screen.  Streets flooded and rivers swelled, with …

Reinsurance Rates Rise in Florida

No credit where credit is due

Reinsurance renewals for Florida insurance companies are winding to a close and as predicted, rates went up, sometimes significantly.  Blame recent hurricanes Irma and Michael but also rising loss costs from Assignment of Benefits (AOB) abuse and growing litigation in general.  Meanwhile, AIR Worldwide has published its open-source database …

Florida Cities Cyber Attacked

Insurance footing the bill

Two Florida cities have been recent victims of cyber attacks that have cost their insurance companies collectively more than $1 million in ransom payments to get the seized data and paralyzed computer systems restored.  A third town was also attacked but was able to get its computers operating again with no …

The Fight Against Algae

New initiatives underway to control toxic waterways

Florida officials are busy this summer studying the ongoing double algae threat to the Sunshine State: the red algae producing “Red Tide” that hit Gulf and Atlantic beaches hard last year, and the blue-green algae that is once again choking inner waterways.  The latter has produced algae blooms …

Florida’s 30-year Outlook Bright

Look for more insurance jobs, too

A new report opens a crystal ball into Florida’s economic future over the next 30 years and it is a rosy picture of continued growth, employment, and development.  Florida’s economic output is expected to more than double over the next 30 years, reaching more than $4.6 trillion in goods …

Fly Havana Sues Fat Joe ‘All the Way Up’

Fat Joe now suing his insurance company

It’s the tale of two disappointed rappers and in the middle is an insurance company that wants no part of this mess.  In the music industry, arrangements are normally made beforehand when one artist builds upon the work of another.  But in this case, it’s like we learned …

Putting Humidity to Work for Us

It’s not a real superhero, but in this Florida heat it might as well be.  A Cooper City, Florida company is making marketing strides with what it calls “The AquaBoy Pro II”.  It’s being touted as a revolutionary device that allows for the efficient creation of water right out of thick air.  Developed by Atmospheric