Capitol to Courthouse Florida Insurance Report: Wednesday, May 2

May 2, 2012


To go directly to the section of your choice, click on a hyperlink below.  Other hyperlinks to meeting information, bills and news are noted in bold type.

Daily Florida Insurance-Related Events

There are no insurance-related events scheduled for today.



Daily Insurance-Related News



Above:  Florida Citizens prices largest cat bond in history

It’s now official.  Everglades Re Ltd., the first-ever catastrophe bond from Florida’s Citizens Property Insurance Corp., will go down as the largest single-tranche, single-peril cat bond in history, with a record offering size of $750 million.


Citizens Property Insurance closes $750 million reinsurance bond, setting record

Citizens Property Insurance Corp. borrowed $750 million in wind risk catastrophe bonds on Tuesday, the largest single tranche bond offering of that type to capital markets.


Citizens Property Insurance starts effort to drop policies

Citizens Property Insurance Corp. has some new ambitious goals:  Move as many as 678,000 policyholders out of state-run insurance and once again become the insurer of last resort.


Florida Department of Environmental Protection to Tampa Bay Water:  No reservoir expansion allowed  

Concern about possible sinkholes has moved the state to nix a plan by Tampa Bay Water to expand the troubled C.W. Bill Young Reservoir in Hillsborough County.


Florida lawmakers left glaring pothole in no-fault auto insurance legislation

In their haste to meet one of Governor Rick Scott’s top priorities, Florida lawmakers left a glaring, potentially multimillion-dollar pothole in legislation revamping the state’s no-fault auto insurance.


Boca Raton’s Imperial Holdings says it won’t face federal criminal charges for lying on life insurance applications

Shares of finance company Imperial Holdings soared today after the company said it won’t face federal criminal charges for lying on life insurance applications.


Feds seek summer trial date for Gulf spill claims

The Justice Department is urging a federal judge to set a new trial date for no later than this summer for government claims against BP over the 2010 oil spill in the Gulf of Mexico.


Florida health centers receive funding from federal health care law

Community health centers across Florida will share $21.4 million in funding made possible by the Affordable Care Act, even as the state government continues its fight to invalidate the health care overhaul.


Feds sign off on all three redistricting plans

The U.S. Department of Justice on Monday approved all three of Florida’s redistricting plans. Shortly after the Justice announcement, a judge ruled that Florida can hold congressional elections under the Legislature’s new redistricting map this year.


Governor Scott’s foreign policy:  No business with Cuba or Syria

Governor Rick Scott on Tuesday signed a bill that will prohibit state and local governments from hiring companies that do business with the Cuban and Syrian governments.


Blog:  Governor Rick Scott’s “Citizen Safety and Protection” Task Force will hold first public meeting in Sanford

Battle lines are drawn in Florida’s controversial “Stand Your Ground” law during an organizational meeting of Governor Rick Scott’s “Citizen Safety and Protection” Task Force.

Blog:  Endorsementpalooza in Senate District 27 Democratic primary

Former Democratic state Representative Kevin Rader made an endorsement splash by jumping into the Senate District 27 primary this week with the backing of U.S. Representative Ted Deutch, D-Boca Raton.


Blog:  GOP leaders praise lawmaker heading toward exit

Leading Republicans praised a Central Florida House member who formally announced Tuesday that he was at least temporarily ending his legislative career – rather than challenge a fellow GOP lawmaker in a redrawn House district.


Florida Attorney General Pam Bondi Asking for Help to Spend $300 Million

Attorney General Pam Bondi needs help spending $300 million.


Board members being sought for Florida Polytechnic

The Board of Governors is seeking trustee applicants for Florida’s newest public university.


Rate hike set for Louisiana Citizens policy

Louisiana Citizens Property Insurance Corp. will not lower the new rates for its wind-and-hail-only policies as previously considered, which means about 35,000 customers for that product can expect to see rates jump an average of 58 percent statewide June 1.


Mississippi Wind Pool Buys $815 Million in Reinsurance

Mississippi’s insurer of last resort has bought $815 million in reinsurance for the coming storm season.


Court Reverses Mississippi Award Over “Negligent” Flood Policy Advice

An insurance company selling federal flood insurance has won a case against a Mississippi homeowner who claimed the insurer was negligent in not informing him that he was eligible to buy a preferred risk policy with more coverage than he had under his regular flood policy.


Texas attorney general takes on State Farm 

Texas Attorney General Greg Abbott is locked in a fight with the state’s largest insurer over the company’s decision not to renew 11,000 residential and commercial property insurance policies along the Gulf coast.


Geneva Association Reminds Federal Reserve Insurers Aren’t Banks

The Swiss-based insurance think tank Geneva Association has followed up on its recent report as to whether or not some insurers should be considered as G-SIFI’s (globally systemic important financial institutions).



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