Jun 28, 2018
The global reinsurance industry demonstrated resiliency following the record level of catastrophe losses in 2017, as very strong capitalization and effective risk management enabled the sector to absorb the multiple hits from Mother Nature and broadly maintain financial strength. Favorable …
Jun 25, 2018
The American Insurance Association and the Property Casualty Insurers Association of America are in talks to merge their organizations into one trade association. The boards of the Washington-based AIA and Chicago-based PCI “believe there is great benefit in a more …
Jun 25, 2018
Moody’s Investors Service announced it is upgrading the state of Florida to its highest credit rating, citing “sustained” improvement in the state’s economy and a “proven track record of rebounding from severe weather events.” The ratings agency said Thursday that …
Jun 22, 2018
By Claude Mueller, CPCU, ARe Financial reporting for reinsurance on Schedule F will look quite different beginning with the 2018 Annual Statement. The National Association of Insurance Commissioners (NAIC) Blanks Working Group adopted changes on April 8, 2017 that consolidate …
Jun 21, 2018
Citizens Property Insurance will delay any decision on 2019 rate increases until December, with officials saying they want to assess the impact of a new program designed to curb the cost of non-weather water claims. The Citizens Board of Governors, …
Jun 20, 2018
Citizens Property Insurance Corp., the Florida state-run insurer of last resort, has devised a new policy requiring lobbyists seeking to lobby the insurer to register via a new online registration system. The new corporate policy comes in response to a …
Jun 20, 2018
Unless the state Legislature implements restrictions on assignment of benefits (AOB) agreements between property owners and contractors, Florida’s publicly owned property insurer could be litigated into imposing “dramatic” rate hikes on nearly a half-million homeowners. Citizens Property Insurance Corporation President …
Jun 20, 2018
Citizens Property Insurance is poised to delay a 7.9 percent rate increase for policyholders, after some board members suggested Tuesday another rate hike may be too soon following a May 1 increase. The Citizens Board of Governors, which oversees the …
Jun 20, 2018
State-owned Citizens Property Insurance Co. is once again seeking to increase annual rates by about 10 percent — the maximum allowable by state law — while blaming “skyrocketing nonweather related water loss claims in South Florida.” Yet according to Citizens’ …
Jun 19, 2018
TALLAHASSEE, FL June 18, 2018 — Law firm Colodny Fass is proud to announce that three of their attorneys — Mike Colodny, Joel Fass and Maria Abate — were selected to the 2018 list of Florida Super Lawyers. All three …