Homeowners' insurance

A Branch spokesperson cited persistent inflation as a “significant challenge for home and auto insurance companies” and the reason for the staff reductions.

Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.

In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.

Blandford noted that there is more willingness to deploy capacity compared to last year, a function of orderly January 1 renewals bringing in more capital and the absence of a major hurricane or wildfire in 2023.

If the Floridian goes through with a listing, it will be a true test of whether the public markets believe that the state’s fragmented insurance market is fixed, or on its way to being so.

Sources said the fast-growing homeowners' Floridian is finalizing the process to retain investment banks with the aim for an equity event to take place in the first half of the year.

Sources said that TMA ran a profitable book in California that included personal auto and homeowners’ policies.

The agency said TRUE’s ratings will remain under review until there is additional clarity surrounding a new business plan.

Booten has been COO at Citizens since May 2020, and at the public insurer in various positions since 2002.

Under the new agreements, Kingstone will cede 27% of its personal lines insurance written, down from 30% in 2023, and will receive a higher ceding commission rate than in 2023.

TRUE will use the capital injection to provide underwriting capacity in Florida “at a crucial time” and to expand its footprint nationally, according to a statement.

Carriers aren’t calling off their retreat from the market until tangible, actionable regulations emerge from commissioner Lara’s camp, sources told this publication.