Homeowners' insurance

The changes will take place “over the next few years” and will also include migrating all personal lines business into a single operating model and platform.

HCI subsidiary TypTap Insurance Company has received approval from Floir to assume up to 25,000 policies from Florida’s state-owned insurance company.

Worsening results in key states and belated rate action weigh against a shifting business model, making the path to profitability unclear.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Losses from the Maui wildfire include a modest amount of reinsurance recoveries from the Per Risk reinsurance program, while losses from Hurricane Idalia were fully retained.

This is the second downgrade faced by State Farm and its subsidiaries from AM Best in the last month.

The first non-renewals are scheduled for May 2024 in what is expected to be an 18-month process.

The business reductions will affect policies up for renewal from December 2023 to July 2024.

The national program will insure homes with a replacement value up to $10mn, and deductibles will range from $10,000 to $1mn. Properties in cat-exposed locations will be eligible for coverage.

K2 will make an equity investment in Titan Flood and be given a seat on the MGA’s board.

As of last week, Florida Citizens had sent out depopulation notices to more than 300,000 policyholders for October, though nearly one-third of those notices were delayed.

Inside P&C’s morning summary of the key stories to get you up to speed fast.