Two Florida primary property insurance focused carriers have stopped writing new business, with Southern Fidelity explaining this is until it can secure the necessary reinsurance it needs for the hurricane season.With that the market is now coming to terms with, the promise of new laws were not enough to keep the underwriting books open it seems.Southern Fidelity, which is one of the Florida insurance carriers owned by insurance-linked investment manager Hudson Structured Capital Management (investing as HSCM Bermuda).Southern Fidelity has been in the catastrophe bond market, seeking to bring the capital markets into its reinsurance arrangements through a securitized issuance, and as yet we haven’t heard any updates.
According to reports, Southern Fidelity said in a filing that until it has secured the necessary reinsurance it needs, it would not be writing new or renewal business across all lines in Florida.People’s Trust, another of the larger carriers in the state, is also reported to have ceased its writings in Florida on May 19th as well.Reports suggest Southern Fidelity has the reinsurance commitments it needs, but escalating costs of coverage means it needs to make a fresh rate filing before it can begin underwriting again.
The fall-out of Florida’s property insurance crisis continues and consumers are again being affected.How helpful the reforms that the legislature passed last week will be, remains to be seen..
...
...
...
...
...
...
...
...
...———————————————————————.
All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.
Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Health Insurance USA.
Publisher: Artemis
Publisher: Artemis
