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A financial ratings agency says an analysis indicates insured losses from Hurricane Ian could range from $25 billion to $40 billion, putting additional pressure on Florida’s troubled property-insurance market.
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State regulators Friday asked a judge to place a property-insurance company in receivership, making it the sixth Florida property insurer declared insolvent this year amid widespread financial problems in the industry.
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United Property & Casualty Insurance Co. will exit Florida’s troubled homeowners’ insurance market, forcing customers to find new coverage as their policies come up for renewal, the insurer’s parent company announced Thursday.
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The state-backed Citizens Property Insurance Corp. has surpassed 1 million policies for the first time since 2014. Citizens has been absorbing an influx of policies as private insurers drop customers and push for large rate increases.
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A day after getting hit with a financial-rating downgrade, on Tuesday United Property & Casualty Insurance Co. became the first Florida property insurer to take part in a stopgap state program aimed at maintaining coverage for homeowners.
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Florida regulators have announced a stopgap plan to try to make sure homeowners can maintain property insurance coverage. The plan involves the state’s Citizens Property Insurance Corp. acting as a financial backstop.
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The state-backed Citizens Property Insurance Corp. ended May with 883,333 policies. That's a nearly 45 percent increase from a year earlier.
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As private insurers continue to drop customers and pass along rate hikes, the state-backed Citizens Property Insurance Corp. has topped 850,000 policies, according to newly released numbers.
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Sen. Jeff Brandes, a St. Petersburg Republican who has argued for taking aggressive action to deal with Florida’s property-insurance problems, intends to pursue polling lawmakers about holding a special legislative session if House and Senate leaders don’t call a session on the insurance issue.
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Roofing claims, property insurance, and Russian disinvestment: On Tuesday, for the first time in more than six months, the Florida Cabinet actually met in Tallahassee to tackle business on a variety of fronts.