Florida regulators have approved a first round of rate changes for the state-backed property insurer that include an 8.3 percent increase in condominium association multiperil policies. Citizens Property Insurance Corp. was also granted an 8.6 percent increase in rates for …
Florida’s state-backed property insurer is seeking a statewide average 6.6 percent increase in homeowners’ rates and a 24.8 percent increase in sinkhole rates while citing reduced losses and an improved financial position. Citizens Property Insurance Corp., which insurers 1.2 million …
Florida lawmakers approved legislation that seeks to slow the growth of the state-backed property insurer by diverting new policies into the private market while largely retaining the status quo for the insurer’s current 1.27 million policyholders. By an overwhelming margin …
A Florida Senate committee unanimously confirmed Barry Gilway’s appointment as president of the state-backed insurer Citizens Property Insurance Corp. The rare legislative oversight of the Citizens leadership appointment came almost 10 months after the board of Citizens hired Gilway to …
Florida lawmakers are poised to consider restructuring the state-run property reinsurance facility by possibly lowering its mandatory annual capacity by billions due to concerns that one major storm could exhaust its resources and leave insurers without further coverage. The Florida …
Some Florida legislators said this week they would consider giving the state’s largest property insurer more control over its rates, including allowing the company to raise rates to bolster its ability to pay claims. Members of a key House panel …
Florida Gov. Rick Scott has asked Inspector General Melinda Miguel to investigate the recent firings of four Citizens Property Insurance Corp. employees responsible for keeping an eye on any internal wrongdoing at the state-backed insurer. In a three-paragraph letter, Scott …
In the face of criticism, the top executive of Florida’s state-backed property insurer acknowledge his decision to close the insurer’s office in charge of corporate oversight before having its replacement in place was ill-advised. Citizens Property Insurance Corp. executives recently …
It’s been years since a major hurricane has hit Florida, and the good news for Floridians is that property insurers are filing applications to write policies in the state again. But there’s a plan being hatched by the board of …
As Tropical Storm Isaac moves westward away from Florida and toward Louisiana, Florida’s largest property insurer has lowered its estimate of the number of claims it thinks it might receive. Citizen Property Insurance Corp. said that depending on the final …
