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FedNat took $18.7mn of net losses from a hail storm in Florida in March.
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The fund currently has a 5 percent cap on reimbursements for loss adjustment expenses.
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The Floridian insurer reported a Q1 combined ratio of 100.3 percent, up 20.1 percentage points from the prior-year period.
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The ratings agency president welcomed the legal change but said Demotech will monitor court challenges to the new law. -
Perhaps it is not the perfect analogy for an event in Florida, but the famous failure of Devon Loch in the Grand National springs to mind.
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The draft law, which curtails consumers’ rights to hand on the right to claims to service providers, passed its final Senate committee on Wednesday.
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The legislation would restrict attorney fees in AOB cases.
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The relationship between Florida insurers and their reinsurers is obviously going through a rough patch. It makes you wonder whether the role of brokers this year might be akin to that of marriage counsellors.
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ILS managers are upping the pressure on Florida reinsurance buyers to change terms and conditions or retain more risk as 1 June renewal negotiations continue.
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The expected losses from Irma have increased by nearly 10 percent since the end of September.
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The state is “still a cash cow for reinsurers” as over the past decade the Florida reinsurance combined ratio has been running at 79-80 percent, according to the analysts.
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The overwhelming majority of claims have come out of Bay County, the Florida Office of Insurance Regulation said.
