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Floir stated that they "formally referred those insurers to the stability unit" after the legislation from the special session was passed. -
The insurance agents’ trade body also raised concerns over brokers’ E&O cover.
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Floir Commissioner Altmaier and Florida CFO Patronis sent out letters questioning Petrelli's decision to put 17 insurers on notice of a downgrade.
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The ratings agency has given the carriers until next week to respond.
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Since January, claims lawsuits have hovered around the low to mid 4,000s each month.
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The $2.5bn includes $1.45bn of newly placed limit and $1.06bn of existing coverage.
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The latest forecast from the insurer of last resort envisages 1.55 million policies by the end of 2023.
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The portfolio covers distressed Florida, Louisiana and US nationwide deals.
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The ratings agency continues to review other Florida carriers’ positions following the 1.6 renewal.
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The vehicle was supported by a group of institutional investors.
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At the end of 2021, Centauri Specialty had 26,000 policies in force and $79mn of total written premiums.
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The insurer reclassified some Hurricane Ida claims as storm Nicholas losses, producing an overweight loss for the second event.
