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Florida's unserious leaders let real problems fester

Florida's unserious leaders let real problems fester
orlandosentinel.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from orlandosentinel.com Daily Mail and Mail on Sunday newspapers.

United States , Jimmy Patronis Jimmypatronis , Sean Hannity , Citizens Property Insurance Corp , Big Tech , Jimmy Patronis , Insurance Journal , Gulfstream Property , American Capital Assurance , Florida Politics ,

Florida's property insurance market is ailing. There is no quick fix


Updated 2 hours ago
Florida’s property insurance market posted one of its worst financial performances in 2020, even without a hurricane making landfall in the Sunshine State, and policyholders are starting to pay the price.
Experts say there is no quick fix to the challenges buffeting the industry.
Fifty-six Florida insurers reported a combined $1.57 billion in underwriting losses, according to financial data obtained by the Tampa Bay Times, spending more on claims and expenses than they brought in through premiums. The figure marks the industry’s fifth consecutive year of losses in the state and is more than two-and-a-half times what those companies lost in 2019. ....

United States , Tampa Bay , Florida State University , Sankt Peterburg , Tim Zawacki , David Priebe , Travis Miller , Bill Newton , Michael Peltier , Jake Holehouse , David Altmaier , Paul Handerhan , Charles Nyce , Mark Friedlander , Property Casualty Insurance Co , American Integrity Insurance Co , Hh Insurance Group , Citizens Property Insurance Co , American Capital Assurance Corp , National Association Of Insurance Commissioners , Casualty Insurance Co , Southern Fidelity Insurance Co , Florida Senate , Florida Office Of Insurance Regulation , Association For Insurance Reform , Assurance Corp ,

Florida's property insurance market is ailing. There is no quick fix

Florida's property insurance market is ailing. There is no quick fix
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United States , Fishhawk Ranch , Tampa Bay , Florida State University , Hillsborough County , Sankt Peterburg , Tim Zawacki , David Priebe , Travis Miller , Bill Newton , Michael Peltier , Jake Holehouse , David Altmaier , Paul Handerhan , Charles Nyce , Mark Friedlander , Property Casualty Insurance Co , American Integrity Insurance Co , Hh Insurance Group , Citizens Property Insurance Co , American Capital Assurance Corp , National Association Of Insurance Commissioners , Casualty Insurance Co , Southern Fidelity Insurance Co , Florida Senate , Florida Office Of Insurance Regulation ,

Regulator Deems Florida-Based American Capital Assurance Corp. Insolvent


Regulator Deems Florida-Based American Capital Assurance Corp. Insolvent
After negative moves by ratings agencies last month to address its financial issues, Florida’s insurance regulator says American Capital Assurance Corp. (AmCap) is insolvent and should be placed in receivership,
In a letter dated April 2 to Chief Financial Officer Jimmy Patronis, Florida Insurance Commissioner David Altmaier said the Office of Insurance Regulation (OIR) has determined that grounds exist for the “initiation of delinquency proceedings” against AmCap. Included in the letter is a consent to order of receivership signed by AmCap “in which it admits that is insolvent.”
The Florida-based insurer, which focused on commercial residential and non-residential property risks, as well as flood coverage, had more than 1,900 policies in force in Florida as of Sept. 30, 2020, with nearly $80 million in annualized premium, according to OIR data. The company also writes business in Georgi ....

United States , North Carolina , South Carolina , Joseph Petrelli , David Altmaier , Jimmy Patronis , American Capital Assurance Corp , Office Of Insurance Regulation , Department Of Financial Services Division Rehabilitation , American Capital Assurance , Chief Financial Officer Jimmy Patronis , Florida Insurance Commissioner David Altmaier , Insurance Regulation , Financial Services Division , Insurance Journal , President Joseph Petrelli , Long Term Issuer Credit Rating , Capital Adequacy Ratio , ஒன்றுபட்டது மாநிலங்களில் , வடக்கு கரோலினா , தெற்கு கரோலினா , அமெரிக்கன் மூலதனம் உறுதி கார்ப் , அலுவலகம் ஆஃப் காப்பீடு ஒழுங்குமுறை , துறை ஆஃப் நிதி சேவைகள் பிரிவு புனர்வாழ்வு , அமெரிக்கன் மூலதனம் உறுதி , காப்பீடு ஒழுங்குமுறை ,

Ratings agencies say St. Petersburg insurer isn't financially healthy


Ratings agencies say St. Petersburg insurer isn’t financially healthy
American Capital Assurance Corp. was downgraded by both AM Best and Demotech Inc. this month.
 
 
American Capital Assurance Corp. is a St. Petersburg-based insurer. Its financial health ratings were downgraded recently. Pictured is its website Thursday. | [Courtesy of American Capital Assurance Corp.] [ American Capital Assurance Corp ]
Updated Mar. 12
ST. PETERSBURG — Insurance ratings agencies lowered their assessment of a St. Petersburg insurer’s financial health last week, citing losses from severe storms last year.
AM Best downgraded American Capital Assurance Corp.’s rating from an “A-,” which is considered excellent, to a “C,” which is not, calling its financials “very weak.” American Capital is a commercial property insurer that writes policies for buildings such as condos and apartment complexes, as well as commercial f ....

United States , Sankt Peterburg , Mark Friedlander , American Capital Assurance Corp , Insurance Information Institute , Demotech Inc , American Capital Assurance , Hurricanes Laura , Tropical Storms Cristobal , Insurance Information , American Capital , ஒன்றுபட்டது மாநிலங்களில் , குறி ஃப்ரீட்‌லெஂடர் , அமெரிக்கன் மூலதனம் உறுதி கார்ப் , காப்பீடு தகவல் நிறுவனம் , அமெரிக்கன் மூலதனம் உறுதி , சூறாவளி லாரா , வெப்பமண்டல புயல்கள் கிறிஸ்டோபல் , காப்பீடு தகவல் , அமெரிக்கன் மூலதனம் ,