In an October 18, 2010 order, a federal judge has denied the Defendants' motion to dismiss a putative class action alleging that Lloyd's of London property insurance policies violate Florida law by omitting the existence of separate deductibles for hurricane damage. The Plaintiffs seek to represent a class of policyholders who submitted claims for hurricane [...]
Florida Insurance Commissioner Kevin McCarty approved a 7.8 percent workers' compensation rate increase today, October 15, 2010. This rate is lower than the 8.3 percent originally requested by the National Council on Compensation Insurance at a hearing earlier this month.
According to the A.M. Best Company, reinsurance broker Guy Carpenter & Co. is opening a dedicated Florida unit to target "the largest catastrophe zone in the world," said Kevin Stokes, executive vice president and leader of the new unit. Read the entire story here
As reporter by the Insurance Journal, Reinsurance specialist Guy Carpenter & Co., LLC, a part of the Marsh & McLennan Cos., has formed a dedicated Florida business unit. The new unit, based in Tampa, will address the complex needs of Florida-based companies and the Florida insurance and reinsurance marketplace. Read more: http://www.insurancejournal.com/news/southeast/2010/10/12/113957.htm#ixzz12GZbsrcN
State Farm spokesman Michael Grimes said the companywide review is under way but he said the Illinois-based insurer has not determined how many positions could be affected at its Florida headquarters in Winter Haven, which employs about 1,400 people. Read the entire story here
Many Florida homeowners shelled out hundreds or thousands of dollars to fortify their homes against hurricanes in recent years to qualify for insurance discounts. Read the entire story here
Florida CFO Alex Sink today sent a letter to Scott Wallace, President and Executive Director of Citizens Property Insurance Corp., outlining proposed changes to Citizens' procurement policy and contracting procedures. Read the entire story here
As reported by the Cayman Islands News, following the long awaited passage of the new insurance law, the legislation has been welcomed by members of the financial sector who say it puts Cayman is a position to meet market demand for a diverse range of reinsurance products. It is hoped that he modernisation of the [...]