Live Insurance News

Largest private homeowners insurance company in Florida turning a profit

March 12, 2013March 11, 2013 H. Cutner

Universal flipped into the black when it saw a positive result from the fourth quarter. In the fourth quarter, the largest privately owned homeowners insurance company, Universal Insurance, flipped to a profit, showing considerable improvements over the year before. In 2011, the company had posted a loss of $2.3 million in the same quarter. For 2012, the homeowners insurance company, based in Fort Lauderdale, posted a net income of $4.4 million. It also saw its direct premiums written rise to $174.6 million during that last quarter, when compared to 2011…

Homeowners insurance gets the attention of new lawmakers in Florida

March 11, 2013March 10, 2013 Logan B.

Florida lawmakers aim to take action on homeowners insurance Lawmakers from Southern Florida are looking to make get their hands on a larger share of the state budget as well as put a stringent cap on homeowners insurance rates throughout the state. The state’s upcoming legislative session will prove to be very important for homeowners insurance in Florida, as lawmakers continue to work toward solutions concerning the problems with the state’s Citizens Property Insurance as well as fraud. The lawmakers from Southern Florida claim that they are working to address…

Florida insurance company of last resort publishes internal complaint list

March 1, 2013February 28, 2013 H. Cutner

The release occurred in an effort toward transparency and to clear its name of its many misconduct scandals. Citizens has been making considerable Florida insurance news headlines over the last while, as word of corporate misconduct and improper spending scandals continue to make their way to the media, so the company has now changed tacks and has released a massive list of 474 different internal complaints. Its goal was to show that it has been properly handling any misconduct allegations that it has received. Unfortunately, this list has also revealed…

Homeowners insurance housecleaning under way at Citizens in Florida

February 28, 2013April 30, 2013

homeowners insurance policy multiple claims

The CEO of the company needs to cut back on the insurer’s spending even further. The CEO of the Citizens homeowners insurance company in Florida implemented some strict travel expense policies in place in order to help cut spending, but is having trouble adhering to those regulations. Barry Gilway has been submitting expenses that are far above the regulations he put into place. It has now been revealed that Gilway, the chief executive officer of the homeowners insurance company, has stayed in a hotel that costs almost twice as much…

Homeowners insurance market continues to shift as Florida’s Citizens takes more aggressive action

February 26, 2013February 25, 2013 S.Vagus

Florida homeowners insurance, Citizens Property

Citizens Property Insurance causes shift in homeowners insurance market Florida’s Citizens Property Insurance has been facing serious financial problems that have also attracted a great deal of criticism to the state-run organization. Florida lawmakers have been pressuring the insurer to resolve many of its own issues, which has lead to a shift in the state’s homeowners insurance market as the insurer sheds policies and these policies are taken up by private homeowners insurance companies. Now, Citizens making a move to increase its hurricane coverage this year in the hopes of…

Homeowners insurance may become more expensive in Florida

February 13, 2013February 12, 2013 Nordstrom

Homeowners insurance in Florida facing major changes due to new legislation Florida’s Citizens Property Insurance, a state-run organization that offers homeowners insurance coverage throughout the state, has been laboring under the weight of significant financial problems for the past few years. Last year, the state-run company was tasked by Florida lawmakers to make drastic changes to its business structure in order to overcome its financial challenges. The number of policies represented by the insurer and the premiums associated with these policies have been the major focus on this restructuring. A…

Health insurance must be offered to Florida part-timers or the state will be fined

January 18, 2013April 30, 2013

The Sunshine State must make a number of vital healthcare reform decisions over the next few months. Florida is facing an important string of health insurance decisions over the next few months in order to comply with the requirements of the federal healthcare reforms, including providing coverage to some of its part time state workers or face fines $300 million per year. This could require the state to make sweeping changes to this sector of its industry. The federal law would require the state to pay a stiff penalty if…