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Citizens Property Insurance Corp. - page 2

Citizens Insurance buying back $300 million in catastrophic coverage

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Citizens Property Insurance Corp. can buy back some $300 million in reinsurance against a catastrophic storm because the risk of that happening is now projected to have fallen. The company’s board of governors voted unanimously to approve the move during a conference call Wednesday. Citizens, Florida’s property insurer of last resort, bought the coverage from Everglades Re II Ltd. in 2015. The company will repurchase catastrophic coverage at prices keyed to the new estimates of the threat, spokesman Michael Peltier said. “It allows us…

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Wall Street Journal op-ed highlights assignment of benefits abuse

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An op-ed in The Wall Street Journal Tuesday called out the assignment of benefits (AOB) system in Florida, saying the abuse of AOB by trial lawyers will get Florida taxpayers “whacked with Category 5 bills.” “Florida homeowners already face risks from hurricanes, hail storms and other natural phenomena,” the article states. “Do they need to face the unnatural disaster known as plaintiff’s attorneys too?” AOB is a system where homeowners can sign over the rights to their insurance policy after a…

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Contractors mount defense of assignment of benefits agreements

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Home repair contractors lashed out against calls for a crackdown on assignment of benefits agreements during testimony before a key Senate committee Tuesday, insisting such contracts protect homeowners and reputable remediation businesses. They argued instead for increased regulation of their industry, to put fly-by-night contractors out of business. “Would you please regulate us?” said Dave DeBlander of ProClean Restoration and Cleaning in Pensacola. “Regulate us like mold (remediation) is regulated. Get rid of those bad companies there in South Florida.…

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Insurance group joins campaign for assignment-of-benefits reform

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The Property Casualty Insurers Association of America has thrown its weight behind the drive to control assignment-of-benefits fraud against insurance companies. The organization said in a written statement that it “will be encouraging public policymakers to explore ways to protect consumers better from contractor fraud and litigation abuses that frequently occur following major storms.” The statement marked the end of the most active hurricane season in four years, including hurricanes Hermine and Matthew. The latter storm, according to AIR Worldwide, the…

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Regulators OK private insurers to assume Citizens Insurance policies

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State regulators cleared three private insurance companies to assume policies now provided by Citizens Property Insurance Corp., Florida’s state-run insurer of last resort. Effective in February, Avatar Property and Casualty Insurance Co. can take nearly 11,000 commercial and personal residential policies. Safepoint Insurance Co. was cleared to accept 15,000 policies, and Southern Oak Insurance Co. can remove 15,000. The Florida Office of Insurance Regulation announced the take-outs Wednesday and offers details on this webpage. The move came as Citizens Board…

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Christian Cámara: Reinsurance saved Florida from catastrophic losses

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As the Nov. 30 end of the hurricane season approaches, Floridians should be thankful. While this year’s storms Hermine and Matthew brought an end to the state’s decade-long hurricane drought, they easily could have been stronger or cut a more destructive path. Indeed, had Hurricane Matthew tracked just 20 or more miles further west, it would have raked the entire east coast of Florida, bringing the full force of a Category 4 storm to the most populated and wealth-concentrated coastline…

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Group: Florida’s disaster preparedness strategy paying off

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A coalition of business, consumer, and environmental groups found vindication Tuesday in the insurance industry’s ability to absorb the damage from Hurricane Matthew. Stronger Safer Florida in a news release credited “good luck and prudent decisions by the Florida Legislature” for the industry’s ability to weather the storm. Specifically, lawmakers and regulators invested in the Florida Hurricane Catastrophe Fund — the Cat Fund — and in reinsurance that shifted the risk out of state, the organization said. Both are priorities…

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