January 20, 2022

Please call  Lee from  USAsurance Powered by WeInsure & Calle Financial. 954-270-7966 or 833-USAssure at the office. My email is lee@myUSAssurance.com . I am Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance, Mortgage protection, Financial Products, Business  & Commercial Policies, & Group Products for business owners to give Employees benefits at no cost to the employer. My email is lee@myUSAssurance.com

Florida regulators will hold hearings Friday, Jan. 21, on another round of hefty rate hikes requested by property insurers facing losses in the state’s distressed property insurance market.

Southern Fidelity Insurance Co., which was approved for a 31% rate increase in 2020, has now requested an 84.5% spike on new and renewing homeowners multi-peril policies and a 111.1% increase for dwelling fire policies. Cypress Insurance Co. has requested a 26.3% on homeowners policies, and Centauri Insurance is proposing a 28.3% increase in dwelling fire policies.

Southern Fidelity is the largest and perhaps best-known of the three insurers, partly because its finances have been in the news in the last two years. The carrier merged operations with Capitol Preferred Insurance in 2020. As a condition of the merger, the Florida Office of Insurance Regulation required the firm to raise additional capital and pay off a loan from the state, according to news reports. Then, Hudson Structure Capital Management took a majority ownership in the insurer.

In April 2021, OIR allowed Southern Fidelity to non-renew 19,600 policies. Then, after its 2020 rate increase, the firm requested another hike, for 36%, in August 2021.

At the August hearing, OIR officials grilled Southern executives on the methodology used to justify the rate hike. More pointed questions are expected at Friday’s hearing.

The Southern Fidelity hearing begins at 8:30 a.m. Eastern time. Registration is required to see the virtual meeting, but audio of the hearing can be accessed by phone by calling (877) 309-2074; the access code is 632-387-746.

The Cypress Insurance rate hearing starts at noon. The phone number is (866) 901-6455; the access code is 855-674-386.

The Centauri Insurance hearing is set for 3 p.m. The phone number is (877) 309-2074; the access code is 781-641-602.

Written comments may also be submitted via email, to ratehearings@floir.com, by Feb. 4

TOPICS TRENDS FLORIDA PRICING TRENDS