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Reinsurance Uncertainty Taking a Toll

Another carrier stops writing new business

Another Florida property insurance company has joined more than a dozen others in the last year who placed moratoriums on writing new business or left the state altogether.  People’s Trust Insurance told insurance agencies last week that it would no longer write new policies.  The reason: a lack of available and affordable reinsurance.

“Due to the current reinsurance market, we are no longer accepting new business applications as of end-of-business today, Thursday, April 27th, 2023.  We anticipate reopening once we have updated rates that reflect these increases in reinsurance costs that all carriers are experiencing,” the carrier wrote in an agency bulletin, according to a prominent insurance agent who received the notice.  “We want to assure you that we are on track to maintain our financial strength, we anticipate having more reinsurance than is required, and we will continue to renew your existing book of business.”

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