Florida

'Cautiously Optimistic' on Florida: Defense Costs Down, but Reinsurance Still a Drag

Published

2 years ago

May 31, 2024

'Cautiously Optimistic' on Florida: Defense Costs Down, but Reinsurance Still a Drag

Analysts with the AM Best financial rating firm and other stakeholders are cautiously optimistic about the resurrection of the Florida property insurance market, 18 months after state lawmakers approved monumental litigation reforms.

That was the sentiment gleaned from a Thursday webinar hosted by the rating company and from an AM Best report on the Florida market, released the same day.

“It’s still a little too early to declare a win in the marketplace, but signals do look promising,” AM Best analyst Josie Novak said.

Notably, since the legislation was enacted in late 2022, direct defense and cost containment expense – considered a key measure of the claims litigation burden on carriers – has dropped sharply. In 2022, Florida carriers reported the highest DCC-to-direct-premiums-earned-ratio of all U.S. states, at 8.4%, for homeowners, allied and fire lines. The next-closest state was Louisiana, at 3.6%, AM Best reported.

By the end of 2023, that measure had been cut in half, falling to about $307 million for the 47 insurers that write most of the Florida market, including the state-backed Citizens Property Insurance Corp., but excluding some major national carriers.

“While still early, a downward trend has been observed, indicating the reform has positively impacted results,” the report noted.

While 2023 was a year that saw only one relatively minor hurricane hit Florida, claims and defense costs would have been two to three times higher under under Florida’s pre-reform statutory regime, which had allowed assignments of benefits and one-way attorney fees, said Randy Fuller, the Florida leader for Guy Carpenter, the global reinsurance firm.

Another sign of health in the patient: The combined ratio for Florida-focused carriers, excluding Citizens, dropped to the break-even mark in 2023, outpacing AM Best’s national property insurance composite measure. Citizens’ combined ratio fell to less than 81%.

“These are results that have not been seen since the earlier part of the latest decade,” the report noted.

The expense ratio for the Florida specialists fell to about 26%, down from a high of 35% in 2019. Loss-reserve development for Florida insurance carriers also is showing promise, with favorable numbers for the first time in years, AM Best said.

Florida carriers also added significantly to policyholder surplus last year – without major cash infusions. From 2019 to 2023, the Florida-focused insurers, including those that became insolvent, received $2.6 billion in capital contributions, but surplus grew by just $239 million, the analysis showed.

But in 2023, surplus had jumped by $532 million and that was was not dependent on capital contributions.

The news about the reinsurance market was a little more of a mixed bag. After three years of turmoil, spiking reinsurance rates, limits on coverage and higher retention levels, the 2024 renewals for most Florida carriers seem to be “incredibly stable,” Fuller said.

The legislative changes have created some optimism among most reinsurers, analysts said.

But reinsurance costs are still weighing heavily on insurers, and Florida carriers have a much higher dependency on reinsurance than insurers in other parts of the country – almost 10 times the national average, the AM Best report noted. From 2019 to 2023, unaffiliated ceded premium for the Florida insurers more than doubled, from $3.1 billion to $6.4 billion.

Although many carriers have sharply raised rates for policyholders in recent years, the growth in direct premium written has not kept pace with the growth in ceded premium, the report found.

“The materially higher position indicates greater direct risk borne by Florida specialists, necessitating more effective risk transfer, underwriting, pricing, and risk exposure management,” the report said.

Still, other signs point to improved market conditions, including modest rate decrease requests from several insurers and the approval of eight new carriers for Florida this year. Most of those new companies are reciprocal exchanges, a model that some insurance agents until recently had been unfamiliar with, said Dave Newell, vice president of membership and industry relations for the Florida Association of Insurance Agents.

But once the model was explained to agents, “they have become more comfortable with it,” Newell said in the virtual conference.

The full report can be seen here.

Topics
Florida
Trends
Reinsurance

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Florida

Florida Lottery Mega Millions, Jackpot Triple Play results for April 10, 2026

Published

12 hours ago

April 11, 2026

Press Room

Florida Lottery Mega Millions, Jackpot Triple Play results for April 10, 2026

The Florida Lottery offers several draw games for those hoping to win one of the available jackpots.

Here’s a look at the winning numbers for games played on Friday, April 10, 2026.

Winning Mega Millions numbers from April 10 drawing

03-18-36-42-49, Mega Ball: 06

Check Mega Millions payouts and previous drawings here.

Winning Jackpot Triple Play numbers from April 10 drawing

13-18-21-28-35-38

Check Jackpot Triple Play payouts and previous drawings here.

Winning Fantasy 5 numbers from April 10 drawing

Midday: 11-16-27-31-35

Evening: 12-13-14-19-24

Check Fantasy 5 payouts and previous drawings here.

Winning Cash Pop numbers from April 10 drawing

Morning: 12

Matinee: 04

Afternoon: 02

Evening: 03

Late Night: 05

Check Cash Pop payouts and previous drawings here.

Powerball, Mega Millions jackpots: What to know in case you win

Here’s what to know in case you win the Powerball or Mega Millions jackpot.

Just the FAQs, USA TODAY

Winning Pick 2 numbers from April 10 drawing

Midday: 7-8, FB: 0

Evening: 1-6, FB: 7

Check Pick 2 payouts and previous drawings here.

Winning Pick 3 numbers from April 10 drawing

Midday: 8-0-6, FB: 0

Evening: 5-1-8, FB: 7

Check Pick 3 payouts and previous drawings here.

Winning Pick 4 numbers from April 10 drawing

Midday: 6-7-1-2, FB: 0

Evening: 4-3-9-0, FB: 7

Check Pick 4 payouts and previous drawings here.

Winning Pick 5 numbers from April 10 drawing

Midday: 7-5-1-2-1, FB: 0

Evening: 1-7-9-4-3, FB: 7

Check Pick 5 payouts and previous drawings here.

Where can you buy Florida Lottery tickets?

Tickets can be purchased in person at any authorized retailer throughout Florida, including gas stations, convenience stores and grocery stores. To find a retailer near you, go to Find Florida Lottery Retailers.

Feeling lucky? Explore the latest lottery news & results

Are you a winner? Here’s how to claim your prize

Prizes of $599 or less: Claim at any authorized Florida Lottery retailer or Florida Lottery district office.
Prizes for $600 to $1 million: Must be claimed in person at any Florida Lottery district office for games that do not offer an annual payment option.
Prizes greater than $1 million and all prizes with an annual payment option: Must be claimed at Florida Lottery headquarters, except Mega Millions and Powerball prizes, which can be claimed at any Florida Lottery district office.

You also can claim your winnings by mail if the prize is $250,000 or less. Mail your ticket to the Florida Lottery with the required documentation.

Florida law requires public disclosure of winners

If you’re a winner, Florida law mandates the following information is public record:

Full name
City of residence
Game won
Date won
Amount won
Name and location of the retailer where the winning ticket was purchased.

When are the Florida Lottery drawings held?

Powerball: 10:59 p.m. Monday, Wednesday and Saturday.
Mega Millions: 11 p.m. Tuesday and Friday.
Florida Lotto: 11:15 p.m. Wednesday and Saturday.
Jackpot Triple Play: 11:15 p.m. Tuesday and Friday.
Fantasy 5: Daily at 1:05 p.m. and 11:15 p.m.
Cash Pop: Daily at 8:45 a.m., 11:45 a.m., 2:45 p.m., 6:45 p.m. and 11:45 p.m.
Pick 2, 3, 4, 5: Daily at 1:30 p.m. and 9:45 p.m.

This results page was generated automatically using information from TinBu and a template written and reviewed by a Florida digital producer. You can send feedback using this form.

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Florida

New details in nearly $200,000 Florida embezzlement case

Published

1 day ago

April 10, 2026

Press Room

New details in nearly 0,000 Florida embezzlement case

Twenty checks were recorded paid to “Farmer and Irwin,” but Martin County Sheriff’s investigators reported the $85,410 in payments actually went to Alexandra Gonzalez and were used for personal expenses, including travel and retail purchases.

The details are in court records supporting the April 9 arrest of Gonzalez, 46, who is accused of embezzling nearly $200,000 in total from The Dune of Hutchinson Island Condominium Association and the Whitemarsh Reserve Homeowners Association.

Gonzalez, identified as a community association manager who worked for a property management company, was held April 10 in the Martin County jail on 124 charges with more than $1.2 million bond, records show.

Sheriff’s officials in February began investigating after association representatives reported the suspected fraudulent or theft activity, which at Dune of Hutchinson Island occurred beginning in October 2025 and at Whitmarsh Reserve started in February 2025, according to statements in records.

In the Dune of Hutchinson Island case, the owner of the property management company that employed Gonzalez told sheriff’s officials that Gonzalez “exploited the system by creating and altering vendor profiles, specifically a vendor identified as ‘Farmer and Irwin,’ to conceal fraudulent transactions,” according to records.

Checks — 20 in total representing $85,410 — recorded as payments to Farmer and Irwin corresponded to checks issued to Gonzalez, according to statements in records. The checks had a forged signature of a Dune of Hutchinson Island association vice president.

Meanwhile, in the Whitemarsh Reserve case, investigators found 39 checks totaling $111,980 fraudulently issued to Gonzalez. Investigators found Gonzalez “issued fraudulent checks payable to herself, and made corresponding false entries in the association’s accounting system to conceal those transactions…,” records show.

Investigators reported records showed the money was used for personal expenses, including travel, cosmetic and medical procedures and retail purchases.

In speaking with investigators, Gonzalez expressed regret and said she’d be willing to repay the amounts “to avoid legal consequences.”

Gonzalez ultimately reported going through financial challenges during the time when the checks were issued.

“When asked if her financial situation was the reason she issued checks to herself, Gonzalez admitted that it was,” records show.

Will Greenlee is a breaking news reporter for TCPalm. Follow Will on X @OffTheBeatTweet or reach him by phone at 772-267-7926. E-mail him at will.greenlee@tcpalm.com.

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Florida

NEWS 6 TONIGHT | Daily Florida News with Perspective

Published

2 days ago

April 10, 2026

Press Room

NEWS 6 TONIGHT | Daily Florida News with Perspective

If you need help with the Public File, call (407) 291-6000

At WKMG, we are committed to informing and delighting our audience. In our commitment to covering our communities with innovation and excellence, we incorporate Artificial Intelligence (AI) technologies to enhance our news gathering, reporting, and presentation processes. Read our article to see how we are using Artificial Intelligence.

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