Insurance

Citizens Property Insurance Corp. reported that private insurance companies assumed 650,399 policies from the state's last-resort carrier in 2023.

The budget proposal keeps $16.3 billion in reserves and pays down an additional $455 million in debt. While providing $1.1 billion in tax relief to residents, the plan is $4.6 billion lower than the current fiscal year's budget.

Lawmakers are looking for ways to slow the rising cost of property insurance, provide additional relief to victims of Hurricane Idalia, bolster efforts against anti-Semitism and support Israel while targeting Iran.

The Florida Insurance Guaranty Association is getting ready to head back to the market next week with a variable-rate bond deal after successfully selling fixed-rate bonds last week to help fund claims from insolvent insurance companies.

Houston is one of the largest U.S. cities to set up a trust to help fund non-pension retiree benefits such as healthcare.

A proposed IRS regulation boosts the amount of bonds that can be guaranteed by nearly 86% to about $218 billion.

The top two municipal bond insurers wrapped $28.224 billion in 2022, a 30.1% decrease from the $37.486 billion of deals done in 2021, according to Refinitiv data.

The state's benchmark debt ratio for debt service to revenue is at 3.78% — well below a 6% target and 7% limit.

Among the special session charges: "Improve the financial stability of the Citizens Property Insurance Corporation," Florida's bond-funded insurer of last resort.

After four hurricanes and 11 insurer insolvencies, a $458 million deal for the Louisiana Insurance Guaranty Association supplies capital to pay claims.