May 7, 2024
House Bill 989 Signed by Governor
Governor DeSantis signed several bills into law last week, including House Bill 989, the Chief Financial Officer’s general bill.
The measure includes numerous provisions related to matters handled by the CFO, as well as insurance-related issues. Provisions related to surplus lines insurance are as follows:
- Requires timely responses from surplus lines insurers to the Division of Consumer Services.
- Allows general lines agents with a surplus lines license to appoint licenses with a single surplus license agent appointment.
This bill became law on May 2, 2024.
AM Best Upgrades Hamilton Re
AM Best Upgrades Credit Ratings of Hamilton Re, Ltd. and Hamilton Insurance Designated Activity Company
AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) of Hamilton Re, Ltd. (Hamilton Re) (Pembroke, Bermuda) and Hamilton Insurance Designated Activity Company (Dublin, Ireland), each a wholly owned subsidiary of Hamilton Insurance Group, Ltd. (Pembroke, Bermuda) (collectively referred to as Hamilton). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.
The ratings reflect Hamilton’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
The upgrade of the Long-Term ICRs reflects Hamilton’s trend of increasingly favorable underwriting results, leading to organic capital generation, increased stability and overall balance sheet strength. The group has shown improving underwriting results consistently over the past five-year period while conservatively reserving, with a five-year net favorable reserve development, outperforming peers.
ICYMI: April Surplus Lines Stats Report
Premium stats for April show a 34% increase over April last year, following March's 11% dip. Premium totaled nearly $2 billion last month, a significant increase from April 2023.
Policy count saw an increase of 21% over last April.
Check out the FL Premium Report for a full snapshot of the market in April.
Have questions? Contact us at 800.562.4496, option 1 or email Agent.Services@fslso.com.
