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In This Issue
FSLA MessagesHank
Watkin's, Keynote Speaker for 50th Annual FSLA
Convention
CPIC Letter to Legislature on Rate Increase
Citizens rates wil rise in South Florida by up to
12%
Photographs
Needed!
The FSLA is
celebrating our 50th Anniversary this year in Ameila
Island. We would appreciate your photographs from
prior FSLA events to include in the slide show at
the convention.
Please submit
copies (no originals) of your photographs to Ron
Gabor, contact information listed below.
Tel: (786)
924-7030
7270 NW 12th Street
Suite 700 Miami, FL 33126
rgabor@gaborinsurance.com
Director on
the Board of the FSLA
If you are interested in serving on the FSLA Board
please submit a letter and resume by
December 15, 2009
membership@floridasurpluslinesassociation.com
New Members
Risk Placement
Services, Inc
Fort Lauderdale, FL
Regular Member
Appalachian Underwriters, Inc
Miami, FL
Altamonte
Springs, FL
Sarasota, FL
Regular Member |
 50th
Annual FSLA Convention Keynote Speaker,
Hank Watkins
We are proud to feature Keynote Speaker Hank
Watkins, President at Lloyd's North America. Mr.
Watkin's is responsible for all of Lloyd's
operations in the US and Canada, including offices
in New York, Kentucky, Illinois, Los Angeles, Virgin
Islands, Montreal and Toronto. He has held a range
of positions in the United States and Europe at
global insurers and brokers, including Chubb & Son;
Barney & Barney;
Johnson & Higgins; Hilb Rogal &
Hobbs; and Marsh.
Mr. Watkin's said: "I'm excited to be joining an
organization with the rich history and global
presence of Lloyd's. The opportunity to work with
experienced, enthusiastic teams on both sides of the
Atlantic as we deliver the benefits of Lloyd's
Strategic Plan to our North American business
partners is one I'm looking forward to." Mr.
Watkin's has a degree from the University of
California, Berkeley. He is married with three
children and lives in Connecticut.
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CPIC Letter to Legislature on Rate
Increases for $10 million Plus
Condos
By: Christine Ashburn, Citizens
Property Insurance Corporation
October 6, 2009
As allowed by law, and as approved
by the Citizens Board and authorized
by the Office of Insurance
Regulation (Office) in 2006, the
rates that Citizens charges for
commercial residential buildings
valued in excess of $10 million are
not filed with or approved by the
Office. Recently, we completed an
actuarial review of these rates in
an effort to determine what changes,
if any, were necessary. The
analysis found that significant
increases are indicated for
buildings valued in excess of $10
million in both the Commercial
Residential Wind Only (CR-W) and
Commercial Residential Multi-Peril
(CR-M) programs. As of June 30,
2009 Citizens writes 1,362 A-rated
policies with 1,626 buildings that
total more than $41 billion in
exposure, which represents more than
30% of our total commercial
residential exposure.
Since these rates are not subject to
traditional review or approval by
the Office, they are not subject to
the rate freeze or the 10% cap that
has been imposed on Citizens' filed
and approved rates. With this in
mind, and in recognition of the fact
that Citizens continues to write
more than 67% of the commercial
residential market. it is important
that we move towards achieving
actuarially sound rates for both
CR-W and CR-M buildings valued in
excess of $10 million. Therefore,
effective for new business November
1, 2009 and renewal business with
effective dates beginning January 1,
2010, rates for these risks will
increase by approximately 20%.We
have been in communication with the
Office throughout this process and
have relayed these increases to
them. |
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