02/28/2025
“The report, the most in-depth dive into the byzantine finances of Florida’s homeowners insurance market, reveals that as the industry was ailing and companies were losing money, executives distributed $680 million in dividends to shareholders while diverting billions more to affiliate companies.”
“Executives with most Florida-based insurers were removing so much money from their companies that they violated state regulations”
“These companies are crying poverty in order to raise premiums or justify insolvency: ‘It’s litigation, it’s fraud,‘” Quinn said. “This is money shifting from their left pocket to the right, and crying poverty while their right pocket bulges.”
At the same time The state’s then-insurance commissioner and Gov. Ron DeSantis focused on legal reforms making it harder to sue insurers.
The report was never given to lawmakers.