Florida

The company filed for Chapter 11 bankruptcy in Fort Lauderdale on Sunday, court papers show.

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

Most of those costs stem from Hurricane Ian, which slammed into Florida in September.

"No bonding will be needed to pay for Ian-insured losses," says Ben Watkins, director of Florida's Division of Bond Finance.

The Zurich-based reinsurer's key unit saw $2.5 billion in claims related to large catastrophes including the storm which hit Florida last month, it said in a statement on Friday.

Steph Tulley, founder and CEO of the Tampa-based insurtech, says the area is a good place for the industry.

The company expects to post a net loss of about $500 million in the quarter.

The credit outlook on individual credits in Florida is mixed as the first reports of damage from the hurricane start filtering in.

The area promises huge opportunities to gain experience and has the right infrastructure to power long-term growth.

Insurers have closed shop in Louisiana and Florida, leaving in the lurch thousands of homeowners.