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An Ohio insurance-rating company has warned that recent court rulings and skyrocketing losses from water-damage claims have created an "uncertain operating environment" for Florida’s property insurers and that it will downgrade the financial stability of 10 to 15 Florida-based companies, potentially threatening the solvency of thousands of homeowners policies.read more
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Brandes said 20 to 30 percent of Florida’s market could be affected by the ratings downgrade, forcing some ZIP codes to scare away insurers and forcing homeowners into Citizens Property Insurance.
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Berkowitz – whose mutual fund Fairholme Fund owns 14 percent of Fannie Mae and freddie mac preferred stock – is among a group of investors suing the U.S. government over the two government-backed.