AGP Executive Report

Banking: Centennial Bank parent Home BancShares posted a record $129.5 million third-quarter profit, up from $123.6 million a year earlier. Assets rose to $24.1 billion, though deposits slipped from the prior quarter. South Florida Banking: New Glades Bank & Trust selected CSI to power its launch, adding a new entrant to the region’s banking market. Insurance: Estimates put Hurricane Isaias insured losses at $1 billion to $3 billion. Fitch says the storm is unlikely to weaken property-and-casualty insurers’ credit profiles, but Florida-only carriers face greater pressure. Mortgage Finance: Vero Beach-based Orchid Island Capital estimates a $0.90-per-share third-quarter loss and declared a 10-cent monthly dividend. Property Taxes: Florida voters face a proposed property-tax cut, with critics warning it could leave local governments short of money for police, fire and emergency services.

New Bank: South Florida’s proposed Glades Bank & Trust has chosen its core and digital banking platforms. Pending regulatory approval, it plans to open in early 2027, serving businesses and professionals in Broward County. Bank Earnings: Centennial Bank parent Home BancShares is due to report third-quarter results Wednesday. Analysts expect $293 million in revenue and earnings of 64 cents per share. Storm Insurance: Estimates put Hurricane Isaias insured losses at roughly $1 billion to $3 billion, with wind driving most claims. Florida-only carriers could bear a disproportionate share, even as reinsurance renewals hold steady. Property Taxes: Amendment 3’s proposed homestead tax cut is prompting concern about local budgets. Cutler Bay officials estimate the measure could reduce the town’s revenue by $2.5 million to $5 million.

Hurricane Insurance: Cotality estimates Hurricane Isaias insured losses at $2 billion to $3 billion, adding pressure to Florida’s already strained property insurance market. The state has opened a claims center and activated small-business recovery loans; Florida-only insurers are also facing scrutiny as reinsurance renewals hold. Banking: Glades Bank has selected CSI to power a new South Florida bank, a sign of continued investment in local banking infrastructure. Rural Investment: Gov. Ron DeSantis announced $27 million in grants for 14 Florida communities, including Panhandle projects for roads, stormwater systems and health-care facilities. Housing Costs: Palm Beach County leaders are weighing relief from rising HOA fees and condo assessments, while debate over a proposed property-tax cut centers on how local governments would maintain essential services.

Central Florida Deal Flow: Publicly traded Cardinal Infrastructure agreed to buy Central Florida contractor Hughes Brothers Construction for $357.5 million. On the Space Coast, a Titusville industrial property drew about 25 bids before selling for $10.2 million. Hurricane Recovery: Isaias’ insured losses are estimated at $2 billion to $3 billion, with Florida activating small-business loans and offering farmers interest-free financing. The storm could add pressure to a state property-insurance market already facing high costs and deductibles. Property Taxes: Voters will decide on a homestead tax cut that could eliminate property taxes for many homeowners, but cities warn of lost revenue for local services. Fintech: Tampa Bay Wave selected 13 startups for its fintech accelerator, adding to Florida’s growing financial-technology scene.

Hurricane Recovery Finance: Florida activated $10 million in small-business loans after Hurricane Isaias, including interest-free loans of up to $100,000. Insurance-claims centers have also opened as residents begin filing storm losses. Health Coverage: Some 50,000 Lee Health patients face a potential out-of-network switch when its UnitedHealthcare contract ends this year; other Southwest Florida providers are also dropping Medicare Advantage plans. Insurance Capital: SageSure took a stake in catastrophe-risk investment manager Pillar, broadening its access to reinsurance capital as Florida recovers from the storm. Fintech Investment: Tampa Bay Wave selected 13 startups for its fintech accelerator, while Florida Funders backed a Tampa AI company. Housing & Agriculture: Foreclosure pressures remain high in Florida, with rising insurance and property costs squeezing homeowners. The new citrus forecast also projects a roughly 25% drop in orange production, a hit to a key state industry.

Hurricane Recovery: Florida has activated $10 million in small-business loans after Hurricane Isaias and opened an insurance-claims center as Panhandle businesses and homeowners assess damage. Investor Trends: Florida ranks fourth in a new national index of AI-driven investing, and leads the states surveyed in using AI for investment research. Housing Market: Central Florida has 1,418 reduced-price listings, with more than half on the market for over 60 days—a sign buyers may have more room to negotiate. Insurance Capital: SageSure has bought a stake in insurance-linked securities manager Pillar, a deal to watch as Florida’s storm risks put insurance funding in focus. Palm Beach Finance: Executives and entrepreneurs are increasingly building businesses in Palm Beach County, adding to the area’s rise as a technology and financial hub.

Hurricane Recovery: Isaias left hundreds of thousands of Florida accounts without power, and recovery is underway. A Destin insurance assistance hub has opened; residents are urged to document damage and watch for scams. Housing: Bradenton home prices are falling, giving buyers more room to negotiate, while some Florida condo owners face bills of up to $320,000 for repairs. Insurance & Banking: Insurance entrepreneur Sir Peter Wood says he plans an eighth venture after moving to Florida. Brown & Brown acquired Cork’s O’Leary Life, and United Bankshares plans to expand in Florida with a Palm Beach office. Household Finances: Eligible Floridians who bought 2026 HealthCare.gov coverage without a premium subsidy may receive an automatic $500 Treasury check.

Storm Recovery: Hurricane Isaias left hundreds of thousands of Florida homes and businesses without power, bringing repair costs and further pressure on property owners. Housing Finance: Fannie Mae is tightening condo-loan rules for 2027 as prices slide in Florida and other states, potentially making financing tougher for buyers and buildings. Banking: United Bankshares plans to expand in Florida with a Palm Beach office. Insurance: Nearly 122,000 Florida renters’ policies are set for a 12.8% rate cut, offering some relief amid rising housing costs. Bond Market: Brightline Florida bonds fell despite a restructuring that avoided a haircut for bondholders.

Storm Recovery: Hurricane Isaias left more than 430,000 Florida customers without power and caused two deaths in the Panhandle. Recovery crews are clearing damage, while the state has reopened major routes and temporarily waived some tolls to aid relief efforts. Insurance: Florida homeowners are also being warned that errors in roof-age records could trigger policy nonrenewals, a timely concern as storm damage claims begin. Banking: United Bankshares plans to expand in Florida with a Palm Beach office, adding to competition for local banking customers. Public Funding: A federal correction is bringing $173 million to St. Petersburg, providing a sizable boost to the city’s finances.

Insurance & Storm Risk: Hurricane Isaias has made landfall and weakened, but Florida’s insurance pressure remains: hurricane deductibles are active, Citizens paused new policies statewide, and $71.8 billion in Gulf Coast commercial property was in the storm’s path. Homeowners: A new analysis found 67% of reported roof ages differ from verified ages by at least three years. In Florida, inaccurate records can put coverage at risk, especially for roofs 15 years or older. Miami Investment: Citadel founder Ken Griffin pledged a record $3 billion to Carnegie Mellon, including $2 billion for a new Miami campus aimed at growing the region’s technology and business workforce. Banking: Bank of America named a new president for Sarasota-Manatee. Tax Policy: Florida TaxWatch recommends a “yes” vote on Amendment 2, which would exempt certain agricultural and agritourism equipment from property taxes.

Hurricane Insurance: Isaias put $71.8 billion in Gulf Coast commercial property at risk as Florida insurers and property owners prepared for major losses. Citizens paused new policies statewide, and hurricane deductibles took effect, renewing concerns about coverage availability and costs. Property Taxes: Florida’s proposed homestead tax break could squeeze local-government revenues; an analyst warned voters that service cuts and higher borrowing costs may follow. A separate opinion piece urged lawmakers to keep property insurance reform in focus regardless of the referendum’s outcome. Investment: Jacksonville-based Medical Microinstruments raised $125 million to expand its robotic microsurgery business and fund clinical research. Banking: Bank of America named a new president for its Sarasota-Manatee market. Gaming: The Seminole Tribe sued DraftKings, alleging its prediction markets and fantasy-sports products amount to unauthorized sports betting in Florida.

Hurricane Insurance: As Hurricane Isaias approached, Citizens paused new policies statewide and hurricane deductibles took effect across Florida, putting coverage and potential costs in focus. Cape Coral Development: Bimini East advanced to its final public hearing, with plans for 900 homes, a hotel, medical and office space, retail and a marina. City leaders say the project could expand the commercial tax base. Florida Investment: Hallandale Beach-based bitcoin miner MARA transferred about $81.1 million in bitcoin to Galaxy Digital as it shifts toward AI and high-performance computing; the transfer alone doesn’t confirm a sale. Insurance Industry: The Florida Supreme Court approved a new Insurance Coverage Law certification for attorneys, effective Jan. 1, 2027.

Hurricane Insurance: As Isaias approaches, Florida homeowners’ hurricane deductibles are in effect statewide once a watch or warning is issued. They can reach 2%–5% of insured value—$6,000 on a $300,000 home at 2%. Payments & Insurance: Tampa-based SuperSonic Pay launched a service to help software platforms embed payments and manage merchant onboarding. American Coastal Insurance’s new ACES unit plans to begin writing catastrophe-exposed commercial property coverage in Florida and two other states in December. Investor Alerts: A Juno Beach law firm filed a FINRA claim alleging Ausdal Financial Partners failed to supervise sales of non-traded REITs and GWG bonds; the allegations have not been proven. Florida Insurance Market: The state approved an average 12.8% rental-insurance rate decrease for more than 120,000 policies, while Chief Financial Officer Blaise Ingoglia is seeking greater transparency around insurers’ payments to affiliates. Transit Finance: Brightline Florida bonds fell despite a restructuring that avoided creditor haircuts.

Storm and Insurance: Hurricane Isaias has prompted Florida evacuations and airport closures, renewing attention to the state’s exposure to costly storms. Separately, Florida approved a 12.8% rental-insurance rate cut for nearly 122,000 policies, even as insurers challenge findings about their profits. Florida Investment: Jeff Bezos says Blue Origin may go public in several years, after raising $10 billion from outside investors; he spoke at the company’s Florida factory. Markets: A bond-yield surge has rattled investors and ended Wall Street’s rally, with the 10-year Treasury yield near 5.35%. Household Costs: A Florida Medicare enrollee reported a 25% jump in a Plan N premium, underscoring pressure on seniors to compare coverage.

Insurance: Florida regulators approved an average 12.8% renters-insurance rate cut for nearly 122,000 policies, effective Oct. 11. But Tropical Storm Isaias could bring costs back into focus: insurers may spread major storm losses across the state. Insurer Oversight: CFO Blaise Ingoglia is pressing for more disclosure of payments between insurers and affiliates. A state-commissioned analysis found insurers reported $432 million in losses while paying affiliates $1.3 billion in fees from 2017 to 2019. Markets: Brightline Florida bonds fell despite a debt-restructuring deal, adding to concerns about the rail company’s finances. Banking and Investing: A congressional report alleging Webull has structural ties to China sent shares of the St. Petersburg-based trading platform sharply lower. Borrowing Costs: The Fed’s first rate hike since 2023 could raise costs for borrowers with variable-rate private student loans, including some UF students.

Trump distancing in key races: Reuters reports two-thirds of GOP candidates in competitive House and Senate contests are softening ties to President Trump on issues like Iran and data centers as midterm risk rises. Florida abortion access fight: A federal decision on telehealth abortion could tighten rules; Florida already requires an ultrasound and a 24-hour wait, pushing some patients past the state’s six-week limit. Joby trade-secrets verdict: A Tampa jury ordered Joby Aviation to pay about $116.9M to Aerosonic over alleged mishandling of trade secrets and a confidentiality breach. Mortgage & housing finance in Miami-Dade: Commissioners are set to consider up to $650M in housing bonds for eligible buyers as rates jump; the county also reports a sharp year-over-year hotel rate increase. Local oversight leadership: Palm Beach County inspector-general veteran Stuart Robinson was named King County’s first Inspector General, bringing a fraud-and-financial-crimes background. Florida renters insurance relief: Florida’s rental insurance regulator approved an average -12.8% rate cut for more than 120,000 policies. Short-term rental rules: Hillsborough County is tightening short-term vacation rental requirements, including registration and an on-call responder, amid neighbor complaints.