Florida Citizens

No matter what the outcome, further market dislocation is on its way – but there are various band-aid options that could help Florida insurers limp through hurricane season.

The $2.5bn includes $1.45bn of newly placed limit and $1.06bn of existing coverage.

The latest forecast from the insurer of last resort envisages 1.55 million policies by the end of 2023.

The state-backed carrier has seen massive growth in the distressed Florida market.

The state-backed carrier hopes to fill out more of the gaps in the coming days.

Industry association FAIR said a full reinsurance backstop should be provided.

The multiple is significantly up on the 4.8x achieved last time on a higher expected loss.

The proposal is at the upper end of previous proposals put to the insurer’s board.

The Senator is seeking to use a statute to activate a special session on property insurance.

The move would enable the company to achieve “overall actuarial soundness”.

The state-backed property insurer is mulling its risk transfer options for 1 June.

The carrier is facing more growth than anticipated after recent insurer failures.