Florida Citizens

The carrier’s Irma bill has now topped $2bn.

The hedge fund’s participation drove an overall increase in ILS use by the Floridian insurer for its 2019-20 programme.

The capped increase compares with an 8.5 percent rise envisaged before the measures to curb assignment of benefits abuse.

The Florida-based insurer is looking to drop the rate increase for personal lines policyholders from 8.2 percent to 4.7 percent.

The insurer paid a rate on line of 11.25 percent for its new personal lines cover.

The insurer placed less coastal aggregate cover than originally planned.

Insurer adjusts programme to seek slightly more aggregate and less “sliver” reinsurance cover.

The Florida state insurer confirmed plans to add $200mn of personal lines reinsurance cover to its overall programme.

The changes in insurer appetite to participate in the Florida Hurricane Catastrophe Fund and new guidelines from ratings agency Demotech could create opportunities for the ILS market.

The fund begins reimbursing insurers after industry losses have reached around $7.3bn.

The insurer has called for the increase as a result of costs relating to the ongoing assignment of benefits crisis.

The losses will not trigger its FHCF or reinsurance protection.