Florida Citizens

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.

The Senate bill contains a highly debated provision that could cause homeowners to face a new deductible for roof-damage claims.

Noting concerns about rapid growth, the Citizens board approves rate hikes up to the legal limit.

The new adjustments will increase rates 7.6% on average after February 1, 2022.

Nephila was the biggest provider on the 2021 reinsurance programme for Florida Citizens as it wrote a total line of $601mn, comprising 36% of the state-run insurer’s $1.65bn placed private traditional limit.

The cedant initially sought just $500mn from the deal.

Whatever their eventual impact on runaway loss inflation the fact reforms were enacted at all is a happy surprise for the industry.