Heritage Insurance
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Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss. -
Over $20mn, the company's reinsurance cover is roughly 40 cents on the dollar, depending on the severity of the storm.
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The Florida carrier has cut total insured values in the state by 10.3% compared to Q3 2021.
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The Floridian's net loss ratio jumped nearly 18 points to 97.6%, driven by a $40mn retention from Ian and slightly lower net earned premium than the prior-year quarter.
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So far, the company has received nearly 12,000 claims associated with the storm.
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The carrier had improved its combined ratio by 6 points to 99.4%.
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The counties include Palm Beach, Polk, Orange, Broward, St Lucie, Escambia, Seminole, Osceola, Lake and Miami-Dade.
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The company also proactively suspended writing new personal residential policies in various counties in Florida, effective June 3.
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The Floridian said it had not needed to use the new Reinsurance to Assist Policyholders scheme that was created via new legislation.
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Cat bond spreads settled 11% above sponsor targets as many deals were scaled back or parked.
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The Tampa-based carrier said cat losses nearly tripled, while other weather losses also rose from last year.
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The issuance marks the carrier’s return to the cat bond market after a five-year gap
