Hurricane

(Re)insurers with established relationships within the ILS space are at an advantage in the current post-loss environment, according to Joe Ferraro, partner at Willkie Farr & Gallagher.

Reinsurance rate increases fell short of expectations after hurricanes Harvey, Irma and Maria (HIM), but this could change if the market endures further major losses in 2018, panellists said at the Trading Risk London ILS conference.

The retro manager's Irma loss deterioration is on a higher scale than that reported by peers.

Forecasts range from a slightly more active Atlantic storm season than usual, to below-norm.

The Florida carrier increased its spend from $314mn last year to lift its reinsurance protection.

Florida-based insurer UPC has inked several large deals with major ILS managers Nephila, Elementum and Aeolus at the 2018 reinsurance renewal.

The Florida-focused carrier obtains reinsurance protection for a 1-in-400-year event.

Florida Citizens' latest issuance expands by a quarter during marketing.

Florida's state-backed insurer is set to buy $1.42bn reinsurance for the 2018 season.

Florida reinsurance premium rates are expected to rise within a single digit range a year after Hurricane Irma.

The retro manager has blamed steep loss increases on Hurricane Irma claims rising.

Early signs indicate third-party capital is being deployed aggressively in the Florida market.