Hurricane
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The company also expects the overall decrease in loss expenses due to the recent Florida legislation to be on the lower end of 25%-40%. -
CEO Locke Burt said Florida reforms would be “transformational” and that investors had become more receptive to cat risk owing to higher rates.
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The reinsurer retained EUR321.9mn of Hurricane Ian losses on its own book.
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The state-backed carrier’s policy count is projected to hit a record high of 1.6 million by year-end.
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The division is deploying its own capital to make up for the lack of wider reinsurance and ILS capacity.
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The insurer reported an underwriting profit for Q4.
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Higher rates and reserve releases connected to Hurricane Ian boosted results.
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The Florida insurer recognised a major increase in Ian losses in Q4, rendering its personal lines carrier insolvent.
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The asset manager said this year’s conditions were the most attractive in ILS history.
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A canvass of Lloyd’s market executives generated an expected combined ratio of 92%-93% for 2022.
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The Chicago-based InsurTech placed its debut cat bond in April 2022 in a private deal.
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The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.
