Hurricane

The organisation has $170mn less cover in place than the $2.1bn it had for the 2020 and 2019 hurricane seasons.

The firm announced a gross performance of more than 10% on the fund since it was established in late May 2020.

The Florida reinsurance renewals ran more smoothly, with lower overall rate increases than initially expected.

The carrier cut back its treaty limit by around 13% and lowered its deductible.

The agency projects four major hurricanes and anticipates overall activity around a third higher than long-term norms.

Florida domestic property insurers are getting squeezed, unable to increase rates fast enough to offset mounting losses.

Divergence between appetite for upper and lower layer reinsurance risk may drive some panel turnover, and disadvantage some segments.

The official US forecaster said it did not expect activity to reach last year’s historic peaks.

The deal will be fronted by Hannover Re but will provide coverage to the state backed carrier.

Pockets of the distressed Florida market are still expected to face a challenging renewal, but much of the remediation was carried out last year.

The firm’s climate change models will allow users to model their portfolios under the four different emission pathways adopted by the Intergovernmental Panel on Climate Change.

This came as the insurer said its reinsurance programme was oversubscribed and it expected rate increases to be in a mid single digit range.