Lines of business

The proposed Florida special session Senate bills 2-D and 4-D have overwhelmingly passed the house floor and will now move to Florida Governor Ron DeSantis for signing.

The firm aims to build on the origination capability of Fleming Re and Accelerant.

State representatives will vote on the bill on the House floor tomorrow.

The broker had led Aon’s Global ReSpecialty brand since 2019.

State senators will vote on the bill on the Senate floor tomorrow.

Industry association FAIR said a full reinsurance backstop should be provided.

The commercial insurance CEO said that the industry should act now before the cat market reached a point of implosion.

Major ILS providers active in Florida including Nephila and Aeolus lifted assumed premiums.

A key plank will be a Reinsurance to Assist Policyholders (RAP) program providing a $2bn reinsurance layer below the FHCF.

The special legislative session to be held the week of May 23 is the last chance Florida insurers and reinsurers have this year for some desperately needed reform to the stricken homeowners’ market.

The proposal is at the upper end of previous proposals put to the insurer’s board.

The move partly reflected de-risking and re-underwriting activity following 2021 losses.