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The Bermuda reinsurer is exploring cat bond market options as an alternative to its current retro purchasing. -
Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.
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This comes as the reinsurer is preparing a major equity raise to attack the harder reinsurance market.
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Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.
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Details of the placement are being closely guarded, but one source suggested the raise could be in the region of $1bn.
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The Bermuda-based platform primarily fronts property catastrophe treaty reinsurance for LGT's ILS funds.
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Five counterparties account for almost half of all premiums ceded by a sample of major Floridian carriers, analysis shows.
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Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
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Remaining ILS staff will now report into the group’s CFO.
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The firm noted prior-year development on cat events that primarily occurred in late 2022.
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The non-catastrophe ILS platform hit a valuation of $1bn after a Series C funding round.
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HCI is modelling a decrease in claim frequency of about 15%-20% and in litigation frequency of about 3% owing to Florida legal reforms.
