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Tension is emerging at the reinsurance level over the retrenchment from all-perils coverage, which previously offered ‘sleep-easy protection’. -
The legislature met for a special session this week, discussing key concerns in the state's property insurance market.
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RenRe, Fontana’s owner, said earlier this year that it was considering getting a rating for the casualty and specialty sidecar.
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This price hike contributed to a premium increase of $695mn in the month, bringing the year-to-date impact of 2022 rate increases to $3.6bn.
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The European cat market is hardening faster than expected but the process is being delayed by ongoing negotiations over retro protection and varying lists of reinsurer demands to improve terms.
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On Tuesday, the bill passed in the State Senate 27-13, and today's passage in the House represented an 84-33 party line split.
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The firm has folded its former Nimbus weather strategy into the new vehicle.
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Florida has been seeking legislative reform amid a breakdown of the functionality of its insurance market.
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The bill under discussion tackles key concerns like eliminating one-way attorney fees and getting rid of the state’s controversial assignment of benefits right.
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The carrier has become the latest in a string of reinsurers unwilling to write retro at 1 January.
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As Trading Risk welcomed ILS market leaders to its Monte Carlo roundtable, there were already headwinds challenging the asset class even before the late September landfall of Hurricane Ian in Florida.
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The broker has pegged the global reinsurance supply demand imbalance at $20bn-$30bn.
