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Lawmakers are taking action to attract more property insurers into the state. -
The CFO of parent company Markel has said it aims to lean into property cat through Nephila.
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The company increased its attachment point on the $200mn aggregate cover to $750mn, up from $700mn.
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Nephila achieved significant rate increases at 1 January and expected the strong rate environment to continue this year.
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The CEO said the reinsurer expects to post $35mn of fee income a quarter after raising more capital.
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The executive joined Citizens as general counsel in June 2021.
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All four of the firm’s key third-party vehicles were profitable in the quarter.
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This was the highest single-year increase for the US index since 2006.
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The ratings firm said a proposed scheme is unlikely to be a long-term fix if reinsurance issues remain unresolved.
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Following recent hurricanes, more than 610,000 residential property claims were filed in the state.
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The former reinsurance CEO had previously parted ways with Bob Cooney after working together on a reinsurer start-up last year.
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Shabnam Ahmed joined the firm in October 2020 to build up its portfolio and train junior underwriters.
