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The transaction, announced in December, covers around $130mn in premium for business in CT, NJ, MA, and RI, helping HCI expand beyond Florida.
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The company expects reinsurance to provide 78% of its $2.5bn gross written premium target. -
The move is part of a wider expansion in BMS’s reinsurance broking capabilities.
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Storms tore through four states in January last year with hailstones up to 6cm in size.
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Some markets on the programme have pushed back on the inclusion of event cancellation exposures.
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The uplift in insured losses would be much lower due to underinsurance for storm surge and flooding damage.
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Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.
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Co-founders Joe King, Enda McDonnell and Adrian Ryan remain in their posts and retain minority stakes in the business.
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This came after analysts said reinsurers could face further cat losses as a result of the case, although XoL claims are likely to be disputed.
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Citizens projected it would cede $94mn in storm losses to reinsurers but has cut this to $62mn.
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The new capacity for the sidecar first launched in 2019 will be invested solely in EBRD bonds.
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Affirmative cyber risks could be the next systemic risk the ILS market takes on, the executive suggests.
