Rates
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Twia filed for the rate hike in August after an actuarial analysis showed that rates were inadequate. -
The rate change will be implemented in November.
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The board of directors has voted for a 10% rate hike.
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Twia’s analysis showed existing rates were inadequate.
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The broker estimated ILS capacity reached a record $107bn as cat bond interest surged.
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The proposal now goes to the Florida Office of Insurance Regulation for review.
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The ratings agency noted robust profit margins for reinsurers.
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Top layer competition is an added pressure on ILS firms, but the impact can be overstated.
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The firm received a long-term ICR of a- and the outlook for both ratings is stable.
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European rates on line increased by 7.60%, while in the US prices were up 5.25%.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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