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The carrier said it had mitigated the impact of a challenging reinsurance market. -
The reinsurer is seeking coverage for any named storm, earthquake, severe weather or fire event in several states in the northeast of the US.
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The comment comes after major US carriers pulled back from new business in wildfire-prone California.
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The reinsurer launched the cat bond as its first entry to the cat bond market seeking an alternative to retro.
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The structure envisages bringing in philanthropic capital to provide project funding to mitigate disaster risk as part of ILS deals.
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The bond will provide indemnity, per-occurrence coverage for named storm across 13 states in the US northeast.
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Tower Hill Insurance Exchange has completed its 2023 Florida reinsurance program, which offers nearly $2bn for catastrophe cover, including all perils.
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This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.
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This year’s program – sealed with a panel of 78 reinsurers – includes $875mn of multi-year ILS capacity providing diversifying collateralized reinsurance capital.
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The deal will be the carrier's first cat bond issuance, as it enters the market seeking an alternative to retro.
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First event reinsurance tower exhaustion points are $1.3bn for the Northeast, $1.1bn in the Southeast and $870mn in Hawaii.
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Five counterparties account for almost half of all premiums ceded by a sample of major Floridian carriers, analysis shows.
