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However S&P Global Ratings revised its outlook for reinsurance from stable to negative, citing pandemic-related losses and volatile capital markets.
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Capitol Preferred cancelling over 23,000 policies could drive customers to state-backed insurer Citizens.
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Reinsurance rates increased were manageable, a number of carriers said.
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Despite market pressure, HCI is expected to complete its reinsurance programme on schedule, CEO Paresh Patel said.
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Catastrophe losses were EUR208mn, up 6.6 percent from last year.
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The carrier took a separate EUR220mn charge connected to Covid-19 losses. -
Some insurers in the panhandle may not be able to handle reinsurance rate increases in the 1 June renewal, according to Bruce Lucas.
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This comes after Stone Ridge, one of the firm's third-party providers, reduced its sidecar holdings.
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The carrier will raise third-party funds for the vehicle after setting up a new Lloyd’s fund late last year.
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The carrier says it has sufficient capital to meet expected liabilities from Covid-19.
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CEO David Long said he expects the greatest impact of Covid-19 to be on the group’s investment portfolio.
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The carrier reported no material coronavirus claims for Q1 and beat S&P analysts’ earnings-per-share consensus by 34 percent.
