-
Reinsurers secured concessions on terms and hiked rates as most insurers managed to patch together cover to enter hurricane season.
-
The state-backed carrier hopes to fill out more of the gaps in the coming days.
-
The ratings agency says a quarter of the Floridians it rates have still not secured multi-event cover, although first-event towers have come together.
-
The cover offers protection for a one-in-160-year first event.
-
The Florida homeowners writer had suspended new business and renewals as it scrambled to procure reinsurance coverage.
-
DE Shaw has been offering a form of “capacity wrap” to insurers in which its limit could be used to plug gaps throughout programmes, sources said.
-
The firm recently invested $15mn in FedNat’s Monarch National.
-
The forecast range of hurricanes is slightly wider than in 2021, but in line with 2020.
-
The chunky deal comes as many reinsurers are heavily cutting their Florida cat books.
-
The contractors’ association argued the law would prevent contractors who hold AoBs from recovering their attorneys’ fees if they prevail in a lawsuit against an insurance company.
-
Insurers are still fighting to survive as reinsurance costs rise and availability dries up.
-
Cat bond spreads settled 11% above sponsor targets as many deals were scaled back or parked.