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One Floridian had “zero” reinsurance in place before weekend.
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With reinsurance availability scarce and costs rising, several carriers have called an interim halt to new homeowners’ business.
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The national carrier follows Southern Fidelity’s suspensions earlier today.
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Southern Fidelity said until it could be sure of reinsurance capacity it could not bind cover, as renewals have been delayed.
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Some cedants remain far behind in a stressed renewal, but others are on the path to completion in a reshaped Florida market.
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The proposed Florida special session Senate bills 2-D and 4-D have overwhelmingly passed the house floor and will now move to Florida Governor Ron DeSantis for signing.
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State representatives will vote on the bill on the House floor tomorrow.
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Proposed RAP coverage layer adds protection and exposures for insurers.
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State senators will vote on the bill on the Senate floor tomorrow.
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Industry association FAIR said a full reinsurance backstop should be provided.
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The multiple is significantly up on the 4.8x achieved last time on a higher expected loss.
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Major ILS providers active in Florida including Nephila and Aeolus lifted assumed premiums.