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The total reinsurance program’s cost jumped to $312mn at the renewal, compared with a $272mn price tag a year ago.
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Florida domestic property insurers are getting squeezed, unable to increase rates fast enough to offset mounting losses.
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Divergence between appetite for upper and lower layer reinsurance risk may drive some panel turnover, and disadvantage some segments.
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Berkshire, along with some other expansive reinsurers, grew its level of assumed reinsurance premium from top Florida insurers significantly in 2020, as the ILS market share dropped overall.
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The first-time ILS sponsor expects to pay a coupon at the lower end of its initial forecast.
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Whatever their eventual impact on runaway loss inflation the fact reforms were enacted at all is a happy surprise for the industry.
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Pockets of the distressed Florida market are still expected to face a challenging renewal, but much of the remediation was carried out last year.
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The state insurer will raise $800mn-$950mn after initially launching with a modest $500mn target.
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United Insurance Holdings reported a core after-tax loss of $19.4mn for the first quarter of 2021, as elevated natural catastrophe claims from Winter Storm Uri and a $30mn reserve charge weighed on the carrier’s results.
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The Senate has signed off an insurance reform bill which eliminated earlier proposals on cash roof settlements and fee multipliers, but reduced the statue of limitations and made other pro-industry changes.
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The hurricane made landfall in Alabama on 16 September 2021 and swept through a number of southern states.
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The House amended the Senate’s earlier proposals, adding in restrictions on contractor solicitations but tempering legal fee reform.