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The Florida-based insurer’s spend rose by 17 percent to $262mn.
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The carrier took a small co-participation on its first layer, effectively lifting its retention.
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Both tranches of Avatar’s second-ever Casablanca Re cat bond have had their spread guidance increased by 16-18 percent.
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The Covid-19 pandemic has caused greater turbulence in the Florida reinsurance market than Hurricane Irma, and two big questions will remain after the dust has settled.
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Multiple carriers had to revise official terms to get programmes home as reinsurers held firm on price demands.
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The FHCF opted to “sit this renewal out”, according to sources.
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Small increases on international cat treaties such as the New Zealand EQC are being welcomed by reinsurers, with US nationwide deals also rising by up to 15%.
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Launched late in the renewal process, Casablanca Re is offering spreads of 600-850 basis points.
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Pricing has moved to the top of the initial guidance, according to sources.
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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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Even as Florida rates improve, the reinsurer said it expects to hold back capacity for net growth and potential new demand.