-
Tower Hill Insurance Exchange has completed its 2023 Florida reinsurance program, which offers nearly $2bn for catastrophe cover, including all perils. -
This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.
-
Shifts in reinsurance appetite across the risk spectrum has squeezed out ILS providers in some cases.
-
First event reinsurance tower exhaustion points are $1.3bn for the Northeast, $1.1bn in the Southeast and $870mn in Hawaii.
-
The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.
-
Five counterparties account for almost half of all premiums ceded by a sample of major Floridian carriers, analysis shows.
-
Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
-
The pace of rate hikes will ease back from the 1 January reset as buyers seek to lock up capacity early after last year’s dislocated renewal.
-
The northeast deal had previously priced at the low end of the regional insurer’s targets.
-
The impact of recent tort reforms is already being felt in the Sunshine State, the CEO said.
-
The recommendations await approval from the Florida Office of Insurance Regulation.
-
The state carrier completed phase one of its program with the $500mn Lightning Re cat bond placement.
