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Most of the 708,255 claims relate to residential properties and arose from Lee County, Florida. -
On Thursday, the bill passed 23-15 in Florida's Senate, after passing the House last week.
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The Floridian has lowered pricing to 900-950bps in a second reduction.
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The Florida insurance carrier has grown its book rapidly through acquisition.
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Yaworsky has served as interim insurance commissioner since being nominated by Governor Ron DeSantis last month.
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CEO Locke Burt said Florida reforms would be “transformational” and that investors had become more receptive to cat risk owing to higher rates.
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The state-backed carrier’s policy count is projected to hit a record high of 1.6 million by year-end.
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The insurer reported an underwriting profit for Q4.
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The issuance is replacing $400mn of cat bond coverage placed in early 2020.
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The bond is seeking industry-loss-based annual aggregate named storm coverage.
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The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.
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Ron DeSantis has also announced proposals to modernize Florida’s "bad faith" law, in the latest set of reforms he described as the most “comprehensive in decades”.
