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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.
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A key plank will be a Reinsurance to Assist Policyholders (RAP) program providing a $2bn reinsurance layer below the FHCF.
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The special legislative session to be held the week of May 23 is the last chance Florida insurers and reinsurers have this year for some desperately needed reform to the stricken homeowners’ market.
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Sources close to the industry are calling for litigation reform as a priority, while Florida Hurricane Catastrophe Fund expansion is also on the cards.
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The bill that will be discussed in the special session is expected to be available for senator perusal later this week or early next week to allow ample time to read and discuss.
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Several firm-orders have been released, but there are widespread expectations of a much-delayed renewal as low-layer capacity remains elusive.
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Notices of intent to file lawsuits fell 12%, the first time such notices have fallen since July.
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The company previously had its Demotech rating downgraded from 'A' to 'S'.