-
The executive said reforms will help insurers, but more challenges remain to be tackled, as local executives remain divided on the potential impact of the legislation.
-
The Floridian has previously been affirmed by Demotech, but AM Best cited leverage pressures in its review.
-
The Floridian carrier said reinsurance spending was up by 5%.
-
The Florida reinsurance renewals ran more smoothly, with lower overall rate increases than initially expected.
-
New and growing carriers helped to fill out treaties as Sompo stepped back from a market that came in flatter than expected for remote risk.
-
The total reinsurance program’s cost jumped to $312mn at the renewal, compared with a $272mn price tag a year ago.
-
Florida domestic property insurers are getting squeezed, unable to increase rates fast enough to offset mounting losses.
-
Divergence between appetite for upper and lower layer reinsurance risk may drive some panel turnover, and disadvantage some segments.
-
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.
-
The first-time ILS sponsor expects to pay a coupon at the lower end of its initial forecast.
-
Whatever their eventual impact on runaway loss inflation the fact reforms were enacted at all is a happy surprise for the industry.
-
Pockets of the distressed Florida market are still expected to face a challenging renewal, but much of the remediation was carried out last year.