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Premiums ceded to the ILS vehicle increased by 76% to $433mn. -
Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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ILS as a percentage of the pension fund’s total assets grew to 1.5%.
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GP Affluent Markets will look to serve high-net-worth individuals.
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“We do not have the luxury of time,” he said during the Bermuda Risk Summit.
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This year’s coverage will involve $2.94bn of new risk transfer.
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There are signs that Florida’s insurance industry is coming under increasing legislative scrutiny.
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This will be Brit’s first cat bond issuance since its 2020 deal through Sussex Capital.
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This came as the market’s underwriting profit dipped 10% for 2024.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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Some $625mn of new issuance entered the market in the first week of March.
