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Sources said that while a late June-early July IPO is still on the table, a Q4 or early 2025 listing is expected. -
Concerning hurricane forecasts are among the factors driving tighter reinsurer capacity.
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Top layer competition is an added pressure on ILS firms, but the impact can be overstated.
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The program includes all perils coverage and third-event protection.
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The Sussex Capital ILS platform managed $440mn at its 2019 peak.
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The company plans to reduce its quota share to 20% from 40%.
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The carrier has completed its 2024-25 reinsurance renewal.
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The coverage will be indemnity, annual aggregate for Florida named storm.
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The firm, one of three major reinsurance fronts, said it would manage run-off in an orderly way.
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Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
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FHCF rates are also projected to decrease by a statewide average of 7.38%.
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The bond offers named storm coverage in Florida.
