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This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn. -
The deal includes AIG's AlphaCat platform.
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Shifts in reinsurance appetite across the risk spectrum has squeezed out ILS providers in some cases.
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First event reinsurance tower exhaustion points are $1.3bn for the Northeast, $1.1bn in the Southeast and $870mn in Hawaii.
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The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.
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The Bermuda-based platform primarily fronts property catastrophe treaty reinsurance for LGT's ILS funds.
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Five counterparties account for almost half of all premiums ceded by a sample of major Floridian carriers, analysis shows.
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Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
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The pace of rate hikes will ease back from the 1 January reset as buyers seek to lock up capacity early after last year’s dislocated renewal.
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The northeast deal had previously priced at the low end of the regional insurer’s targets.
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The impact of recent tort reforms is already being felt in the Sunshine State, the CEO said.
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Spectra has in-principle approval for a Bermuda broker license but believes cyber ILS solutions will be a game of “slow progress”.
