Stocks
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The company is also nearing completion of Interboro Insurance Company’s program renewal. -
Five counterparties account for almost half of all premiums ceded by a sample of major Floridian carriers, analysis shows.
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Remaining ILS staff will now report into the group’s CFO.
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The non-catastrophe ILS platform hit a valuation of $1bn after a Series C funding round.
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HCI is modelling a decrease in claim frequency of about 15%-20% and in litigation frequency of about 3% owing to Florida legal reforms.
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Nephila Syndicate CEO Adam Beatty said that the firm hopes to grow its new specialty syndicate to $500mn of premium within the next few years.
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Capital has begun to flow again after a challenging time for ILS fundraising in 2022 – but there is a clear shift underway.
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The carrier’s combined ratio totaled 100%, up 2.1 points from Q1 2022, reflecting a higher net loss ratio, partially offset by a lower net expense ratio.
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Governments could encourage cat bond issuance by lowering costs, a policy paper said.
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The facility will support quota share capacity with Anchor Re on behalf of SageSure carrier partners.
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The bond, which was renewed in January in its fourth deal, provides the bank with coverage for operational tail risks.
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The Canadian pension fund will retain 9.4% of the carrier’s voting shares.
