Claims and losses

Even clean accounts in the admitted space are seeing rate increases of 15% year on year, while loss-hit accounts in Florida were slapped with a 100% rate increase for June 1.

The carrier is obligated to use the RAP program and upped its ceded premiums.

The forecaster is predicting 13 named storms, six hurricanes of which two are expected to be Category 3 or above.

This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.

This year’s program – sealed with a panel of 78 reinsurers – includes $875mn of multi-year ILS capacity providing diversifying collateralized reinsurance capital.

The forecaster is predicting there could be as many as 14 hurricanes in the North Atlantic between June and November.

The US National Oceanic and Atmospheric Administration (NOAA) has forecast “near-normal" hurricane activity in the Atlantic this year.

The loss for the month was 60% comprising losses from two wind and hail events.

Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.

Perils increased the loss estimate by 25% due to a significant increase in average claim size across residential and commercial property lines.

The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.

The company is also nearing completion of Interboro Insurance Company’s program renewal.