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The California-based carrier specialises in personal lines cat cover. -
The reinsurer flagged changes will be made to its retro programme in 2023 after cutting its cat book and as the retro market has hardened.
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The Florida carrier has cut total insured values in the state by 10.3% compared to Q3 2021.
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The company is confident it has sufficient additional reinsurance capacity should claims begin to develop outside of initial expectations.
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The Floridian's net loss ratio jumped nearly 18 points to 97.6%, driven by a $40mn retention from Ian and slightly lower net earned premium than the prior-year quarter.
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The carrier has reduced its full-year projected consolidated result for reinsurance and expects a worse P&C combined ratio.
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The NHC has warned of a large storm with hazards extending across the state.
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The sector’s performance was better overall compared with September 2017.
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The storm will hit a state already devastated by Hurricane Ian, which has eroded the capital of local carriers.
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The carrier pushed London brokers for a reduction in the traditional 15% commission.
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The carrier has booked major losses of A$350mn-A$410mn in the three months to 31 October.
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FloodSmart Re bonds recovered by a few points in October after initial steep write-downs following Ian.
