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In a pleasantly warm Zurich this week, I was discussing one of the city’s traditions – burning the giant figure of a snowman to herald the end of winter and coming spring.
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Reinsurers that have been reliant on retro cover also pared back their market share, as the broker said mid-year renewals showed tangible pricing momentum.
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The hedge fund’s participation drove an overall increase in ILS use by the Floridian insurer for its 2019-20 programme.
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The insurer paid a rate on line of 11.25 percent for its new personal lines cover.
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Rates are believed to be around 15-30 percent up in the retro market, helping in turn to support increased rates in the Florida renewal.
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However, the verdict on whether Florida rate increases were enough to satisfy underwriters still seems a split one.
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Some of the largest Florida carriers increased their reinsurance limits at this renewal, but they were able to keep control of overall expenditure by opting for more Florida Hurricane Catastrophe Fund (FHCF) protection.
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The state cat fund delayed its renewal to avoid clashing on the market with Florida insurers.
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The company’s cover for a Florida storm now extends to $3.28bn – up $134mn from 2018.
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A range of buyers have to use private deals to fill out orders, but the vast majority look set to be covered by the end of today.
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A move towards more bilateral trades is counter to what you’d expect from a commoditised market.
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The legislation now passes to the state’s Assembly.