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The insurer secured $445mn of catastrophe reinsurance at 1 July for a rate reduction.
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In its 1st View report the broker said the impetus for risk-adjusted rate increases had stalled at the June and July renewals. -
July’s renewals may outperform 1/6 which focused on Florida-attracted alternative capital.
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Florida catastrophe reinsurance rates crept up by 1.2 percent on average at this year’s 1 June renewal, marking the first increase in seven years, according to JLT Re.
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Demand for retrocession is expected to be up slightly at the mid-year renewals, but with relatively little business concluded so far there is no clear outlook on how rates will hold up.
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Property cat rates in the state remain 40 percent below 2012 levels.
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Federated National has cut its reinsurance spend by 17 percent as it pared back its programme to match a shrinking Florida portfolio.
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The Florida insurer decreased the share of its growing premium base being ceded to reinsurers.
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Reports by analysts at Morgan Stanley and JMP forecast an "underwhelming" renewal.
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The Texan insurer of last resort has increased its Hurricane Harvey loss estimate by 11 percent since January, as it moves to secure more reinsurance.
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The Florida carrier increased its spend from $314mn last year to lift its reinsurance protection.
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Florida-based insurer UPC has inked several large deals with major ILS managers Nephila, Elementum and Aeolus at the 2018 reinsurance renewal.
