The Florida Hurricane Catastrophe Fund (FHCF), the fund that provides a reinsurance like reimbursement for a portion of residential property insurers’ hurricane losses, lacks the necessary liquid assets to pay out without needing to issue post-event bonds, likely backed by assessments, if a repeat storm loss of the magnitude of hurricane Ian were to occur.
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Two of the tech-focused insurance start-ups operating in the Florida homeowners market have successfully completed their catastrophe reinsurance renewal placements, with both Kin and Slide citing strong support.
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US primary insurance player Allstate has now secured an upsized $370 million of Florida focused multi-peril reinsurance protection from the capital markets with its latest catastrophe bond, as the Sanders Re III Ltd. (Series 2023-2) issuance has now been priced.
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The Florida Retirement System Pension Plan counted over $912 million of insurance-linked securities (ILS) and related assets under management as of the end of 2022, with the institutional investor continuing to expand the diversification within its insurance and reinsurance investments, thanks to longevity-linked life asset growth.
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The upcoming Florida reinsurance renewals at June 1st are seen as progressing well and at a good pace, despite the hard market environment, with capacity seen as sufficient to enable programs to clear, analysts at JMP Securities have said.
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Heritage Insurance Holdings, Inc. has now finalised its catastrophe excess-of-loss reinsurance renewal for the coming year and hurricane season, with continued diversification away from Florida evident, as for the first time the insurers southeast reinsurance tower is now shorter than its northeast one.
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Florida’s Citizens Property Insurance Corporation has now secured $750 million of named storm reinsurance protection for the 2023 hurricane season with this dual-series issuance of Everglades Re II Ltd. (Series 2023-1 & 2023-2) notes, with the prices fixed within the initial guidance.
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The Board of Florida’s Citizens Property Insurance Corporation approved a slightly smaller budget for its reinsurance and capital market risk transfer purchases than expected yesterday, but market conditions are improved somewhat it seems and, while pricing is higher, the insurer of last resort is seeing positive momentum, especially with catastrophe bonds.
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As it seeks to secure its reinsurance needs for the coming wind season in the most economic manner, Florida’s Citizens Property Insurance Corporation has upsized its target for its latest catastrophe bond issuance for a second time, with now up to $775 million of protection sought from the dual-series issuance of Everglades Re II Ltd. […]
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Catastrophe reinsurance providers hold most of the cards for the impending Florida renewals at June 1st, with even legislative efforts to improve the situation “missing the mark” in some cases, a market update from Stonybrook Capital states.
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