Florida Hurricane Catastrophe Fund

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FHCF’s hurricane Irma loss estimated at up to $6 billion

The Florida Hurricane Catastrophe Fund (FHCF) is facing losses of up to $6 billion due to the impacts of hurricane Irma, according to actuarial estimates, with the loss being contained within the FHCF's funding and not significant enough to trigger its reinsurance program.The FHCF's consulting actuary Paragon Strategic Solutions has read the full article →

Florida cat fund (FHCF) renews $1bn reinsurance at reduced cost

The Florida Hurricane Catastrophe Fund (FHCF) reinsurance renewal has now been completed, with the State Board of Administration (SBA) securing another $1 billion layer of cover, again featuring fully collateralized participation from some ILS fund managers, and with a -4% price reduction year-on-year.The FHCF first visited the reinsurance market in read the full article →

FHCF targets lower attachment for $1bn reinsurance renewal

The Florida Hurricane Catastrophe Fund (FHCF) may buy reinsurance at a lower attachment point of $10.5 billion, to protect itself against losses from the 2017 tropical storm and hurricane season, as its trustees expressed a preference for moving the risk transfer down the tower compared to prior years.As we wrote read the full article →

Florida cat fund (FHCF) exploring $1bn reinsurance renewal

The Florida Hurricane Catastrophe Fund (FHCF) is again looking at utilising risk transfer from the reinsurance markets as a source of additional protection for the 2017 hurricane season, with a $1 billion renewal being explored by the Florida State Board of Administration.The Florida Hurricane Catastrophe Fund (FHCF) is in the read the full article →

FHCF in $1bn renewal, at lower attachment & ILS takes a little less

The Florida Hurricane Catastrophe Fund (FHCF) has completed a $1 billion renewal of its private reinsurance cover, the second year the fund has looked to private sources of traditional and third-party risk capital to offload the risk of severe a hurricane season.Again, the insurance-linked securities, reinsurance linked investments and collateralised read the full article →

Florida cat fund (FHCF) to test market for $1bn reinsurance renewal

The Florida Hurricane Catastrophe Fund (FHCF) is set to revisit the private reinsurance market in 2016, to test appetite and pricing for a potential renewal of its program which will likely repeat the $1 billion of placement of last year.At a Florida Cabinet meeting on the 29th March 2016, Executive read the full article →

Perceived value of reinsurance, relative to other capital, is high: Moody’s

Relative to other forms of capital used for financing or risk transfer, the perceived value of reinsurance is currently high, as evidenced by the first time use of reinsurance by the Florida Hurricane Catastrophe Fund (FHCF), according to Moody's.Rating agency Moody's Investors Service highlights the increased perceived value that has read the full article →

Collateralised & ILS plays role in FHCF’s $1bn reinsurance purchase

Collateralised and insurance-linked securities (ILS) backed capacity providers played a key role in the Florida Hurricane Catastrophe Fund's (FHCF) 2015 purchase of $1 billion of private reinsurance cover, which Artemis has details of today.The $1 billion reinsurance purchase by the FHCF in 2015 is the first time it has turned read the full article →

Florida Hurricane Cat Fund approved to buy $1B of reinsurance cover

The Florida Cabinet's State Board of Administration and Governor Scott have now approved the Florida Hurricane Catastrophe Fund (FHCF) to buy $1 billion of private reinsurance coverage, from a combination of traditional and collateralized reinsurance.As we wrote earlier today, the FHCF and State Board of Administration was taking a proposal read the full article →

Florida Cat Fund to seek $1B reinsurance or collateralized (no cat bonds)

The Florida Hurricane Catastrophe Fund (FHCF) is getting closer to accessing the private reinsurance and risk transfer markets for the first time, as it seeks to better protect itself and take advantage of near-record low reinsurance rates for Florida property catastrophe risks.Update: The proposal detailed below was approved at the read the full article →