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Florida reinsurance may rise 20% in June as loss creep weighs: A.M. Best

Reinsurance pricing could rise by as much as 20% at the Florida renewals in June 2020, with the continued pressure from loss creep on both insurers and reinsurers the main driver, according to A.M. Best.Loss creep from 2017's hurricane Irma struck some players again in the fourth-quarter of 2019, with read the full article →

Florida market strains may drive reinsurance & private debt demand

The Florida insurance market is in a state of flux, as strains from recent years have begun to drive ratings assessments and a situation where capitalisation is key, leading to a number of carrier disposals and a likelihood that both reinsurance capital and private debt will become more in-demand.Rating specialist read the full article →

Florida Citizens aims to continue its depopulation

Florida’s Citizens Property Insurance Corporation has shrunk its exposure significantly in recent years, thanks to a gradual privatisation of its risk through its policy depopulation program.Now, Florida Citizens wants to decrease its exposure even further, with a resumption of depopulation a possible route to gaining further private market participation in read the full article →

FHCF renews reinsurance at flat pricing, using more third-party capital

The Florida Hurricane Catastrophe Fund (FHCF) has renewed its reinsurance program at a slightly smaller size of $920 million, but with flat pricing and insurance-linked securities (ILS) players taking a slightly larger share in 2019.Leading the ILS market participation in the FHCF's 2019 reinsurance renewal was Fermat Capital Management, which read the full article →

Demotech highlights Florida insurers realistic loss reserves & reinsurance

Demotech affirmed its financial ratings for 51 Florida based primary insurance companies, highlighting their "realistic" loss reserves and saying their reinsurance is of "sufficient quantity and quality" to ensure they receive payouts after suffering losses.Demotech regularly reviews the health and performance of the Floridian primary insurance sector, placing an emphasis read the full article →

FHCF’s $1bn 2018 reinsurance renewal came in 4% cheaper (net)

The $1 billion Florida Hurricane Catastrophe Fund (FHCF) reinsurance program renewal at June 1st came in at a cost that was roughly 4% cheaper on a net basis, despite the fact the attachment point had been lowered effectively making the program layer a riskier underwriting opportunity.It's a successful result for read the full article →

ILS plays key role in Florida cat fund (FHCF) $1bn reinsurance renewal

The Florida Hurricane Catastrophe Fund (FHCF) successfully renewed its $1 billion reinsurance program at June 1st 2018, with significant insurance-linked securities (ILS) fund and collateralized reinsurance vehicle participation.For the 2018 reinsurance renewal, the FHCF has succeeded in lowering the attachment point of its private risk transfer coverage, as it had read the full article →

Florida cat fund (FHCF) aims for $1bn reinsurance buy at lower attachment

The Florida Hurricane Catastrophe Fund (FHCF) is expected to target a renewal of its $1 billion layer of reinsurance coverage at the mid-year, but the attachment point of the layer is expected to drop down as the Fund arranges its financing after the impact of hurricane Irma last year.The first read the full article →

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 →