Florida is considered ground-zero for global property catastrophe risk given its exposure to hurricanes and the significant insured values-at-risk.
As a result, the Florida market is effectively ground-zero for the catastrophe bond and insurance-linked securities (ILS) market, with a significant proportion of ILS market exposure linked to catastrophes that might occur in the state.
Florida’s property insurance marketplace is also known to have faced significant challenges, not just from losses, but with the just as real threat and impact of social inflation and litigation that have driven claims costs higher and ultimately raised insurance pricing. This has had a knock-on effect on reinsurance and ILS pricing for risks in Florida.
Given Florida’s significant exposure to hurricane risk, a new report from Morningstar DBRS has suggested that continued access to affordable and readily available reinsurance will remain critical to the market’s long-term stability and financial strength.
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US primary insurer Allstate has shrunk its Florida reinsurance tower slightly at the renewals this year, but with new catastrophe bonds sponsored the capital markets share of the tower backed through insurance-linked securities has risen year-on-year.
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Given that early forecasts suggest a slightly below-average Atlantic hurricane season for 2026, Fitch Ratings has indicated that U.S. property and casualty (P&C) re/insurers are well positioned to absorb losses from a large event, with the agency noting that Florida remains a key focus, even though market conditions have improved for protection buyers heading into […]
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Allstate, the US primary insurance giant, has added more catastrophe bond protection, by successfully securing an additional $30 million of multi-peril reinsurance which we believe to be for Florida from a privately placed zero-coupon Sanders Re III Ltd. (Series 2026-3) notes issuance, Artemis can report.
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HCI Group, Inc., the insurance holding company, has completed its catastrophe reinsurance programs for the 2026-2027 treaty year, securing a meaningful $4.06 billion in aggregate excess of loss (XoL) limit for the period, marking a 16% increase from the prior treaty year.
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Universal Insurance Holdings, Inc. once again expanded its reinsurance limit at the 2026 mid-year renewal, lifting the top of the reinsurance tower to $2.623 billion, with institutional capital from ILS manager Nephila Capital a key participant in the renewal again for the insurer.
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Property catastrophe reinsurance pricing has declined by 15% to 20% across many layers of the tower at the June 1st renewals according to broker Guy Carpenter, who highlighted improved property insurance market conditions, strong reinsurer balance-sheets and rising investor appetite as key drivers of the renewal dynamics.
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Allstate has now secured its targeted $200 million four year source of Florida catastrophe reinsurance protection with its latest catastrophe bond, pricing the notes from this Sanders Re III Ltd. (Series 2026-2) issuance below guidance, Artemis understands.
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Patriot Select Property and Casualty Insurance Company, a Florida based insurer, has announced the completion of its 2026 catastrophe reinsurance renewal, with $220 million of private market limit, $90 million of FHCF cover and $145 million to protect against second and subsequent events.
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Property insurers in the State of Florida are expected to benefit from a more pronounced softening of reinsurance pricing and rates at the June 1 2026 renewals, which may serve to sustain the positive market momentum being seen since the legislative reforms, AM Best has explained.
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