Tower Hill Insurance Exchange, a Florida homeowners and commercial property insurance underwriter, has entered the catastrophe bond market with its debut transaction, seeking $200 million or more in Florida named storm reinsurance from this Winston Re Ltd. (Series 2024-1) issuance.
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Florida insurance carriers purchased 11% more in reinsurance over the course of 2023 than a year earlier and while market conditions were certainly hard, it was not as challenging as had been forecast for the domestic Floridian insurance market.
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The enactment of legislative reforms targeted at the insurance market in Florida has opened the runway for tens of billions in fresh capital to flow into the state from investors, John Seo, Co-Founder & Managing Director at Fermat Capital Management said at an event last week.
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Building codes in Florida are seen as a significant factor in reducing the potential insurance industry loss from hurricanes, with improvements in recent years seeing modelled loss estimates drop, reinsurance broker Lockton Re said this morning.
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Insurance carriers in the state of Florida have become more creative with how they approach their reinsurance program needs, finding solutions and using alternatives to ensure protection, but challenges persist, rating agency KBRA said in a new report. We think this could lead to some interesting renewal activity in 2024, given the efficiency of ILS […]
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Florida-focused insurance holding entity HCI Group is aiming to raise close to $90 million through a public offering of its equity, with the target being to put the money raised to work to fund the continued assumption of policies from the state’s insurer of last resort, Florida Citizens.
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Florida’s property insurer of last resort, Citizens Property Insurance Corporation, could increase its purchase of reinsurance and catastrophe bond backed risk transfer in 2024, with its new layer structure following the merging of its accounts suggesting as much as $5.5 billion could be purchased next year.
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HCI Group subsidiary Homeowners Choice Property & Casualty Insurance Company, has completed a successful takeout of approximately 53,750 policies from Citizens Property Insurance Corporation, Florida’s state-backed insurance company, with the insurer of last resort now showing signs that thanks to depopulation its exposure is starting to reduce.
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A special legislative session of the Florida House this week saw any measures of particular relevance to the property insurance market taken off the agenda, while a measure that proposes another layer of reinsurance to support the Floridian carriers may now re-emerge for debate in 2024.
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Olympus Insurance Company, a Florida homeowners specialist underwriter, has adopted new rules for property underwritten on the coast of the state, as it looks to align its inwards business more closely with the reinsurance models used.
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