Florida
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The MGA is offering lines of $25mn, up from the $10mn limit it was providing until late last year. -
This year’s coverage will involve $2.94bn of new risk transfer.
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The state has seen 11 new entrants into the insurance market, reflecting renewed confidence.
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The homeowners’ carrier has secured Floir approval.
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The industry loss number has increased threefold from an initial $5bn pick.
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CEO Cerio highlighted changes that allowed the insurer of last resort to combine commercial, coastal and personal lines.
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The state reinsurer of last resort discussed options for 2025 reinsurance buying strategy.
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The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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The loss figure has increased 200% from the initial number provided in October.
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Helene losses were spread wider than initially suggested, in contrast to Milton claims.
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Fema's traditional reinsurance programme will attach at losses of $7bn and above.
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The firm will provide an update on 22 November to avoid holiday season.
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