Florida
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The UK-based insurer’s Florida Re secured state regulatory approval in June. -
As both carriers and reinsurers deal with softening markets, all eyes are on hurricane-prone areas.
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She previously served as Hub’s North American casualty practice leader.
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This will be Fidelis’ first office in North America and will be led by former Navigators Re head Ivan Vega.
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Models anticipate a busier second half, particularly in the next few weeks.
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The deal is expected to result in $700mn in combined GWP in Florida upon completion.
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Company said defendant ‘distraction’ can’t make up for flimsy arguments.
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Lawmakers are seeking input on risk evaluation, limits and other concerns.
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The executive joined Navigators in 2010 after eight years at White Mountains Capital.
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The Miami-based executive assumes the role left vacant by April McLaughlin.
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The lawsuit claims more than 100 employees left with Parrish and his three reports.
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Category 4 and 5 storms could become more common and hit further north.
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Despite predicting fewer hurricanes, the numbers are still above average.
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The weather-modelling agency is predicting a below-normal season.
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The programme’s total limit this year is down $594mn to $1.36bn.
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There are now 14 new companies writing homeowners’ policies in the state.
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The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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This is up from last year’s $1bn protection for its Florida treaty.
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The latest update brings the agency’s combined estimate for Milton and Helene to $32.4bn.
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HCI secured three towers with $3.5bn in XoL coverage.
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The $2.59bn renewal is up 45% from last year.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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A 20% increase in FHCF retention levels sent cedants to the private market.
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The agency forecasts up to five major hurricanes and 19 named storms.
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As with 2024, pricing pressure has been most acute on top layers.
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The revision is significantly lower than the $4.5bn October estimate.
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Hussey will take over the role left vacant when Luis Sonville moved to AJ Gallagher late last year.
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The carrier’s estimated first event limit could increase 16%, to $1.35bn.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
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The executive will oversee Howden Re’s treaty and fac business in Miami.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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The MGA is offering lines of $25mn, up from the $10mn limit it was providing until late last year.
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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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The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane.
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The figures imply first-layer reinsurance recoveries for Helene.
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The loss tally is considerably lower than estimates issued by model vendors.
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In line with Milton’s moderate forecast loss, the ILS market reaction will be less influential in post-event dynamics.
