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The Atrium-led cover renews after the multi-billion-dollar High Court ruling. -
This is up from last year’s $1bn protection for its Florida treaty.
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HCI secured three towers with $3.5bn in XoL coverage.
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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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Broker facilities and increased US domestic appetite are accelerating the softening.
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As with 2024, pricing pressure has been most acute on top layers.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The reinsurer said the market was unprofitable and pricing needed to increase immediately.
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Its 2025 programme exhausts at $9.5bn excess $1bn.
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Fully placed, this would equate to $275mn on the per-occurrence tower and $675mn on agg.
