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The bond provides coverage on personal-lines property in Florida. -
With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
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The total cost for the program increased 1.8% from last year’s.
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The carrier’s estimated first event limit could increase 16%, to $1.35bn.
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California homeowners are also expected to move admitted business to E&S.
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The bond will provide storm protection in Florida and South Carolina.
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The deal will provide named Florida storm protection on an indemnity, per occurrence basis.
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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 initial offering will include 6,875,000 shares of common stock.
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Renewal rates were favorable compared to what could have happened after several hurricanes.
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An allocation to insurance could “feel like a nice, calm port in the storm” amid wider market volatility.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
