Heritage Insurance

The total cost for the program increased 1.8% from last year’s.

California homeowners are also expected to move admitted business to E&S.

First event tower for the Northeast exhausts at $1.1bn, at $1.3bn for Southeast and $750mn in Hawaii.

Pricing on the Class A notes is at the lower edge of guidance.

Pricing on the Class A notes moved toward the lower edge of guidance.

The bond will insure against named storms in eight US states.

“That’s one of the things we're monitoring ... but I think there are positive signs in the marketplace that litigation is down,” Garateix told analysts on the company’s third-quarter earnings call.

Losses from the Maui wildfire include a modest amount of reinsurance recoveries from the Per Risk reinsurance program, while losses from Hurricane Idalia were fully retained.

First event reinsurance tower exhaustion points are $1.3bn for the Northeast, $1.1bn in the Southeast and $870mn in Hawaii.

Heritage’s Q1 combined ratio fell 35 points to 94.5% from the prior-year quarter, driven primarily by lower weather losses.

The northeast deal had previously priced at the low end of the regional insurer’s targets.

The issuance is split between $100mn-$120mn of Class A notes and $115mn Class B notes.

The issuance is split between $80mn of Class A notes and $100mn Class B notes.

The insurer reported an underwriting profit for Q4.

Expanded state reinsurance support and legal reforms will be top priorities as Florida insurers face another retention loss.

Over $20mn, the company's reinsurance cover is roughly 40 cents on the dollar, depending on the severity of the storm.

The Florida carrier has cut total insured values in the state by 10.3% compared to Q3 2021.

The Floridian's net loss ratio jumped nearly 18 points to 97.6%, driven by a $40mn retention from Ian and slightly lower net earned premium than the prior-year quarter.

So far, the company has received nearly 12,000 claims associated with the storm.

The carrier had improved its combined ratio by 6 points to 99.4%.

The counties include Palm Beach, Polk, Orange, Broward, St Lucie, Escambia, Seminole, Osceola, Lake and Miami-Dade.

The company also proactively suspended writing new personal residential policies in various counties in Florida, effective June 3.

The Floridian said it had not needed to use the new Reinsurance to Assist Policyholders scheme that was created via new legislation.

Cat bond spreads settled 11% above sponsor targets as many deals were scaled back or parked.