Hurricane
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Reinsurers are much better placed to absorb cat losses; insurers are carrying more risk. -
This compares to the 2023-2024 tower which covered losses up to $2.83bn.
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The firm now predicts six major hurricanes and 24 tropical storms.
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Additional capacity for upper-layer coverage is driving rate reductions, the broker says.
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Forecasters have warned that a number of meteorological factors could make this year the most active on record.
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The company increased its full year 2024 adjusted net income guidance.
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Most years since 2014 have seen at least one named storm before 1 June.
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Sources said that while a late June-early July IPO is still on the table, a Q4 or early 2025 listing is expected.
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Concerning hurricane forecasts are among the factors driving tighter reinsurer capacity.
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The outlook calls for an 85% chance of an above-normal season.
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The program includes all perils coverage and third-event protection.
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Cession ratios declined at three of the four publicly listed Floridians.
