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Florida domestic property insurers are getting squeezed, unable to increase rates fast enough to offset mounting losses. -
The former Bermuda Brokers and JLT Re broker says ILW appetite is expected to remain strong after benefitting from pandemic trading activity.
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Matthew Harvey joins as a senior vice president and leader of the operation.
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The insurer’s overall top line rose 16% as cat claims reached $70mn.
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ILS Capital has invested seed capital in start-up InsurTech provider Pouch, which provides auto coverage for small businesses.
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Ann Haugh will lead the new global property division, with Andy Hottinger heading up international and Jonathan Gray specialties.
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The state insurer will raise $800mn-$950mn after initially launching with a modest $500mn target.
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This came as the insurer said its reinsurance programme was oversubscribed and it expected rate increases to be in a mid single digit range.
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Most damage to private and commercial property was covered, but agriculture losses were uninsured.
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Many carriers agreed on the growing attraction of primary markets but differed on reinsurance-expansion tactics.
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SVP Jeremy Waite will head the operation, while continuing to lead the firm’s property treaty broking team for Australia and New Zealand.
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United Insurance Holdings reported a core after-tax loss of $19.4mn for the first quarter of 2021, as elevated natural catastrophe claims from Winter Storm Uri and a $30mn reserve charge weighed on the carrier’s results.
