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The terrorism pool has shifted its programme from facultative to an XoL arrangement. -
Climate change and other loss impacts were not adequately incorporated, sources said.
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HCI will now consist of two operating units – the other being its four underwriting entities.
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DaVinci equity plus debt stood at $3.25bn as of 31 December.
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The carrier increased premium by 7% at the January renewals.
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The firm reported record fee income of $128.2mn in 2024, up 26%.
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The firm ceded $417mn of premiums to the sidecar in 2024.
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The conglomerate reported after-tax cat losses of $1.2bn related to Hurricanes Helene and Milton in 2024.
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Several Florida start-ups are poised to begin writing business this year.
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Wildfire loss ‘serves as a strong reminder not to unwind hard-fought for rates and terms’, the executive said.
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Total combined losses for the agency’s Helene and Milton estimates stand at $31.8bn.
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The carrier said 72% of those losses occurred in personal property.
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