Property

The outgoing CEO will step down in May and spend six months as a strategic adviser to the company.

Senate Bill 2A addresses key concerns in the Florida property market, including one-way attorney fees and assignment of benefits, the ratings agency said.

Tristan Abend has been with the Axa XL Reinsurance team for 10 years.

The move comes amid a general cutback from reinsurers’ in their cat risk appetite.

The update is a slight increase to November’s 114bn yen estimate.

The announcement comes on the helm of both houses of the Florida legislature passing the proposed overhaul of the state's property insurance market.

Tension is emerging at the reinsurance level over the retrenchment from all-perils coverage, which previously offered ‘sleep-easy protection’. 

The legislature met for a special session this week, discussing key concerns in the state's property insurance market.

This price hike contributed to a premium increase of $695mn in the month, bringing the year-to-date impact of 2022 rate increases to $3.6bn.

The European cat market is hardening faster than expected but the process is being delayed by ongoing negotiations over retro protection and varying lists of reinsurer demands to improve terms.

On Tuesday, the bill passed in the State Senate 27-13, and today's passage in the House represented an 84-33 party line split.

The firm has folded its former Nimbus weather strategy into the new vehicle.