Property

Florida has been seeking legislative reform amid a breakdown of the functionality of its insurance market.

The bill under discussion tackles key concerns like eliminating one-way attorney fees and getting rid of the state’s controversial assignment of benefits right.

The carrier has become the latest in a string of reinsurers unwilling to write retro at 1 January.

As Trading Risk welcomed ILS market leaders to its Monte Carlo roundtable, there were already headwinds challenging the asset class even before the late September landfall of Hurricane Ian in Florida.

The broker has pegged the global reinsurance supply demand imbalance at $20bn-$30bn.

The upcoming special session, which will take place from December 12 to 16, will need to consider how to make Florida attractive to national insurers and reinsurers.

A FLOIR arrangement will help Floridians secure homeowners cover during hurricane season.

The flooding affected the states of New South Wales, Victoria and Tasmania.

The special session comes as the Florida market braces itself for the effects of the anticipated reinsurance market hardening, potential regional insolvencies and the dearth of private capital.

The pension investor re-directed capital to the Pillar Opportunity fund as of January 2022.

The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.

The vehicle offers attachment points of $500mn and above for global property and downstream energy risks.