Rates
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Earlier this month, the carrier said it wouldn’t renew its 2017 Torrey Pines Re cat bond.
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After the immediate claims hit, reinsurers face the prospect of harder rates but shrinking premium volumes in some lines.
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Reinsurers have held the line on pricing as cedants seek to close out deals, with the market showing further hardening.
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Capitol Preferred cancelling over 23,000 policies could drive customers to state-backed insurer Citizens.
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The combined ratio for select firms could rise 2.4 points to 103.5 percent this year, the agency predicts.
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Reinsurance rates increased were manageable, a number of carriers said.
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Even as Florida rates improve, the reinsurer said it expects to hold back capacity for net growth and potential new demand. -
Reinsurers push back on aggregate exposure from cascading covers as market gets more differentiated.
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The Floridian insurer said it has secured most of the reinsurance limit it requires ahead of the 2020 hurricane season.
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The midpoint of the updated spread range promises a multiple of 5.8x the expected loss.
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Trapped capital will become an issue in the coming months, CEO of Lancashire Capital Management Darren Redhead said.
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The carrier’s CFO said Florida pricing “could return to more rational levels” after years of underpricing.
