Rates

RenaissanceRe CEO Kevin O’Donnell told analysts: “It feels like the wind is at our backs again.”

Some 78.6 percent of investor votes were cast, of which 97.7 percent were in favour of the wind-up.

ILS managers were offering larger line sizes and seeking to compete more often on reinstateable layers in the Florida June renewal, Willis Re observed in its mid-year 1st View report.

ILS premiums steadied after a 9.5 percent drop in the first quarter, according to Lane Financial's benchmark.

In its 1st View report the broker said the impetus for risk-adjusted rate increases had stalled at the June and July renewals.

Reduced exposures enabled the insurer to cut its spend, after ceding $600mn in losses to reinsurers last year.

The postponement will provide time for Citizens to assess policy changes that take aim at assignment-of-benefits abuses.

Coastal dwellers in Florida would be hardest hit by the increase, with rates on the seafront rising by an average of 9.5 percent.

Florida catastrophe reinsurance rates crept up by 1.2 percent on average at this year’s 1 June renewal, marking the first increase in seven years, according to JLT Re.

Property cat rates in the state remain 40 percent below 2012 levels.

The reinsurer is on track to close its new ILS issuance at $300mn.

Reinsurance rate increases fell short of expectations after hurricanes Harvey, Irma and Maria (HIM), but this could change if the market endures further major losses in 2018, panellists said at the Trading Risk London ILS conference.