Rates

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.

Florida Citizens' latest issuance expands by a quarter during marketing.

Florida's state-backed insurer is set to buy $1.42bn reinsurance for the 2018 season.

The reinsurer also benefited from low loss experience as first quarter net income rose 7.5 percent.

Despite the decrease, pricing is still up on last year for Nationwide Mutual's cat bond.

Early signs indicate third-party capital is being deployed aggressively in the Florida market.

Nationwide Mutual has launched a new Caelus Re cat bond, which will help to replace ILS cover that is expected to be drawn down by nearly $150mn following last year’s catastrophe activity.

The target size of Aspen Bermuda's Kendall Re 2018-1 cat bond has increased by 50 percent to $225mn