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Insurance Insider has gathered data on geographical areas prone to cat events, which are outside of southeastern US states, that keep weather experts awake at night. -
The underwriter has worked at the carrier for almost 20 years and has a background in specialty reinsurance.
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Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line.
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The carrier said it had mitigated the impact of a challenging reinsurance market.
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The reinsurer is seeking coverage for any named storm, earthquake, severe weather or fire event in several states in the northeast of the US.
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The comment comes after major US carriers pulled back from new business in wildfire-prone California.
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The reinsurer launched the cat bond as its first entry to the cat bond market seeking an alternative to retro.
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The structure envisages bringing in philanthropic capital to provide project funding to mitigate disaster risk as part of ILS deals.
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The bond will provide indemnity, per-occurrence coverage for named storm across 13 states in the US northeast.
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Tower Hill Insurance Exchange has completed its 2023 Florida reinsurance program, which offers nearly $2bn for catastrophe cover, including all perils.
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This compares to the subsidiaries’ 2022-2023 reinsurance tower, in which they secured coverage for losses up to $3.16bn.
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This year’s program – sealed with a panel of 78 reinsurers – includes $875mn of multi-year ILS capacity providing diversifying collateralized reinsurance capital.
