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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. -
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.
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The deal will be the carrier's first cat bond issuance, as it enters the market seeking an alternative to retro.
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First event reinsurance tower exhaustion points are $1.3bn for the Northeast, $1.1bn in the Southeast and $870mn in Hawaii.
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Five counterparties account for almost half of all premiums ceded by a sample of major Floridian carriers, analysis shows.
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Citizens’ board is slated to meet on May 16 at 13:30 ET to discuss the reinsurance and risk transfer program.
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The New York-based executive had been one of the firm’s co-heads of ILS, leading on investor relations and sales.
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He joins the division during a period of growth, with GWP surpassing $1bn for the first time in 2022.
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The multi-peril bond will cover all 50 US states and the District of Columbia.
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The reinsurance recoverables from Lorenz investors were up by 56% to $921mn in the 2022 year.
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