All Regions

Also formally joining the board are Carlyle’s managing directors James Burr and Jitij Dwivedi, and Adam Halpern-Leistner, director at Hellman & Friedman.

Considering recent reforms, Citizens’ rates, on average, are still 58.6% below actuarially sound levels, but the inadequacy would have been 88.3% without them.

ACIC’s program offers sufficient coverage for approximately a one-in-167-year event and a one-in-100-year event followed by a one-in-50-year event in the same season, the company said.

The bills place additional requirements on insurers in the state and expand consumer protections.

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.

The deal includes AIG's AlphaCat platform.

Shifts in reinsurance appetite across the risk spectrum has squeezed out ILS providers in some cases.

First event reinsurance tower exhaustion points are $1.3bn for the Northeast, $1.1bn in the Southeast and $870mn in Hawaii.

The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.

The Bermuda-based platform primarily fronts property catastrophe treaty reinsurance for LGT's ILS funds.

Five counterparties account for almost half of all premiums ceded by a sample of major Floridian carriers, analysis shows.