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The bond’s spread was increased twice as Avatar looked to secure $65mn of limit in the hard Florida market.
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To what extent does the business opportunity for new start-ups rely on BI losses that the industry is vigorously rebutting? -
The Floridian carrier increased its private reinsurance programme to cover growth despite rate increases.
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On a risk-adjusted basis, the cost of Citizens’ private reinsurance programme increased 20 percent year on year.
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Cristobal could impact the Gulf Coast as a tropical storm late on Sunday.
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The Florida-based insurer’s spend rose by 17 percent to $262mn.
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The carrier took a small co-participation on its first layer, effectively lifting its retention.
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Both tranches of Avatar’s second-ever Casablanca Re cat bond have had their spread guidance increased by 16-18 percent.
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The Covid-19 pandemic has caused greater turbulence in the Florida reinsurance market than Hurricane Irma, and two big questions will remain after the dust has settled.
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Multiple carriers had to revise official terms to get programmes home as reinsurers held firm on price demands.
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The FHCF opted to “sit this renewal out”, according to sources.
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Small increases on international cat treaties such as the New Zealand EQC are being welcomed by reinsurers, with US nationwide deals also rising by up to 15%.
