-
The Florida Hurricane Catastrophe Fund (FHCF) is marketing its $1bn reinsurance programme but has indicated it is looking for flat risk-adjusted rates, according to sources.
-
The state cat fund delayed its renewal to avoid clashing on the market with Florida insurers.
-
Congresswoman Maxine Waters said the National Flood Insurance Program has experienced twelve short-term extensions resulting in brief lapses since fiscal year 2017.
-
The total of insurance claims is up from the $6.1bn recorded in March, according to the Florida Office of Insurance Regulation. -
The company’s cover for a Florida storm now extends to $3.28bn – up $134mn from 2018.
-
A range of buyers have to use private deals to fill out orders, but the vast majority look set to be covered by the end of today.
-
A move towards more bilateral trades is counter to what you’d expect from a commoditised market.
-
The fund has projected a $1.9bn deficit against potential obligations.
-
Insurers are looking to line up private deals as a stalemate emerges over early firm-order terms averaging risk-adjusted increases of 15-20 percent year on year.
-
The ratings agency has warned that, if reinsurers and ILS fund managers fail to price differentiate among carriers, they will contribute to the commoditisation of catastrophic risk.
-
The transaction’s target price is up on a similar tranche of American Integrity’s cat bond last year.
-
Under the new laws, the insurer has a 10-day timeframe to complete its investigations before legal action can be brought.
