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Southern Fidelity said until it could be sure of reinsurance capacity it could not bind cover, as renewals have been delayed. -
Some cedants remain far behind in a stressed renewal, but others are on the path to completion in a reshaped Florida market.
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The proposed Florida special session Senate bills 2-D and 4-D have overwhelmingly passed the house floor and will now move to Florida Governor Ron DeSantis for signing.
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State representatives will vote on the bill on the House floor tomorrow.
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Proposed RAP coverage layer adds protection and exposures for insurers.
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State senators will vote on the bill on the Senate floor tomorrow.
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Industry association FAIR said a full reinsurance backstop should be provided.
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The multiple is significantly up on the 4.8x achieved last time on a higher expected loss.
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Major ILS providers active in Florida including Nephila and Aeolus lifted assumed premiums.
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A key plank will be a Reinsurance to Assist Policyholders (RAP) program providing a $2bn reinsurance layer below the FHCF.
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The special legislative session to be held the week of May 23 is the last chance Florida insurers and reinsurers have this year for some desperately needed reform to the stricken homeowners’ market.
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Sources close to the industry are calling for litigation reform as a priority, while Florida Hurricane Catastrophe Fund expansion is also on the cards.
