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CEO Locke Burt said Florida reforms would be “transformational” and that investors had become more receptive to cat risk owing to higher rates. -
Ching said young brokers were “out of their depth” and did not know where to find capacity at the 1 January renewal.
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The state-backed carrier’s policy count is projected to hit a record high of 1.6 million by year-end.
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The insurer reported an underwriting profit for Q4.
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Alun Thomas will report to Bermuda CEO Chris Bonard.
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The issuance is replacing $400mn of cat bond coverage placed in early 2020.
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The bond is seeking industry-loss-based annual aggregate named storm coverage.
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The carrier reported a Q4 combined ratio of 101.4%, an improvement of 30 points year-on-year, driven by a 27-point reduction in its loss ratio.
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Ron DeSantis has also announced proposals to modernize Florida’s "bad faith" law, in the latest set of reforms he described as the most “comprehensive in decades”.
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The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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The CEO said the reinsurer expects to post $35mn of fee income a quarter after raising more capital.
