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Initial responses to ESMA’s report welcomed the long timeframes for any changes. -
The measure could have landed insurers with extra tax on US business.
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The body said cat bonds are closer to an insurance product than a security.
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The Peak Re subsidiary mainly writes US motor and casualty reinsurance.
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Florida’s top regulator says he’s eyeing eventual tweaks to the state’s cat fund, too.
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California homeowners are also expected to move admitted business to E&S.
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The announcement spurred a quick spike in stock market valuations.
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The agency said introduction of a new methodology will depend on the feedback it receives from the ILS market.
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Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
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“We do not have the luxury of time,” he said during the Bermuda Risk Summit.
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There are signs that Florida’s insurance industry is coming under increasing legislative scrutiny.
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RAA president Frank Nutter says he hasn’t been able to get an update on the project from the now Trump-led NOAA.
