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This came as sidecar and fund assets reached $2.9bn, up 29% year-on-year. -
The ILS unit earned $5mn of fee income, down by $1mn year on year.
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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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Almost 40,000 are feared dead following the disaster, and more than 1 million people have been left homeless.
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The firm will exhaust its personal lines reinsurance coverage on the storm, pushing its personal lines carrier into insolvency, with commercial claims doubling.
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Lancashire recorded a net loss from Hurricane Ian of $163.3mn during the year, at the lower end of its projected range.
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The two top-performing funds in 2022 were interval funds.
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The reinsurer noted “buoyant” conditions in the cat bond and private reinsurance segments.
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The multipliers on the A and B notes reflect the lack of losses from Hurricane Ian to FloodSmart Re bonds.
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The attempt to increase the supply of insurance in the state has been submitted for governor approval.
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Reports said at least 641 people have died and thousands are injured, with damage to 1,500 buildings.
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Lawmakers are taking action to attract more property insurers into the state.
