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Overall, the carrier posted $408mn of cat and man-made losses in Q3, up from $333mn a year earlier, of which $297mn related to Hurricane Ida and the European floods. -
Conduit Re CEO Trevor Carvey said that a lack of legacy left the carrier well placed for the upcoming renewal.
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Over $20mn, the company's reinsurance cover is roughly 40 cents on the dollar, depending on the severity of the storm.
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The Category 1 storm’s landfall on the east coast of Florida would be a “manageable” cat event that hurts primary carriers more than their reinsurers, he said.
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The California-based carrier specialises in personal lines cat cover.
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The reinsurer flagged changes will be made to its retro programme in 2023 after cutting its cat book and as the retro market has hardened.
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The Florida carrier has cut total insured values in the state by 10.3% compared to Q3 2021.
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The company is confident it has sufficient additional reinsurance capacity should claims begin to develop outside of initial expectations.
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The Floridian's net loss ratio jumped nearly 18 points to 97.6%, driven by a $40mn retention from Ian and slightly lower net earned premium than the prior-year quarter.
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The carrier has reduced its full-year projected consolidated result for reinsurance and expects a worse P&C combined ratio.
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The NHC has warned of a large storm with hazards extending across the state.
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The sector’s performance was better overall compared with September 2017.
