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The Florida-based insurer’s spend rose by 17 percent to $262mn.
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The carrier took a small co-participation on its first layer, effectively lifting its retention.
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Both tranches of Avatar’s second-ever Casablanca Re cat bond have had their spread guidance increased by 16-18 percent.
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The Covid-19 pandemic has caused greater turbulence in the Florida reinsurance market than Hurricane Irma, and two big questions will remain after the dust has settled. -
Multiple carriers had to revise official terms to get programmes home as reinsurers held firm on price demands.
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The FHCF opted to “sit this renewal out”, according to sources.
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Small increases on international cat treaties such as the New Zealand EQC are being welcomed by reinsurers, with US nationwide deals also rising by up to 15%.
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The agency predicted more companies would take action like Capitol's decision to shed policies.
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Reinsurers have held the line on pricing as cedants seek to close out deals, with the market showing further hardening.
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Reinsurers push back on aggregate exposure from cascading covers as market gets more differentiated.
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The ILS market is among the leaders in holding firm on exclusions.
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The carrier abandoned plans to do a new cat bond and boosted traditional cover on “better terms”.
