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The carrier’s CFO said Florida pricing “could return to more rational levels” after years of underpricing. -
Uncertainty created by Covid-19 is driving demand, as insurers move to protect capital, Jean-Paul Conoscente said this week.
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Ahead of the renewal, Scor’s CEO had been pushing for double-digit rate increases in Japan.
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Early firm orders showed similar levels of increases to 2019, but are not expected to be a strong benchmark in a fast-changing market.
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The California body’s $900mn in bonds constitute 20 percent of unrenewed notes maturing before July.
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Underwriters will likely keep pushing for higher rates, the rating agency said.
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Willis Re said overall ILS share was stable, as some took advantage of rising rates in Japan.
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Sources have warned that the cat bond sell-off could restrict capacity in the upcoming Florida renewals.
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As per previous bonds, the transaction is fronted by Hannover Re.
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The carrier said it has already secured two-thirds of the private reinsurance limit it will place this year.
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The firm's cat excess-of-loss book rose 7.8 percent.
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The carrier contributed more than $100mn of the January intakes for its retro-focused Upsilon fund and the Medici cat bond fund.
