Renewals

Rates are believed to be around 15-30 percent up in the retro market, helping in turn to support increased rates in the Florida renewal.

However, the verdict on whether Florida rate increases were enough to satisfy underwriters still seems a split one.

Some of the largest Florida carriers increased their reinsurance limits at this renewal, but they were able to keep control of overall expenditure by opting for more Florida Hurricane Catastrophe Fund (FHCF) protection.

The state cat fund delayed its renewal to avoid clashing on the market with Florida insurers.

The company’s cover for a Florida storm now extends to $3.28bn – up $134mn from 2018.

A range of buyers have to use private deals to fill out orders, but the vast majority look set to be covered by the end of today.

A move towards more bilateral trades is counter to what you’d expect from a commoditised market.

The legislation now passes to the state’s Assembly.

Rising Jebi losses will contribute to a squeeze on capacity.

The insurer increased its participation at the Japan renewals in April.

The insurer was hit by $5mn of cat losses in Q1 2019, adding 2.4 points to the combined ratio.

Rates rose by almost 15 percent for cat programmes in the Japanese market, according to the French reinsurer.