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Premiums ceded to the ILS vehicle increased by 76% to $433mn. -
Commissioner Lara also proposed a $500mn cash infusion from parent State Farm.
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Island appetite remains stable, but early 2025 loss activity has injected fresh uncertainty.
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GP Affluent Markets will look to serve high-net-worth individuals.
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The largest individual net loss at EUR230mn was caused by Hurricane Milton.
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The bond was trading at around 12.3c on the dollar in the secondary market last month.
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“We do not have the luxury of time,” he said during the Bermuda Risk Summit.
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Both carriers have extensive reinsurance coverage.
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Tom Fealey has assumed lead portfolio manager responsibilities.
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The executive worked in investment banking before joining the reinsurance industry.
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There are signs that Florida’s insurance industry is coming under increasing legislative scrutiny.
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This came as the market’s underwriting profit dipped 10% for 2024.
