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Comparatively, in November 2023, the regulator had consented to 202,399 policies to be taken from Citizens. -
The CEO noted that the tort reforms have not led to rate pressure yet.
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Both admitted and non-admitted markets grew by more than 42% last year.
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It is understood that the company expects to launch its Florida reciprocal in Q4.
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Stable first half insufficient to counterbalance concerns on reserving trends.
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The $1.6bn of cat bond limit on-risk includes $1.1bn Everglades Re mega-bond.
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The proposal now goes to the Florida Office of Insurance Regulation for review.
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Excess capacity rebounded in June 2023 after hitting a decade-low just 12 months earlier.
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The program includes all perils coverage and third-event protection.
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Spreads on all tranches of notes settled above the initially guided range.
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The CEO is one of more than 20 executives who received letters from Floir citing Statute 624.4073.
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Rates are still materially higher than pre-pandemic and lower layers are holding firmer.
