Renewals
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This is up from last year’s $1bn protection for its Florida treaty. -
HCI secured three towers with $3.5bn in XoL coverage.
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The program includes all perils coverage and subsequent event protection.
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year.
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The Floridian also secured $352mn of multi-year coverage extending to 2027.
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A 20% increase in FHCF retention levels sent cedants to the private market.
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As with 2024, pricing pressure has been most acute on top layers.
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The targeted uplift comes after Mercury ceded nearly $1.3bn of wildfire losses to reinsurers in Q1.
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The total cost for the program increased 1.8% from last year’s.
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The company will continue to deploy additional limit in property cat through mid-year, the firm’s CUO added.
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Fully placed, this would equate to $275mn on the per-occurrence tower and $675mn on agg.
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Total reinsurer capital grew by $45bn in 2024 to $715bn.
Related
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CEA risk transfer stood at $7.4bn as of 1 January
March 10, 2025 -
Twia to target $1.73bn of reinsurance for 2025 wind season
February 26, 2025 -
Florida focus: Let the 6.1 reinsurance renewal conversations begin
February 11, 2025