Renewals
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The total cost excluding a 15% quota share was $201.85mn, with rates down 12.2% from last year. -
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.
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Coverage will increase to $20mn per building.
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Some $4.8bn of reinsurance and cat bond limit will come up for renewal in 2025.
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The organization was hoping to grow its reinsurance cover.
