FedNat
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The insurer has benefited from recoveries from its captive after reworking its reinsurance treaty with the unit.
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Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
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The company said adjustments to a previously reported loss related to ceded losses and commissions stemming from a quota share treaty with a captive reinsurer.
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The offering ended up well below the $43mn size initially mooted, as the carrier turned to the public market after taking $41mn of losses from winter storm Uri.
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Texas winter storm losses to spill over FedNat reinsurance retention.
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The company will split out its Florida reinsurance tower and will cede Uri losses to reinsurers after facing six cat events in the past year.
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The Floridian has also incurred $23mn of net catastrophe losses in Q4 before tax.
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Hurricane Delta triggered the carrier’s aggregate reinsurance programme.
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The carrier had topped up its cover earlier this month after Laura triggered recoveries.
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The carrier did not give a gross loss estimate, but has added $39.2mn of reinsurance cover for a second event.
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Lawyers are diligent in finding avenues to bring litigation against insurers, FedNat’s CEO Michael Braun told analysts on Thursday.
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The carrier took “proactive” reserve charges and continued raising rates to address high reinsurance costs and elevated claims severity in Florida.
