Universal: outlier or bellwether for a hard Florida renewal?

Universal – Florida

Reinsurers have been aggressively talking the talk ahead of the upcoming mid-year Florida renewal.

From ILS fund Nephila to traditional reinsurers such as RenRe and Validus, the biggest writers of Florida cat are saying they’re pushing for significant rate increases to reflect a reassessment of risk, driven by Irma creep and the ongoing AOB crisis.

On the face of it, news broken by The Insurer on Friday that Universal Insurance Holdings and its broker Guy Carpenter had put out firm order terms (FOT) for a risk-adjusted 30 percent rate increase suggests that reinsurers are also walking the walk.

Whether that headline increase should be viewed as an outlier or a bellwether for a harder-than-expected Florida renewal is at this stage open to debate – however, its certainly supportive of the latter opinion.

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