Common Insurance coverage Holdings, the Florida headquartered insurer, has already accomplished its June reinsurance renewal and its CEO stated that the corporate added extra multi-year safety this time, whereas additionally including extra reinsurers to its panel.
As a Florida targeted service, Common is taken into account one of many bellwether’s for indicators of urge for food for threat and use of reinsurance for these working within the state.
Back in March, the company had already revealed that it had secured 90% of its first-event reinsurance tower for 2024 with extra multi-year protection, as the corporate received out early to keep away from the market congestion across the mid-year renewals.
Now, Stephen J. Donaghy, Chief Govt Officer of Common, has defined that the mid-year reinsurance renewal is accomplished some weeks forward of the protection inception date.
“I’m happy to announce the completion of our 2024-2025 reinsurance renewal for our insurance coverage entities, as our program is now absolutely supported and secured,” CEO Donaghy defined in saying the insurers first-quarter outcomes (read more on the results over at our sister publication Reinsurance News).
Donaghy went on to elucidate that, “We’ve additionally secured extra multi-year protection, taking us by way of the 2025-2026 hurricane season and have added new, financially sturdy reinsurers to our present panel of long-term companions.”
“This achievement displays the diligence and planning of our reinsurance workforce all year long,” he added. Additionally saying that, “Program price and protection had been according to our expectations and we’ll present particular particulars on the finish of Could, as we sometimes do.”
Common has been rising again into Florida and reported 5.2% development in Florida for the first-quarter, but additionally 25.6% in different states, displaying that its nonetheless on a path to diversify its enterprise additional.
Nonetheless, nearly 80% of Common’s premiums written in Q1 2024 got here from Florida, reflecting the very fact its reinsurance tower is basically a Florida wind threat alternative.
