FHCF obtains discount on $1bn reinsurance renewal

The Florida Hurricane Catastrophe Fund (FHCF) has renewed its
$1bn reinsurance programme largely unchanged from last year, in a
late placement following the 1 June renewal.
The $1bn cover was obtained for a premium of $61mn, down 4
percent from the $63.5mn spend last year.
The cover will trigger once losses have surpassed $11.5bn, at
the same level as in 2016, although previously the board's
trustees had considered lowering the attachment point on the
treaty.
The SBA calculated that the...