NFIP reinsurers likely to take total loss: Fitch

Reinsurers on the National Flood Insurance Program's (NFIP)
$1bn reinsurance programme are likely to suffer a total loss on the
cover, although at a company level the losses will be manageable,
Fitch Ratings has said.
The NFIP placed its first significant reinsurance program in
January 2017, ceding $1.042bn of coverage to a group of 25 private
reinsurers and Lloyd's syndicates in an effort to reduce the
accumulation of future debt to the US Treasury.
In a report yesterday, the rating...