Fourth Consecutive Year of Significant Risk Adjusted Reinsurance Rate Decreases in Florida since 2012 says JLT Re
09 July 2015
Philadelphia: JLT Re's National Catastrophe Practice which is part of JLT Re, the global provider of reinsurance broking and consultancy, reports that the June 1, 2015 Florida renewals saw risk adjusted pricing shift down in the high single digits.
"On an overall basis the general trend was a downward pricing movement across company programs. However the level of price reductions varied significantly by layer of coverage," said Bob Betz, who along with Brian O'Neill leads JLT Re's National Catastrophe Practice.
"This was the fourth consecutive year of significant risk adjusted reinsurance rate decreases" noted Brian O’Neill. Since 2012 the JLT Re Rate on Line Analysis is indicating a continued downward trend albeit the rate of decrease slowed in 2015.
"Interestingly, this is also the first year where companies took advantage of traditional open market reinsurance capacity and pricing and reduced their purchase from the Florida Hurricane Catastrophe Fund", concludes Bob Betz.
-- ENDS --
Notes to Editors
Tel: (+1) 212-309-3856 / (+1) 347-601-8783
Tel: (+1) 215 246 1654 / (+1) 215 380 2079
Tel: (+44) 20 7558 3387/ (+44) 7920 586 032
About JLT Re
JLT Re is a global provider of reinsurance broking and consultancy Delivering world class solutions and service whilst differentiating clients from their peers, JLT Re has 700 professionals across 13 countries.
New clients and new employees continue to join, attracted by specialist broking, consultancy and analytical capability, increased market presence and a collaborative and energetic approach. JLT Re is part of the Jardine Lloyd Thompson Group plc.
About Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson is one of the world’s leading providers of insurance and employee benefits related advice, brokerage and associated services. JLT’s client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 39 territories with more than 10,000 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
This announcement may contain "forward looking statements" regarding the financial position, business strategy or plans for future operations of the Group. By their nature, forward looking statements involve risk and uncertainty, relating to facts that are beyond the company's ability to control, such as future market conditions. Any such statements in this announcement speak only as at the date of this announcement. The company does not assume any obligation to, and does not intend to, revise or update these forward looking statements except as required pursuant to applicable law.
This announcement is intended to provide only general information based on sources we believe are reliable. JLT Re (North America) Inc. makes no representations or warranties, express or implied, as to the accuracy of any of the information herein, which is not intended to be taken as advice with respect to any individual situation and cannot be relied upon as such.
Any statements concerning tax, accounting, legal or regulatory matters should be understood to be general observations based solely on our experience as reinsurance brokers and risk consultants. We are not tax, accounting, legal or regulatory professionals and any such information provided is not professional advice. These matters should be reviewed with your own qualified advisors in these areas.
Head of Communications & Marketing, JLT Re