Meeting Packet — House Insurance & Banking Subcommittee (November 18, 2025)
Summary
Meeting packet for the House of Representatives Insurance & Banking Subcommittee, Tuesday, November 18, 2025. The notice lists presentations on the Current State of Florida's Property and Casualty Insurance and Reinsurance Markets. The first presentation, from the Florida Office of Insurance Regulation, states that its Market Conduct Unit has initiated over 100 examinations, completed more than 340 investigations and secured $14.5 million in consumer restitution, as quoted from Commissioner Mike Yaworsky. The closing slides are from Lloyd's and cover Florida lawsuit volume and the pre-litigation notice requirement, with a final slide naming Sabrina Miesowitz, Lloyd's US General Counsel.
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“Meeting Packet — House Insurance & Banking Subcommittee (November 18, 2025).”
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Insurance & Banking Subcommittee
Tuesday, November 18, 2025
8:00 AM - 10:00 AM
Morris Hall (17 HOB)
Meeting Packet
Daniel Perez Bradford Yeager
Speaker Chair
Committee Meeting Notice
HOUSE OF REPRESENTATIVES
Insurance & Banking Subcommittee
Start Date and Time: Tuesday, November 18, 2025 08:00 AM
End Date and Time: Tuesday, November 18, 2025 10:00 AM
Location: Morris Hall (17 HOB)
Duration: 2.00 hrs
Presentations on the Current State of Florida’s Property and Casualty Insurance and Reinsurance Markets
NOTICE FINALIZED on 11/07/2025 3:31PM by Marks.Amie
11/07/2025 03:31:15PM Leagis ® Page 1 of 1
Office of Insurance
Regulation
- - FLORIDA OFFICE OF
11n Insurance
~ I Regulation
Property & Casualty
Insurance Marl<et Update
FLORIDA HOUSE INSURANCE & BANKING SUBCOMMITTEE
F LO R I DA O F F I C E O F I N S U R A N C E R E G U L AT I O N
C O M M I S S I O N E R M I C H A E L YAW O R S K Y
NOVEMBER 2025
[ OIR Functions]
Licensure
and Market
Development
314 full time employee
positions Market
Regulation
$50 million budget through the
Insurance Regulatory Trust Fund
Reports to the Financial Services
Commission (FSC): the Department of Financial Services Office of Insurance Regulation
Governor, Attorney General,
Chief Financial Officer and • Insurance agents and agencies
Agriculture Commissioner • Insurance consumer services
• Certificates of authority
• Product review to include policy
• Insurance fraud
forms and rates
• Workers' compensation
• Market regulation
administration
• Financial oversight
• Rehabilitation and liquidation
2
7.61 M
Residential Insurance Policies
in Force
$l,755
Admitted Market Average
Property @L 1,584,567
Homeowners Premium
Insurance c:::::J
c:::::J
Policies Approved for Citizens
Takeouts in 2025
Marl<et 17 New Companies
Highlights 30-Day Average Request for
Homeowners Rate: -6.6%
$ .,____..,
.A,,v
1 year ago: 1.5%
180-Day Average Request for Homeowners
Rate: -1.5%
1 year ago: 8.2%
Data as of November 2025 3
• Senate Bill 7052 (2023) enacted consumer protections intended to support
Legislative Florida’s policyholders following a disaster and strengthened OIR’s
regulatory authority.
Reforms
• House Bill 837 (2023) modified the bad faith framework, eliminated one
way attorney’s fees and fee multipliers and ensured that Floridians can’t be
held liable for damages if the person suing is more at fault.
• House Bill 799 (2023) required OIR to conduct a wind-loss mitigation study
to determine how to include wind uplift prevention to the list of windstorm
mitigation measures for purposes of policyholder mitigation discounts.
• Senate Bill 2-D (2022) enacted pro-consumer measures to help alleviate
rising insurance costs, to increase insurance claim transparency, and to
crack down on frivolous lawsuits.
• Senate Bill 2-A (2022) eliminated one-way attorney fees for property
insurance, strengthened the regulatory authority of OIR, established a new
optional state reinsurance program, and required insurers to more promptly
communicate, investigate, and pay valid claims.
4
Insurer Accountability 'lfl
OIR monitors the conduct of insurers in the Florida marketplace by reviewing claim payment practices, appropriate
form and rate data, and overall market activity to determine whether insurers are acting fairly and in compliance with
Florida law.
Market regulation activities of OIR include examinations and investigations of authorized insurers and related parties.
Based on the findings of an examination or investigation, the Market Regulation units may take administrative action,
impose administrative penalties and require corrective action to protect insurance consumers from unlawful or
harmful business practices. OIR’s Market Conduct Unit has initiated over 100 examinations, completed more than
340 investigations and secured $14.5 million in consumer restitution.
Recent upgrades continue to show that Florida’s insurance market is maintaining stability. Moody’s Ratings recently
upgraded ratings for several Florida assessment-backed special tax bonds, including Florida’s Hurricane Catastrophe
Fund, Citizen’s Property Insurance Corporation and the Florida Insurance Guaranty Association.
'' I have said it before, and will say it again, the Office of Insurance Regulation takes consumer
protection very seriously. I implore all insurers to review their practices and perform at the high
caliber we expect. I am also very proud of our team’s efforts in holding insurers accountable
and want to commend their efforts—OIR’s Market Conduct Unit has initiated over 100
examinations, completed more than 340 investigations and secured $14.5 million in consumer
restitution,” said Commissioner Mike Yaworsky.
5
Policies in Force 'lfl
MIR I Top 10 Writers' Performance Trends based on PIF
(Based on Citizens & Admitted Market)
128
4000K
118
3SOOK 108
98
3000K
88
2SOOK 78
Q.
!!:
Q. s:
0
68
2000K
SB
1SOOK
48
1000K 38
28 Key:
SOOK PIF – Policies in Force
DWP – Direct Written
18
OK
.... N m st Cl .... Cl
N m st .... N m st .... N m st .... N m st .... N m st .... N m st .... N m st .... N m st .... N m st .... N m st .... N
OB
Premium
■ DWP
st st st st .,, .,, .,, .,, ....N NN NN NN NN mN mN mN mN stN Nst stN stN .,,N .,,N MIR – Market Intelligence
Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl Cl
....0 0.... 0.... 0.... 0.... ....0 0.... ....0 0.... ....0 0.... 0.... ....0" 0".... ....0" 0".... ....000 000.... 000.... ....000 a,0.... ....a,0 a,0.... ....a,0 N00 N00 N00 N00 ....
U> U> U> U>
N
.... ....
N N
Report
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N
6
Admitted vs. Non-Admitted
Property Market 'lfl
MIR I Personal Residential Market Share Comparison
(Based on Policies in Force)
■ Surplus Lines ■ Citizens ■ Adm itted
100%
90%
80%
-----------
70%
60%
50%
40%
30%
20%
10%
0%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
7
Industry Performance 'lfl
NAIC I Performance of Florida Domestic Residential Property Companies
(Net Income, Net Underwriting Gains, and Average Combined Ratio)
■ Net Income ■ Net Underwriting Gains -Average Combined Ratio
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
1000M 117%
107% 110% 109%
101% 104% 103% 10S%
100% 98%
BOOM 93% 100%
600M
..
C
·;;
400M SO%
C,
OI
.,t-
200M
C
.;
-~ ..
o
.;
"'
OM "t:I
"
"t:I
C
::::,
Cl
C
:0
~ E
-200M 0
z" u
..
"t:I
C
Cl -400M -50%
Cl
OI
~
Cl
E >
E
e <(
-600M
~
z
-BOOM -100%
-lOOOM
-1200M -150%
Data is from statutory financial statements submitted to the National Association of Insurance Commissioners (NAIC). Citizens Property Insurance Corporation is not included.
8
Total Insured Value &
Direct Written Premium 'lfl
MIR I Personal Residential Market Overview: DWP vs. TIV
( Includes Citizens & Admitted Market)
24B
4000B
22B
3500B 20B
18B
3000B
16B
2500B 14B
>
12B
j:: 2000B
10B
1500B
8B
1000B 6B
Key:
4B TIV – Total Insured Value
500B
2B
DWP – Direct Written
Premium
OB OB
MIR – Market Intelligence
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ■ TIV
DWP Report
9
Personal Residential
Property Average Rates 'lfl
\verage Rates
2181
22 t
t t
20 t t
18 t + L
16 +
14 t
1230
12
10
8 58
4 +
t +
·2 +
-4 t t
-6
September 2021 January 2022 May 2022 September 2022 January 2023 May 2023 September 2023 January 2024 May 2024 September 2024 January 2025 May 2025 September 2025 January 202 I
Month of Effective Date
Data is from rate filings submitted by insurers through the Insurance Regulation Filing System. Data includes Citizens Proper ty Insurance Corporation.
10
Rate Calculation Breakdown 'lfl
Commissions, 7%
/ Administrative, 8%
Non-Hurricane Loss Profit &
&LAE, 31% / Contingency, 4%
Premium Tax, 2% Reinsurance, 30%
Average Annual ~
Hurricane Loss &
LAE, 18%
11
Florida Chamber cheers on
additional homeowner insurance
IFlorida Peninsula Insurance
seeks largest premium
companies coming to state
decrease in company's history
Florida Politics
WESH
Florida’s insurance market is stabilizing
with decreasing auto and home
insurance rates, and frivolous litigation is
declining,” said Governor Ron DeSantis
“We would not be where we are today if it
was not for our historic legislative
reforms. Our state’s insurance market is
thriving—with 17 new companies since
reforms and sustained rate requests from
dozens of companies for rate decreases
or 0% increases,” said Florida Insurance
Commissioner Mike Yaworsky
Desantis says Florida legal reforms Florida's Insurance reforms
When new companies enter the
insurance market, they create more
0 are paying off as insurance rates,
lawsu its fall
are paying off
competition in the marketplace for the Insurance Business America South Florida Sun Sentinel
business of Florida homeowners and,
therefore, help to drive down insurance
rates. I am proud to see the list of
companies doing business in Florida Since reforms, OIR has received over 160 residential filing requests for rate decreases or 0%
continue to grow," said Chief Financial increases. Of these filings, 37 companies have filed for a rate decrease and 46 companies have
Officer Blaise Ingoglia requested zero percent. 12
Florida secures $1 billion
in auto insurance refunds,
IProgressive to refund nearly
$1 billion to Florida auto
7 ~
rates drop statewide policyholders, Gov. Desantis says •
WEAR CBS News
This year, Florida’s top five auto insurers
are averaging over a 6% rate reduction,
and we've secured nearly $1 billion in
credits for Progressive auto
policyholders – and the other carriers are
expected to follow suit soon,” said
Governor Ron DeSantis
“Florida's insurance market continues to
see great stability and the strong
underwriting gains in the auto market is
just the latest sign of success since
Florida's historic tort reforms,” said
Florida Insurance Commissioner Mike
Yaworsky State Farm slashes Florida auto Florida Auto Rates Dip Amid
Florida’s historic insurance reforms
0 insurance rates, lowering them an
average of 20% since October 2024
Market Stability
WPTV South Florida Sun Sentinel
laid the groundwork necessary for our
insurance market to strengthen. Auto
insurance rates have dropped so much
that policyholders are now starting to
receive refunds from their insurance Florida is seeing a significant number of rate decreases being filed in the PPA market. In 2025 to
company," said Chief Financial Officer date, 40 insurers have submitted 69 rate decrease filings, ranging from -0.2% to -17.6%. Of these
Blaise Ingoglia filings, 37 have been approved and 32 are currently under review. 13
0
0
Don't Look Now, But Citizens is
No Longer the Largest Property
Insurer in Florida
Citizens
Property
[Insurance Journal]
Insurance
Takeouts
14
What are we focusing on? 'lfl
•Home Resiliency and Code Plus Adoption
•Strengthening OIR
•Policyholder Protection and Education
•Stable, Predictable, and Reliable Marketplace
15
Contact Information 'lfl
Seth Stubbs
Director of Legislative Affairs
Seth.Stubbs@floir.com
(850) 413-2427
For more information visit FLOIR.com.
16
Reinsurance Market
by Guy Carpenter
REINSURANCE MARKET
p e n t e r
Gu yCar
•
UPDATE
November 2025
A business of Marsh McLennan | Proprietary and Confidential
Reinsurance Market
Key Finding and Takeaways
Reinsurers' Strong Results Continue
Strong Results Continue Despite Uncertainty Around Wildfire Losses and Trade Disputes
Return on Equity (ROE) Remains Strong
• Record earnings in 2023 and 2024 exceed the underperformance during 2017 to 2022 – ROE for 2024 was
16.4%, compared to 21.9% in 2023 and 5.7% in 2022
Continued Strong Underwriting and Investment Income
• The GC Reinsurance Composite's combined ratio remained favorable (89.6% for 2024 vs. 86.9% for 2023).
The investment yield rose to 3.6%.
Insured Losses Exceeded $100B for the Fifth Consecutive Year
• Total insured industry losses of $144B in 2024 are driven by US Hurricanes and Severe Convective Storms
(SCSs). Insurers bear the brunt, as attachment points remained high.
• 2025 is shaping up to be another high Catastrophe (Cat) year
Overall Reserves Adequate, But a Few Shore Up Liability Reserves
• Concerns over loss cost trends have caused reserve reviews
• Property and short-tail lines reserve releases offset unfavorable development in Liability lines
Reinsurer Capital Continues to Grow
• Composite reinsurers’ capital continued to grow, creating greater available capacity and competition.
Dedicated reinsurance capital grew by 7% in 2024.
M GuyCarpenter 3
H1 2025 Losses Reach Record Levels
Due to LA Wildfires
Significant Insured Losses by Peril – Global
$160B
$147B
Commentary
$144B
• The total insured industry losses for
$140B $130B $129B
$127B H1 2025 exceeded $6B, significantly
exceeding the five-year inflation-
$120B
$104B
adjusted average for the period
$100B $91B • The CA wildfires losses of ~$40B
represented 59% of the industry
$80B losses for the first half. Additional
$67B $67B losses included SCS in the US,
$57B Cyclone Alfred in Australia, and the
$60B
Myanmar/Thailand earthquake.
$40B
$40B $33B $33B
• SCS in the US continued to impact
the losses in 2025, accounting for
$20B ~30% of the total losses
$0B • The CA wildfire losses in 1Q 2025
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 are the largest insured wildfire
losses on record
■ Earthquake ■ Severe Convective Storm ■ Riots ■ Winter Storm
■ Flooding ■ Drought ■ WildFire ■ Tropical Cyclone
■ Other ■ Pandemic
Source: PCS, PERILS, ICA, GC, Floodsmart.org, and other news sources. Russia-Ukraine conflict losses estimated by S&P Global. | *Significant Insured Losses (Insured
Loss estimates >$100M), includes NFIP estimate. Figures are not adjusted for inflation | Data updated as of June 18, 2025
M GuyCarpenter 4
Global Property Renewal Overview
Global Property Cat reinsurance risk-adjusted rates at mid-year were generally -5% to -15% for non-loss impacted
programs. In some cases, individual layers saw even greater risk-adjusted decreases, typically for layers at higher
attachment points. While the range of outcomes was like January, average rates continued to soften through
the mid-year renewal season.
Appetite for Property Cat Trend in Providing Global Property Terms and
Renewals Continued to Across-the-Board Support Cat ROL Index Conditions
Outpace Demand Continued to Broaden Decreased 8.1% Were Stable
Reinsurer capacity Reinsurer risk appetites continue Despite the decrease, the Global Slight improvements were achieved
exceeded demand by 20%. to expand to lower attachment Rate on Line (ROL) index remains in cases where non-concurrencies
points, and retentions relative to significantly higher in July 2025, continued to exist. Reinsurers have
pre-January 2023 remain elevated. when compared to 2022 (before the generally prioritized pricing and
2023 hardening market). capacity deployment over minor
contract-language modifications.
M GuyCarpenter 5
US Property Cat ROL Index
2025 Year-to-Date (YTD) ROL Index Decreased by 6.7%, the
First Decrease Since 2017
US Property Cat ROL Index
300
250
Commentary
The Guy Carpenter (GC) US ROL
Index decreased by 6.7% year-to-
200
date. Pricing softened further
through mid-year. The ROL Index
Index Value
for January renewals decreased by
150 6.2%, while the ROL Index for
subsequent renewals through
mid-year decreased by 7.2%.
100
On a risk-adjusted basis, pricing for
non-loss impacted programs was
50
typically in the -5% to -15% range,
while loss-impacted programs generally
experience flat to +20% risk-adjusted
price change.
0
M GuyCarpenter 6
June 2025 Florida Reinsurance Renewal Overview
Positive Momentum in the
Evolving View of Risk Property Capacity
Florida Market Continued
Despite multiple landfalling hurricanes in 2024, both Hurricane Milton is the first major catastrophe event Reinsurers readily met increased demand from
cedents and reinsurers were largely profitable, since the 2022 legal reforms, providing a key indication a growing Florida homeowners' market, driven
strengthening confidence that legal reform, pricing and of their impact. A preliminary claims study by improved financial stability and a shrinking residual
underwriting actions taken over the past several years suggests frequency and severity is reduced by market.
have been effective. Similar to the broader property >65% compared to Hurricane Irma, based on
catastrophe market, Florida renewals experienced exposures with similar wind speeds.
moderate risk-adjusted decreases, and growth
in reinsurer appetite that met increased
demand for capacity.
Materializing Benefits of 2025 Hurricane Outlook
Robust Cat Bond Market
Litigation Reform Measures for the North Atlantic Basin
Although forecasts for 2025 are not as high as they
were for the 2024 season, experts predict another
$14.4B $3.4B 70% above-average season (relative to the 1995-2024
average reflecting the current period of elevated
in global catastrophe in Florida sponsored decline in litigation activity). Weather prediction for any event is generally
bond limit placed catastrophe bond limit from peak levels difficult beyond a 7-10 day forecast lead, making
seasonal landfall predictions a challenge.
• GuyCarpenter 7
BD-2404-PRE-PRO
Return of Excess Capacity – FL
140%
139%
135% 136%
134%
130%
% Authorized
125%
120%
(Authorized/Signed Limit)
119%
115%
113% 113%
110%
110% 110%
109%
108%
107%
105% 106%
102%
100%
6/1/2017 6/1/2018 6/1/2019 6/1/2020 6/1/2021 6/1/2022 6/1/2023 6/1/2024 6/1/2024 6/1/2024 6/1/2025 6/1/2025 6/1/2025
All Below Along/Above All Below Along/Above
Layers FHCF FHCF Layers FHCF FHCF
While “Excess Capacity” increased marginally, this total was
lessened due to increased demand reflected in a 16% increase in
total placed capacity
• GuyCarpenter | PROPRIETARY AND CONFIDENTIAL Does not account for limit retained via increased retentions, co-pars, or placed into captives; Based on data reflected in GC MarketPlace 8
BD-2404-PRE-PRO
2025 Florida Property Catastrophe
Risk Adjusted Change by Layer
Risk Adjusted Change by Layer 2025 Risk Adjusted Change by Layer
2020 - 2025 Below/Along/Above FHCF
40.0% 15.0%
10.0%
30.0%
5.0%
20.0% 0.0%
(I)
O'l
RA Change
C
ro
..c -5.0%
10.0%
(.)
<{
0:::
-10.0%
0.0%
-15.0%
-10.0% -20.0%
-25.0%
-20.0%
□ Below FHCF ■ Alongside FHCF ■ Above FHCF
2020 2021 2022 2023 2024 2025
• = Mean
Top / Bottom of Box = 25-75 Percentile
X = Mean | Horizontal Line = Median
Top / Bottom of Box = 25-75 Percentile
After years of aggressive increases, we have seen Layers below the FHCF saw minimal increases,
moderate softening in recent years. while above FHCF saw a wider range of decreases.
• GuyCarpenter | PROPRIETARY AND CONFIDENTIAL Pricing reflects total cost inclusive of any non-concurrent terms 9
BD-2404-PRE-PRO
Florida Specific Cat
Bonds
Florida Centric 144A Cat Bonds 2025YTD Florida Carrier 144A Deal Board
2025 Continues a Trend of Record Florida Cat Bond Issuance Sponsor Issuer Size $M
Outstanding and Issued 144A Cat Bond Limit(1) Tower Hill Winston Re 2025-1 175
$54 $52.7 Security First First Coast Re IV 2025-1 250
$52 - Florida Carriers
$50 - Other Carrier Issuance s American Integrity Integrity Re III 2025-1 565
$48
$46 - . - cumulative Risk Cap~al Outstanding Kin Hestia Re 2025-1 300
$44
$42 Heritage Citrus Re 2025-1 100
-$40
~ $38 Florida Penn Palm Re 2025-1 250
~ $36 $34.
iii $34 $31.5 Citizens Everglades Re II 2025-1 1,525
1h$32 $29.9
~ $30 $28.8 $28.5
:::> Slide Purple Re 2025-1 250
~$28
§ $26
~ $24 • The first half of 2025 continues the trend set in 2024, by
~ $22 setting the new record for cat bond limit issued in the
_.g! $20
first half of a calendar year
g-$18 $2.9
~ $16 $14. • There were 52 different property cat bonds brought to
ji$14 12.5 $12.5 $12.2 $12.3 the 144A market, totaling more than USD 15.3 billion in
$12 limit placed as of June 13, 2025
$10
$8 • There were 8 cat bonds with Florida sponsors, brought
$6 to the cat bond market
$4
$2 • The legislative reforms in Florida have continued to help
$0 ...--..--..--.---. helped reinvigorate interest in Florida from the ILS
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
YTD community
• Over $3.4 billion in Florida sponsored limit has been
placed through the cat bond market as of June 13, 2025
Source: GC Securities Proprietary Database (144A catastrophe bonds issued as of June 11, 2025 excluding private transactions). 11
• GuyCarpenter 1) Risk limit outstanding due to full or partial extension is not included.
Florida Centric 144A Cat Bonds
Florida Centric Cat Bonds Maturing 2026
Florida Centric Cat Bonds Maturing (1/1/2026 - 12/31/2026)*
Limit Expected Loss Florida
Deal - Tranche Maturity Trigger Issuance Spread
(USDM) (WSST) Contribution
Hestia Re 2023-1 CI A 4/7/2026 Kin Interinsurance Network Indemnity, Per Occ. 100 1.18% 9.75% 100.0%
Lightning Re 2023-1 CI A 3/31/2026 Citizens Property Insurance Corporation Industry Loss, Annual Agg 500 2.07% 11.00% 100.0%
First Coast Re IV 2023-1 Cl A 4/7/2026 Security First Insurance Company Indemnity, Per Occ. 100 1.42% 9.00% 100.0%
Purple Re 2023-1 CI A 4/24/2026 Slide Insurance Company Indemnity, Per Occ. 100 1.57% 12.25% 100.0%
Sanders Re III 2023-2 CI A 6/5/2026 Castle Key Insurance Company Indemnity, Per Occ. 300 1.07% 8.00% 100.0%
Purple Re 2023-2 CI A 6/5/2026 Slide Insurance Company Indemnity, Per Occ. 100 1.24% 10.00% 99.0%
Integrity Re 2024-1 Cl A 6/6/2026 American Integrity Insurance Company Indemnity, Annual Agg 120 0.28% 10.50% 98.3%
Integrity Re 2024-1 Cl B 6/6/2026 American Integrity Insurance Company Indemnity, Per Occ. 50 2.68% 13.5% 98.3%
Integrity Re 2024-1 Cl C 6/6/2026 American Integrity Insurance Company Indemnity, Per Occ. 60 2.72% 17.00% 98.3%
Integrity Re 2024-1 Cl D 6/6/2026 American Integrity Insurance Company Indemnity, Per Occ. 75 4.00% 23.00% 98.3%
* Florida centric refers to cat bonds with a greater than 90% contribution from the State of Florida.
• GuyCarpenter Source: GC Securities Proprietary Database (144A catastrophe bonds issued as of June 13, 2025 excluding private transactions). 12
12
General Disclaimer: Statements or analysis concerning or incorporating tax, accounting or legal matters are general observations or applications based solely on our experience as reinsurance brokers and risk consultants and may not be relied
upon as tax, accounting or legal advice, which we are not authorized to provide. All such matters should be reviewed with the recipient’s own qualified advisors in these areas. The data, analysis, summaries, marketing materials, or other work
product (collectively, the “Materials”) provided by Guy Carpenter are provided “as is,” without warranty of any kind whether express or implied. The information contained in this document is based on sources we believe reliable, but we do not
guarantee its accuracy or completeness. Recipients are cautioned not to place undue reliance on the contents, calculations or any forward-looking statement within the Materials. Guy Carpenter undertakes no obligation to update or revise the
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With respect to any Materials developed for clients, prospects or other direct recipients: No person or entity shall disclose, copy, or reproduce the Materials or any portion thereof in any form to any third party without Guy Carpenter’s prior written
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third party, the client shall adopt the data and analysis as its own. The Materials are intended to be used solely for the purpose of internal evaluation of the individual or business entity to which we release them directly, unless Guy Carpenter has
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With respect to any analytics output: Analytics results in the Materials are generated with software models provided by a third-party modeler, using proprietary risk assessment technology. Developing models to estimate losses resulting from
catastrophes or other large-scale events is an inherently subjective and imprecise process, involving judgment about a variety of environmental, demographic and regulatory factors. The assumptions and methodologies used by the modeler in
creating the models may not constitute the exclusive set of reasonable assumptions and methodologies. The use of alternative assumptions and methodologies could yield materially different results. Also, the output of the models depends on data
and inputs supplied by others, and any gaps, inaccuracies, or changes to the inputs can substantially affect the output. Where applicable, any estimated cash flows may vary significantly from amounts actually collected, particularly in the event that
a reinsurer is unwilling or unable to perform in accordance with the terms of the reinsurance contract. These Materials are based upon data provided by our client(s), prospective client, or third parties. The accuracy of such data has not been
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A business of Marsh McLennan Copyright © 2025 Guy Carpenter & Company, LLC. All rights reserved.
Reinsurance Market
by Lloyd’s
Why Lloyd’s?
The value of our
market
Our competitive market helps to
ensure the best outcomes across
price, coverage and service –
strengthening the value provided
by our policies.
LLOYD'S
How the Lloyd’s market works
Regulatory bodies
Lloyd’s is regulated by the PRA and FCA
Council of Lloyd’s
Governance and oversight Corporation of Lloyd’s
Business flow Capital flow
The Lloyd’s market
Customers Distribution channels Members
Where our stakeholders come together to provide
(policyholders) (capital providers)
and purchase protection, access shared resources,
and exchange risk insights
Global companies 401 registered brokers Trade capital from
insurance companies
51 managing agents: managing syndicates
Small and medium 405 service companies
enterprises Institutional capital
84 syndicates - writing insurance and reinsurance
2,949 coverholders
Private individuals Private capital via
8 special purpose arrangements set up solely to
members’ agents from
write a quota share of another syndicate
Other insurance small companies and
groups individuals
9 syndicates in a box: writing innovative new
business
2024 Annual Report, published March 2025
© Lloyd’s 2024
www.lloyds.com/about-lloyds/investor-
2
relations/financial-results/full-year-results-2024 Classification: Confidential
APOLLO if Arch I Insurance
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© Lloyd’s 2023
W/R/B 3
UNIHRWaltlNC
Classification: Confidential
LLOYD'S
Key Trends in Today's
Reinsurance Market
Return on Capital Attracting Investors
Key factor for reinsurance market capacity is that investors view
market as providing reliable ROC
Volatility seen in prior years (2018-2023) has reduced so investor
interest has returned
Hard Market has Softened
Increased supply of capital coupled with relatively lower catastrophe
losses in recent years has put downward pressure on reinsurance
rates
Downward rating trend in 2025 seems likely to continue in 2026,
unless catastrophe events or other market conditions change
Florida Litigation Reforms Have Worked
Impact of the reforms is being reflected in reinsurance market trends
4
Classification: Confidential
Lloyd’s London Bridge ILS Platform
London Bridge 2 Lloyd’s Managing
(core) Agent
Services Route 1 - Reinsurance of a specific
Agreement
Issue Debt or
syndicate portfolio (QS / XOL)
Equity Securities
Cell Corporate Lloyd’s Syndicate
Collateral
Member
Risk
Qualified Route 2 - Reinsurance
Investors of Member (QS / XOL)
• Provides opportunity for catastrophe bonds and collateralized reinsurance arrangements through the Lloyd’s platform to support
deployment of additional capacity
• Enhances capital efficiency - has been used by US insurance groups to reduce volatility in reinsurance pricing
6
Lloyd’s Lab Accelerator
14 650+ 78 100%
Traction
Accelerator Lloyd’s Market Managing Agents & Lab participants
Cohorts Mentors Broking firms mentoring recommend the
Accelerator
97% 85% 78%
Alumni
157
Alumni Success Rate Working with the market Relationships formed
during accelerator
6
*Figures correct as of July 2025
Classification: Confidential
LLOYD'S
Lloyd’s Market Florida Lawsuit Volume (2017 - YTD)
2266
2202
1810
1604
1020
495 522
321
195
2017 2018 2019 2020 2021 2022 2023 2024 2025
© Lloyd’s 2025 7
Classification: Confidential
LLOYD'S
Pre-Litigation Notice Requirement Is Working
As new notice requirement has become embedded volume of litigation has decreased showing notices are resulting in
resolution of disputes before litigation (as the legislature intended)
3000
2500
522
2000
1020
1604
1500 1837
1456 321
1000
942 853 195
330
500
470
540 561
449
266 295 199
0
2020 2021 2022 2023 2024 2025 YTD
■ CRN ■ PIITIL ■ SOS
CRN = Civil Remedy Notice under §624.155 8
PIITIL = Property Insurance Intent to Initiate Litigation under §627.70152
SOS = Lawsuits Filed Classification: Confidential
LLOYD'S
Lloyd’s Top US Markets - Insurance Premiums & Litigation Volumes
2022 2023 2024
■ Premium Data ■ Premium Data ■ Premium Data
4.00
3.00 3.50
3.50 $3.8B
3.00 $3.6B
$2.6B $2.7B
2.50
$2.99B 3.00
$2.4B 2.50 $2.7B
2.00
$2.4B
2.50
2.00
1.50 2.00
1.50 $2.1B
$1.5B
1.50
1.00
$1.2B
1.00
$1.2B
1.00
0.50
0.50
0.50
- 0.00
FL CA NY TX FL CA NY TX 0.00
FL CA NY TX
# of 1020 37 46 161 # of 522 32 34 119
Lawsuits Lawsuits I La!~~its I 321 I 28 I 36 I 79 I
© Lloyd’s 2025 9
Classification: Confidential
Sabrina Miesowitz, Lloyd’s US General Counsel, Sabrina.Miesowitz@lloyds.com
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