Berkshire Hathaway’s General Re, Lloyds of London, Munich Re, Swiss Re AG, and Allianz Group lead the list of top reinsurers of Florida-only property insurers in assumed premiums, Moody’s said Thursday in a research note. Property and casualty insurers such as Universal P&C, Citizens Property Insurance Corp., First Protective and American Integrity will also face losses after Hurricane Ian ripped through central Florida on Wednesday after landing on the west coast of the state as a Category 4 hurricane. It’s the largest storm to hit Florida since Hurricane Michael in 2018, which caused estimated losses of $9.1 billion, Moody’s noted. “Depending on the severity of losses, primary insurers will most likely share a significant portion of the loss burden with traditional reinsurers and alternative capital providers,” Moody’s noted. In May, the State of Florida (Aaa stable) created a $2 billion reinsurance fund to provide additional reinsurance capacity to the market. Shares of Berkshire Hathaway fell 2% on Thursday as the broad market declined.
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