25-84131500-ITN DFS BOR Attachment L SOF 2025 Property Quilt.pdf
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- Attached to
- Insurance Broker of Record - Reinsurance Broker for Property and Casualty lines, Risk Management and
- Solicitation number
- ITN-13124
- Issued by
- St. Johns County, Florida
About this file
This document is a Property Quilt for the State of Florida Property Insurance Program for the period of 2/15/2025 - 2/15/2026, prepared by the Department of Management Services, Division of Risk Management. The document details a comprehensive property insurance placement strategy covering multiple layers of insurance coverage from $72.5M to $350M, involving various carriers such as Fidelis, Swiss Re, AIG, Ark/Socius, Munich Re, Lloyds of London, and others. The property insurance program includes coverage for named windstorm, flood, and terrorism risks, with specific percentage participations and deductible structures for each carrier.
The property insurance placement quilt reveals a complex risk-sharing arrangement with multiple carriers, showing a total coverage limit of $350M structured in layers. Notable details include a terrorism coverage by Mosaic at 100% with a $38,250 premium, an aggregated Named Windstorm Coverage with Berkshire's share reduced from 25% to 22%, and an aggregate deductible decreased from $47.5M to $40M. The document indicates potential savings of $180,357 and offers flexibility in deductible options, such as a potential $10M excess layer for a reduced premium. The carriers' participation percentages vary across different coverage layers, with carriers like Fidelis, Swiss Re, AIG, and Ark/Socius playing significant roles in the risk distribution.
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Text version
PROPERTY QUILT
The Division of Risk Management's Property Broker of Record property placement quilt is provided on the following page.
ITN NO.: 25-84131500-ITN
ATTACHMENT L
$350M
$350M Carrier % Part
LP $350M
SP
$300M $300M
Carrier
% Part
LP
SP $250M
$225M $225M
Carrier
% Part
LP
SP
$100M $100M
Carrier
% Part
LP
SP
$72.5M
NWS/Flood Limit
$72.5M
Carrier
% Part
LP
SP
Terrorism
Mosaic
100%
$38,250
$12,500,000
2.75%
Ironshore Chubb
$160,529
100%
$275,000
Hiscox
100%
$87,500 $50,000
Ark/Socius
Berkshire is aggregating Named Windstorm Coverage for their share, share reduced from 25% to 22%
$13,000,000
Canopius US
2.50% 22.00% 3.75% 12.000%
$975,000
$268,125
22.00%
Agg Deductible
Decreased from
$47.5M back to
$40M
Option to keep
$47.5M deductible for
$80,000 share $317,500 $2,461,800 $468,750 $1,560,000
$1,080,000 $255,000 $38,500
$13,500,000 $12,750,000 $385,000
Core
Deductible
$1,050,000
$231,000.00
Indication - could also do $10M xs $72.5M for LP of
$850,000 or share savings of $44,000
Deductibles
Westchester
2.50% 4.500%
Munich Re
Starr Berkshire
$121,000
Lloyds of London
40.000%
$12,700,000 $11,190,000 $12,500,000
$209,595
$400,000 $942,000
$175,000 $100,000
State of Florida Property Insurance Program 2/15/2025 - 2/15/2026
Fidelis Ark/Socius 50.00% 50.00%
$312,500 $562,500 $343,750
WRB US - $12.5M xs $72.5M NWS/Flood Only $12,500,000 $12,500,000 $12,500,000
$5,000,000
$275,000 Savings Achieved?
$180,357
30.25% 22.25%
Fidelis
27.50%
NOA, Atrium, Insurrisk, KiSwiss Re AIG Ark/Socius
8.00% 2.00% 10.00%
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