Florida’s Tower Hill claims 6% hike in limit at 6/1 renewals

Florida-based residential and commercial property insurer Tower Hill Insurance Exchange laid claim to a 6.4% increase in reinsurance limit in a 6/1 renewal season it claimed to have closed ahead of deadline.

Tower Hill, a reciprocal insurance exchange with over 300,000 members in Florida, claimed a roughly $120 million increase in limit to nearly $2 billion for its 2023/2024 programme in a deal gathering nearly 40 reinsurers, the firm claimed.

Insurance unit Tower Hill Prime Insurance Company has secured an additional $111 million of cover, the firm added in its statement. "About two dozen top rated reinsurers" signed on.

Tower Hill’s executive chairman Bill Shively commented: “I am optimistic about the opportunities in Florida and beyond. Tower Hill remains committed to continuing to be an innovator in the industry and a regional carrier of choice.”

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