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After a challenging year for many of Florida's standalone homeowners' insurers, 1.6 renewals at least offered some comfort as the average cost of renewing programmes fell significantly against a backdrop of surplus capacity in the wider reinsurance industry.

Competition at the margins was fuelled by the involvement of non-traditional reinsurance capacity, including hedge funds and collateralised players.

Sources suggest that such capacity providers preferred writing one-shot cat aggregate covers at the bottom of programmes combined with "top and drop" layers...

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