The Florida Retirement System Pension Plan, which is administered by the Florida State Board of Administration, increased its allocations to natural catastrophe insurance-linked securities (ILS) in advance of the mid-year 2024 reinsurance renewals, but has adopted a more cautious stance for 1/1 as it assesses whether the hard market is declining.
With some $198 billion in assets as of June 30th 2024, the Florida Retirement System Pension Plan is a particularly large institutional investor with holdings in the ILS market.
However, the pensions target for the ILS allocation is 1% of assets and it remains under-allocated as of the latest data seen by Artemis.
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