Having previously indicated that it was cautious on reinsurance market conditions and undecided as to whether to add to its insurance-linked securities (ILS) investments for the January 2025 renewals, the Florida State Board of Administration now appears set to move forwards and increase its allocation to the sector.
As we reported back in October, the Florida Retirement System Pension Plan (FRS), which is administered by the Florida State Board of Administration, had increased its allocations to natural catastrophe insurance-linked securities (ILS) in advance of the mid-year 2024 reinsurance renewals.
But the Florida State Board team that administers the investments for the FRS pension plan had adopted a more cautious stance for the 1/1 renewals, as they looked to assess whether the hard market was declining.
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