Details of FEMA’s 1.1 renewal unveiled

US flood programme NFIP bought $620m reinsurance at 1.1 for $121m

The Federal Emergency Management Agency (FEMA) bought $619.5 million in reinsurance limit for the National Flood Insurance Program (NFIP) at the 1.1 renewals with a number of Bermuda reinsurers participating.

FEMA paid a $121.1 million premium. The deal was brokered by Guy Carpenter, which handled the deal with a panel of 18 reinsurers, the same number as a year earlier.

Together with alternative risk transfer, FEMA arranged for $1.9 billion in limit for NFIP for the 2024 hurricane season.

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