The Federal Emergency Management Agency (FEMA) has now reported participants for its 2025 National Flood Insurance Program (NFIP) reinsurance placements, with the number of participants increasing by 50% from the previous year.
In January, FEMA reported that it increased the NFIP’s reinsurance coverage for 2025, transferring $757.835 million of the NFIP’s financial risk to the private reinsurance market for a total premium of $139.9 million.
By comparison, in 2024, FEMA transferred an additional $619.5 million of the NFIP’s financial risk to the private markets at a premium of $121.1 million, resulting in 22% additional protection in 2025.
Nonetheless, 2024 placements are up from 2023, when FEMA transferred $502.5 million of NFIP flood risk to the reinsurance market, which is actually a 50% decrease from the previous year’s $1.064 billion placements.
Earlier this year, when announcing the NFIP 2025 reinsurance placements, FEMA noted that the number of reinsurers participating in the 2024 and 2023 placements had increased from 18 to 27, thus equaling the 27 participating reinsurers in 2022 but down from the record 32 participating reinsurers in 2021.
Previously, 27 reinsurers participated in the program in 2020, down slightly from the 28 reinsurers in 2019, but in line with the 27 reinsurers in 2018 and higher than the 25 reinsurers participating in 2017.
This year, a number of major reinsurers have participated in the NFIP’s flood reinsurance program, including Allied World Insurance Company, AXIS Re US, Convex Insurance UK, Fidelis Underwriting, Hannover Re, Quantedge, Korean Re, Lloyd’s Syndicate 1301 Inigo, Liberty Mutual, Lloyd’s Syndicate 1274 Antares, Lloyd’s Syndicate 1414 Ascot, Lloyd’s Syndicate 0033 Hiscox, Lloyds Syndicate 4472 Liberty Specialty Markets, Lloyds Syndicate 2791 Managing Agent Partners, Lloyds Syndicate 4444 Canopius, Lloyds Syndicate 2010 MMX Lancashire, Lloyds Syndicate 2623 Beazley, Lloyds Syndicate 2843 – Oak Re, Lloyds Syndicate 3123 – Fidelis (Pinewalk), Lloyd’s Syndicate 623 Beazley, Munich Re America, Navigators US, Odyssey Re, RenaissanceRe Europe AG, SCOR, Swiss Re America and The Cincinnati Insurance Company.
In 2025, alternative investment managers Quantedge, Korean Re, Lloyd’s Syndicate 2843 – Oak Re and Lloyd’s Syndicate 3123 – Fidelis (Pinewalk) participated in the program for the first time.
The above list of players also highlights the prevalence of Lloyd’s syndicates in the 2025 NFIP renewals, accounting for 13 of the 27 reinsurers.
Since 2022 and into 2025, Marsh McLennan’s reinsurance subsidiary Guy Carpenter has provided brokerage services to assist in securing NFIP reinsurance placements, and the company also provides financial advisory services and modelling.
