Everglades Re II Ltd. (Series 2018-1)

The Artemis Catastrophe Bond and Insurance-linked Securities Deal Directory aims to provide a one-stop resource for information on every cat bond and ILS transaction we hold information on. The content of this Deal Directory is provided as is and there will be some omissions. Help us to keep these cat bond and ILS transaction summaries up to date by contacting us if you see an error or omission that you can correct.

Everglades Re II Ltd. (Series 2018-1) - At a glance:

  • Issuer / SPV: Everglades Re II Ltd. (Series 2018-1)
  • Cedent / Sponsor: Citizens Property Insurance
  • Placement / structuring agent/s: Citigroup is sole structuring agent and bookrunner. BofA Merrill Lynch is joint bookrunner.
  • Risk modelling / calculation agents etc: AIR Worldwide
  • Risks / Perils covered: Florida named storms
  • Size: $250m
  • Trigger type: Indemnity
  • Ratings: NR
  • Date of issue: May 2018

Everglades Re II Ltd. (Series 2018-1) - Full details

Florida Citizens returns with another catastrophe bond in the Everglades Re series of transactions. This Everglades Re II 2018-1 cat bond targets $200m or greater of Florida named storm reinsurance protection.

This Everglades Re II transaction will offer a single $200 million Series 2018-1 tranche of Class A notes to ILS investors, we understand, with exposure linked to Florida named storm risks across a three-year term.

The notes will provide Florida Citizens with a fully collateralized source of annual aggregate reinsurance protection against losses from Florida named storms (so the impacts of tropical storms and hurricanes), with the cat bond featuring an indemnity trigger.

Subject business is all from the Citizens coastal account, and consists of both personal and commercial residential property exposures.

The Evergaldes Re II 2018-1 notes will attach at $1.735 billion and cover a percentage of losses up to $2.615 billion, which leaves plenty of room for the transaction to upsize, should Florida Citizens choose to.

The resulting initial attachment probability is 2.56% at the base cases and the expected loss 1.93% for the Everglades Re II 2018-1 notes. The currently $200 million of notes are being offered to investors with coupon price guidance in a range of 4.75% to 5.25%.

Update 1:

The price guidance has tightened towards the lower-end of the initial range, with the notes now marketed at 4.75% to 5%.

Update 2:

Florida Citizens opted to upsize this Everglades Re II 2018-1 catastrophe bond to $250 million at pricing.

The pricing for the $250 million of Class A notes was eventually fixed at the low-end of guidance, at 4.75%.




Go back to the Catastrophe Bond Deal Directory

The Artemis Catastrophe Bond & Insurance-Linked Securities Deal Directory is copyright © Steve Evans Ltd. Reproduction or publication without permission is not permitted. Use of this information within a commercial product, or for profit, without a license is strictly prohibited. Contact us if you would like to use this content or to discuss licensing.














Jardine Lloyd Thompson Capital Markets













Credit Suisse Insurance Linked Strategies
Twelve Capital