Everglades Re Ltd Series 2012-1

Florida’s Citizens Property Insurance is actively talking to insurance-linked securities (ILS) and capital markets investors as it tests their appetite for another catastrophe bond to replace its maturing Everglades Re deal, Artemis understands.

As we wrote last Friday in this article on the subject, Florida’s Citizens Property Insurance plans to increase its spending on private market reinsurance and risk transfer in 2013, upping the amount of cover it will look to acquire by almost 17%. It has been expected that Citizens would look to the capital markets again […]

Florida’s Citizens Property Insurance, the property insurer of last resort in the hurricane prone sunshine state, is to increase its spending on private market reinsurance and risk transfer in 2013, upping the amount of cover it will look to acquire by almost 17%. 2012 was a landmark year for Citizens and the Florida insurance market […]

Florida’s Citizens Property Insurance, the property insurer of last resort in the sunshine state, has been on a mission to reduce its exposures to ensure its claims paying ability is retained. This has involved a lot of discussion on the potential ‘depopulation’ of Citizens, or offloading of policies and customers to private insurers, and now […]

From a sponsors perspective, be that an insurer, reinsurer or perhaps even a corporate sponsor, there are many beneficial features to the catastrophe bond. They can be structured to closely complement existing sources of reinsurance or retrocessional cover, they can provide capacity where it perhaps was not available through the traditional reinsurance markets and they […]

We always knew that Florida’s Citizens Property Insurance had found issuing the Everglades Re Ltd. catastrophe bond more cost effective than securing the same amount of cover in the traditional reinsurance market, but we were never able to put a figure to the actual savings. Now Citizens senior management team have discussed a figure at a […]

This year saw the groundbreaking issuance of the largest catastrophe bond to ever by first time sponsor Florida’s Citizens Property Insurance. The $750m cat bond Everglades Re Ltd. provides Citizens with a source of collateralized reinsurance cover for a portion of their coastal account, their peak risk zones along the Florida coastline. Not only was this […]

Citizens Property Insurance, the state backed property insurer of last resort in Florida, who recently completed the largest catastrophe bond ever with the $750m Everglades Re Ltd., is planning to double the total amount of private market risk transfer purchased this year to $1.5 billion. Earlier this year we reported that Citizens would seek $750m […]

The $750m of catastrophe bond notes issued by Everglades Re Ltd. on behalf of sponsor Florida’s Citizens Property Insurance, which recently became the largest catastrophe bond deal ever, have been approved for listing on the Bermuda Stock Exchange (BSX). The Everglades Re Ltd. principal-at-risk variable rate notes program has also been listed and as a […]

The record-breaking Everglades Re Ltd. catastrophe bond which closed recently securing sponsor Florida’s Citizens Property Insurance a massive $750m of fully collateralized, two year hurricane reinsurance cover, has been the subject of considerable discussion in the press since we first revealed it had upsized. Information has now emerged on the amount of investors who have […]