Florida Citizens

Citizens Property Insurance Corporation is seeking what could be its biggest catastrophe bond ever, with an initial target of some $850 million of notes offered via a dual-series Everglades Re II Ltd. (Series 2024-1 & 2024-2) issuance, but with both two and three year note series available it looks like market appetite will decide the […]

Florida’s property insurer of last resort, Citizens Property Insurance Corporation, has said that its sees market conditions as especially positive in the capital markets, as it looks to progress its $5.5 billion reinsurance renewal for 2024.

After Florida Governor Ron DeSantis claimed on television that the states Citizens Property Insurance Corporation “is not solvent”, the CEO of the insurer of last resort has responded saying that Florida Citizens financial structure means it “will always be able to pay claims”.

Among the property insurance related topics up for debate in the Florida legislative session are measures that could trigger another growth surge for insurer of last resort Citizens Property Insurance Corporation, moves that would likely see it needing to grow its reinsurance and risk transfer.

The enactment of legislative reforms targeted at the insurance market in Florida has opened the runway for tens of billions in fresh capital to flow into the state from investors, John Seo, Co-Founder & Managing Director at Fermat Capital Management said at an event last week.

Florida-focused insurance holding entity HCI Group is aiming to raise close to $90 million through a public offering of its equity, with the target being to put the money raised to work to fund the continued assumption of policies from the state’s insurer of last resort, Florida Citizens.

Florida’s property insurer of last resort, Citizens Property Insurance Corporation, could increase its purchase of reinsurance and catastrophe bond backed risk transfer in 2024, with its new layer structure following the merging of its accounts suggesting as much as $5.5 billion could be purchased next year.

The Florida Office of Insurance Regulation (OIR) recently approved Texas-based property and casualty (P&C) insurer, Mainsail Insurance Company, as a new domestic insurer following legislative reforms earlier this year. At the same time as the approval of Mainsail Insurance, the second domestic firm approved to become an authorised P&C insurer in the State of Florida […]

Despite the news of a range of insurance carriers pulling-back to manage their catastrophe exposure in Florida, there remains an appetite to assume this risk and the state insurance regulator says that it is seeing greater interest and participation in the Florida Citizens Depopulation program in 2023.

Insurance-linked securities (ILS) investment management specialist Nephila Capital has written just over $756 million of the $2.98 billion reinsurance placement by Florida Citizens at the renewals in 2023, but Berkshire Hathaway was the largest participant with a huge $1 billion line.