Swiss Re Insurance-Linked Fund Management

PCS - Emerging Risks, New Opportunities

Citrus Re Ltd. (Series 2017-2)

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.


Citrus Re Ltd. (Series 2017-2) – At a glance:

  • Issuer: Citrus Re Ltd. (Series 2017-2)
  • Cedent / sponsor: Heritage Property and Casualty Insurance Co.
  • Placement / structuring agent/s: ?
  • Risk modelling / calculation agents etc: ?
  • Risks / perils covered: U.S. named storms
  • Size: $35m
  • Trigger type: Indemnity
  • Ratings: NR
  • Date of issue: May 2017

Citrus Re Ltd. (Series 2017-2) – Full details:

This is Heritage Property & Casualty Insurance Company’s sixth catastrophe bond issuance under the Citrus Re name and its second of 2017, extending its U.S. named storm reinsurance protection sourced from the cat bond market.

We understand that this Citrus Re 2017-2 cat bond will provide Heritage with a source of U.S. named storm reinsurance protection, on an indemnity and per-occurrence basis.

It’s possible that Heritage saw the cat bond pricing environment as so attractive that another slice of reinsurance from the capital markets was too good an opportunity to pass up. We’re told this deal was marketed to a select group of investors, possibly those that had participated in the 2017-1 Citrus Re cat bond.

Update, February 27th 2018:

Heritage’s exposure to hurricane Irma has become a little clearer, after the insurer notified investors of its estimated amounts it can claim under this catastrophe bond.

Heritage currently hopes to claim back the full $35 million of principal associated with this Series 2017-2 issuance from Citrus Re.

Update, March 20th 2019:

The $35 million privately placed Class B tranche of the Citrus Re Ltd. (Series 2017-2) issuance, which attached at around $474 million of losses at the time of Irma, has now been matured with zero balance to the notes, suggesting it may have paid out in full for sponsor Heritage.

Artemis Live - ILS and reinsurance video interviews and podcastView all of our Artemis Live video interviews and subscribe to our podcast.

All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.

Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.

Print Friendly, PDF & Email

« Go back to the Catastrophe Bond Deal Directory

Help us keep this valuable resource up to date. If you have information on a catastrophe bond or insurance-linked security deal we have not covered or can see something that we should change, please contact us to let us know.