Citizens

Florida’s Citizens Property Insurance Corporation is one of the first catastrophe bond sponsors to opt to use a variable reset facility with its Everglades Re Ltd. (Series 2013-1) catastrophe bond, by choosing to lower the attachment point.

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 recently here, Florida’s Citizens Property Insurance Corporation has entered the 2013 Atlantic Hurricane Season in the best financial shape of its history, thanks largely to the increased amount of private risk transfer it now has in place due to catastrophe bonds and cheaper reinsurance purchases, due to catastrophe reinsurance rate decreases.

Florida’s Citizens Property Insurance Corporation will begin the 2013 Hurricane Season in the best financial shape ever, according to recent comments made by CEO Barry Gilway. The CEO, of the insurer of last resort for many of Florida’s most hurricane exposed properties, cites the contribution that private reinsurance alongside the issuance of catastrophe bonds have […]

The latest catastrophe bond from Florida’s Citizens Property Insurance completed at the end of last week, bringing the amount of risk transfer Citizens benefits from in the cat bond market to $1 billion between its two transactions completed to date. After being clearly pleased with the drop in pricing the Everglades Re Ltd. (Series 2013-1) transaction […]

The Board of Florida’s Citizens Property Insurance, the state backed property insurer of last resort, has just approved its reinsurance and risk transfer plans for 2013 including the second catastrophe bond from the insurer, Everglades Re Ltd. (Series 2013-1). The Board made it clear just how much they appreciate the risk transfer from the capital […]

On Wednesday we covered the new catastrophe bond transaction which has come to market on behalf of Florida’s Citizens Property Insurance, the state backed property insurer of last resort. Citizens second cat bond issuance, after its successful and record-sized 2012 issuance, Everglades Re Ltd. (Series 2013-1) sees the insurer seeking to expand the amount of […]

As expected Florida’s Citizens Property Insurance, the state backed property insurer of last resort, is bringing its second catastrophe bond issuance to market with a new Series 2013-1 tranche from its Everglades Re Ltd. special purpose insurer. Florida Citizens had been planning to increase its spend on private market risk transfer and reinsurance this year, […]

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 […]