Citizens

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 […]

The Everglades Re Ltd. catastrophe bond has now completed and has been settled successfully at a size of $750m making it officially the biggest catastrophe bond to ever hit the market. Everglades Re is special not only because it achieved this size, it is the first cat bond to be issued by sponsor Florida’s Citizens […]

Clearly catastrophe bond and insurance-linked securities people don’t rest at the weekends. Over the last couple of days we’ve had a number of excited emails and phone calls from participants in the market telling us that the Everglades Re Ltd. cat bond has more than tripled in size during marketing to become a massive $750m […]

Yesterday we broke the news that Florida’s Citizens Property Insurance, the state backed provider of property insurance, was bringing its first catastrophe bond to market through a newly established Bermuda special purpose insurer named Everglades Re Ltd. This transaction has been expected since January when it emerged that Florida Citizens was considering the capital markets […]

We’ve heard some very interesting news this morning from a contact; Florida’s Citizens Property Insurance, the state backed property insurer of last resort, is said to be bringing its first catastrophe bond to market through an entity called Everglades Re Ltd. We’ve been waiting for a Florida Citizens cat bond to appear since January when […]

Citizens Property Insurance, the state backed property insurer of last resort in Florida, is planning to increase its use of the private reinsurance markets in 2012 by increasing the amount of reinsurance cover it purchases and also issuing what we believe would be their first catastrophe bond.