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Heritage fully places reinsurance at June 1 without need for Florida RAP fund

Heritage Insurance Holdings, Inc., the Florida headquartered but nationally expansive property and casualty insurer, has reported the full placement of its reinsurance program for 2022, which includes the company's first catastrophe bond transaction since 2017. Despite reports of a challenging mid-year reinsurance renewals, Heritage has fully placed its 2022-2023 catastrophe excess-of-loss read the full article →

Heritage’s new Citrus Re 2022 cat bond priced above guidance

Florida headquartered but nationally expansive property and casualty insurer Heritage Insurance Holdings, Inc. has now secured its new Citrus Re Ltd. (Series 2022-1) catastrophe bond at the original $100 million size, but with pricing now fixed above the initial guidance range. It's the latest signal on pricing for US wind exposed read the full article →

Citrus Re 2022-1 cat bond from Heritage sees pricing rise

The new Citrus Re Ltd. (Series 2022-1) catastrophe bond transaction sponsored by Florida headquartered but nationally expansive property and casualty insurer Heritage Insurance Holdings, Inc. has seen its price guidance raised to above the initial range, Artemis can report. It's the latest sign that catastrophe bond funds and investors are demanding read the full article →

Heritage seeks $100m Citrus Re cat bond for NE US wind reinsurance

Heritage Insurance Holdings, Inc., the Florida headquartered but nationally expansive property and casualty insurer, has returned to the catastrophe bond market seeking $100 million or more of north-east US wind reinsurance with a Citrus Re Ltd. (Series 2022-1) transaction. Heritage has been visiting the catastrophe bond market since 2014, when it read the full article →

Heritage shrinks reinsurance by $153m, CEO cites “challenging renewal”

Heritage Insurance Holdings, Inc., the Florida headquartered, nationally expansive U.S. property casualty insurer, has placed its first event reinsurance tower to an exhaustion point of $1.347 billion, which is around 12% lower than the prior year, while spend has increased by more than 9%. Heritage CEO Bruce Lucas cited a read the full article →

Heritage appears to get more payouts from Citrus Re cat bond series

Heritage Insurance Holdings, Inc., the Florida focused property and casualty insurer, has benefited from more reinsurance recoveries under its Citrus Re catastrophe bond series of deals, with more tranches seeing principal reductions, one of which has now been allowed to mature. Heritage has been making reinsurance recoveries under some of its read the full article →

Heritage’s Citrus Re 2017-1 A cat bond notes partially redeemed, $36.7m extended

One of the loss-exposed tranches of Florida focused property and casualty insurer Heritage Insurance Holdings, Inc’s Citrus Re Ltd. catastrophe bonds has been partially redeemed by investors, with now $36.7 million of collateral from the originally $125 million tranche still retained by the sponsor and its maturity further extended. The tranche read the full article →

Heritage hails reinsurance cost savings, but 90% FHCF likely the driver

Heritage Insurance Holdings, Inc., the Florida headquartered, nationally expanding U.S. property casualty insurer, has completed its reinsurance renewal and hails a saving made, however any reduction in cost is likely been achieved by increasing its FHCF participation to the 90% level. Heritage said it has completed its catastrophe reinsurance program placement read the full article →

Another $100m tranche of Heritage’s Citrus Re cat bonds pays out

Another $100 million tranche of Florida focused property and casualty insurer Heritage Insurance Holdings, Inc’s Citrus Re Ltd. catastrophe bond tranches looks to have paid out, as the cat bond note balance went to zero and the extended tranche was allowed to mature. As we explained recently here, two of Heritage's read the full article →

Some of Heritage’s Citrus Re cat bond tranches appear to be paying out

Some of Florida focused property and casualty insurer Heritage Insurance Holdings, Inc's Citrus Re Ltd. catastrophe bond tranches appear to be paying out, following the rising losses the carrier suffered after hurricane Irma in 2017. Heritage was among the insurers with the broadest exposure to 2017's hurricane Irma, given its significant read the full article →