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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 →

Heritage CEO says hurricane Irma gross loss closing on $800m

Florida headquartered, nationally expanding U.S. property casualty insurer Heritage Insurance Holdings, Inc.has estimated that its gross losses from last year's hurricane Irma now stand at up to $800 million, suggesting greater impacts to the firms Citrus Re catastrophe bonds.Initially after hurricane Irma, Heritage had reported a gross loss from the read the full article →

Heritage said reinsurance costs rise just 1% as it completes renewal

Florida headquartered and expansive property casualty insurer Heritage Insurance Holdings, Inc. has successfully secured its 2018/19 reinsurance program at almost flat rates, citing a risk adjusted cost increase of just 1% at its latest renewal.Heritage has been steadily expanding across the United States from its home base in Florida, with read the full article →

Heritage extends two tranches of Citrus Re 2015 cat bond for loss development

Florida focused property and casualty insurer Heritage Insurance Holdings, Inc. has elected to extend the maturity for two tranches of its Citrus Re Ltd. (Series 2015-1) catastrophe bond, as the company waits for loss to continue developing following last year's hurricanes.The Citrus Re 2015-1 cat bond was already understood to read the full article →

Heritage sees mid-year reinsurance renewal quotes at flat rates

Florida headquartered property and casualty insurer Heritage Insurance Holdings, Inc. said it has received quotes for its mid-year reinsurance renewals at flat rate levels, compared with a year ago, as markets show an appreciation for its low loss adjustment expenses and multi-year program that is already in place.Speaking during the read the full article →

Citrus Re cat bond losses clearer, as Heritage lays out recoveries

Catastrophe bond investors are facing over $104 million of losses from Citrus Re bond issues sponsored by Florida focused property and casualty insurer Heritage Insurance Holdings, Inc., after the company made clear it intends to proceed with recoveries under three separate issuances following the impacts of hurricane Irma.The $104 million read the full article →

Heritage soon to operate in 12 states, as NBIC acquisition approved

Heritage Insurance Holdings, Inc., a key cedant for the alternative reinsurance and insurance-linked securities (ILS) market, will soon be operating out of twelve U.S states, having received approval for its acquisition of Narragansett Bay Insurance Company (NBIC).Heritage began the process of acquiring specialty home insurer NBIC's parent NBIC Holdings, Inc. read the full article →

Heritage reveals hurricane Irma loss, may hit Citrus Re cat bonds

Florida focused property and casualty insurer Heritage Insurance Holdings, Inc. has revealed a $388 million gross loss from the impact of hurricane Irma, which looks high enough to eat into the bottom of its catastrophe bond protection, likely triggering two tranches of its Citrus Re cat bonds.Heritage has a significant read the full article →

Cat bond trading still light, Citrus Re 2017 recovers, other Citrus’ dip

Secondary trading activity in catastrophe bonds has remained light following the landfall of hurricane Irma, even though some broker desks accepted enquiries over the weekend. Not many positions have changed hands, but notable is the price recovery of the Citrus Re 2017 cat bond and the fact a Citrus Re read the full article →