Citrus Re Ltd

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.

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.

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).

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.

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 2015 and 2016 trade saw […]

A number of secondary catastrophe bond trades were seen as major hurricane Irma intensified on track towards the United States, possibly Florida, with the Citrus Re Ltd. (Series 2017-1) leading the prices down having traded at 50 yesterday, so discounted 50% on the possibility of an Irma loss for sponsor Heritage.

Heritage Insurance Holdings, Inc. is continuing its expansion with a foray into the U.S. northeastern states of New York, New Jersey, Connecticut, Rhode Island and Massachusetts thanks to the acquisition of Narragansett Bay Insurance Company (NBIC), a specialty homeowners insurer.

Expansive insurer Heritage Insurance Holdings, Inc. has said that its Heritage Property & Casualty Insurance subsidiary has underwritten its first policy in the state of Alabama, taking the number of U.S. states it underwrites in to five, so growing the area its reinsurance and catastrophe bonds could be required to protect it in.

Expansive U.S. insurance group Heritage Property & Casualty Insurance Company has secured another $35 million of reinsurance coverage from the capital markets with its second transaction of the year, a Citrus Re Ltd. (Series 2017-2) takedown that was completed privately with investors, we understand.

Collateralized reinsurance markets and ILS funds have significantly increased their share of the insurer Heritage’s risk transfer program, with a number of new ILS managers featuring in the company’s latest reinsurance program disclosure.