Citrus Re Ltd

Heritage Property & Casualty Insurance, a subsidiary of Heritage Insurance Holdings, Inc., has put in its applications to extend its operations beyond Florida into four new states, as the property focused insurer looks to expand and diversify.

Heritage Property & Casualty Insurance has completed a $1.76 billion property catastrophe reinsurance program for 2015-16, succeeding in reducing its reliance on the Florida Hurricane Catastrophe Fund (FHCF).

For Heritage Property & Casualty Insurance the attractive pricing and more flexible terms of its $277.5m Citrus Re Ltd. (Series 2015-1) catastrophe bond, provides cheaper and more valuable reinsurance protection than the Florida Hurricane Catastrophe Fund (FHCF) it replaced.

Heritage Property & Casualty Insurance Co. is pleased with the pricing of its $277.5m three tranche Citrus Re Ltd. (Series 2015-1) catastrophe bond, which has enabled the insurer to save money by reducing its reliance on the Florida Hurricane Catastrophe Fund (FHCF).

Florida takeout insurer Heritage Property and Casualty Insurance Co’s Citrus Re Ltd. (Series 2015-1) catastrophe bond will complete at $277.5m in size, while pricing looks mixed as it settled towards the upper end on the largest tranche.

Florida takeout insurer Heritage Property and Casualty Insurance Co. could see its Citrus Re Ltd. (Series 2015-1) catastrophe bond hit as much as $327.5m in size thanks to demand from investors, while pricing has moved to the mid and lower ends of guidance.

Florida takeout insurance company Heritage Property and Casualty Insurance Co. is returning to the capital markets as it seeks out low-cost reinsurance capital with its third catastrophe bond issue, a currently $150m Citrus Re Ltd. (Series 2015-1) transaction.

The second catastrophe bond sponsored by Florida Citizens takeout insurer Heritage Property and Casualty Insurance, Citrus Re Ltd. (Series 2014-2), has been priced at the low-end of guidance as the insurer maximised its use of the ILS market in 2014.

Florida Citizens takeout insurer and first time catastrophe bond sponsor Heritage Property and Casualty Insurance is issuing a second series of cat bond notes already, with the launch of Citrus Re Ltd. (Series 2014-2).

The $150m Citrus Re Ltd. (Series 2014-1) catastrophe bond, sponsored by Florida Citizens takeout insurer and first time cat bond sponsor Heritage Property and Casualty Insurance, has priced right at the low-end of a reduced coupon range.