Everglades Re II Ltd Series 2015-1

Florida’s property insurer of last resort Citizens Property Insurance Corporation is anticipating lower reinsurance costs in 2026, as its policy count and exposure-base has continued to decrease meaning less limit is likely to be needed, while there is an expectation of improved market conditions due to softening that may persist.

Across the entire roughly $4.49 billion reinsurance risk transfer tower of Florida’s Citizens Property Insurance Corporation the capital markets have taken their largest share proportionally in 2025, with around 87% of the total backed by catastrophe bonds, collateralized reinsurance markets and ILS fund managers.

Florida’s Citizens Property Insurance Corporation has confirmed that it has successfully completed its reinsurance renewal for the 2025 hurricane season, securing the targeted traditional and catastrophe bond coverage for less than the budget that had been set.

Florida’s Citizens Property Insurance Corporation has leaned more heavily on the catastrophe bond market for its 2025 risk transfer strategy, with CFO Jennifer Montero revealing that 70% of the insurer’s total risk transfer program, including both new and continuing coverage, is now backed by cat bonds.

An optional termination notice was issued by the Everglades Re II Ltd. (Series 2015-1) catastrophe bond vehicle to its investors this week, confirming that Florida’s Citizens Property Insurance Corporation is redeeming the bond early.

The Board of Florida’s Citizens Property Insurance Corporation has approved the proposal to allow it to call (or redeem) its $300 million Everglades Re II Ltd. (Series 2015-1) catastrophe bond transaction early, so it can return to the market with a clear view of its risk transfer opportunities.

Florida’s Citizens Property Insurance Corporation wants to call (or redeem) its $300 million Everglades Re II Ltd. (Series 2015-1) catastrophe bond transaction early in order to take advantage of market conditions with any new issue in 2017.

Florida’s Citizens Property Insurance Corporation has reset its most catastrophe bond, the $300m Everglades Re II Ltd. (Series 2015-1) transaction, at a lower attachment point, reacting to the effects of depopulation of its portfolio and looking ahead to its reinsurance and risk transfer needs.

Florida’s Citizens latest Everglades Re II Ltd. (Series 2015-1) catastrophe bond has now been priced. The cat bond has now upsized by 20% to $300m, while the final pricing almost reached the top of the expanded guidance, as Citizens finalised a $3.9B risk transfer programme for 2015.

According to sources the price guidance for Florida’s Citizens latest Everglades Re II Ltd. (Series 2015-1) catastrophe bond has been expanded, providing a wider range of possible coupon yield after investors pushed back on the tight launch pricing range.