Florida’s Citizens Property Insurance Corporation experienced a challenging reinsurance renewal overall it seems, resulting in the insurer of last resort buying significantly less coverage than had been planned and paying 20% more, on a gross risk adjusted basis than the prior year.
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Florida’s Citizens Property Insurance Corporation has opted to slightly upsize its remaining Personal Lines Account tranche of its new catastrophe bond issue, with the Everglades Re II Ltd. (Series 2020-2) deal growing by 10% to $110 million by pricing.
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Florida’s Citizens Property Insurance Corporation withdrew one layer of its latest issuance from the catastrophe bond market at the mid-year renewal, as it found that capital market investors are looking for “irrational returns” and wasn’t willing to lock in pricing over a multi-year basis at those rates, CFO Jennifer Montero explained to us.
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Florida’s Citizens Property Insurance Corporation has now pulled the largest $200 million tranche of Coastal Account linked notes from its Everglades Re II Ltd. (Series 2020-1 & 2020-2) catastrophe bond issuance, leaving just a $100 million tranche being marketed.
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Florida’s Citizens Property Insurance Corporation has increased its budget for catastrophe bond and reinsurance risk transfer spend for the 2020 wind season, with part of this increase set to support the higher rates seen in the Florida market.
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In a clear sign of ILS fund demands for higher returns from underwriting catastrophe risks in the Florida reinsurance market, pricing for Florida Citizens’ new $300 million Everglades Re II Ltd. (Series 2020-1 & 2020-2) catastrophe bond has leapt significantly above the top-end of guidance.
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Florida Citizens, the state-supported insurer of last resort, is back in the catastrophe bond market for what will be its seventh issuance, seeking support for a $300 million or greater Everglades Re II Ltd. (Series 2020-1 & 2020-2) deal that will also expand coverage to the Citizens personal lines account for the first time.
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