Everglades Re II Ltd Series 2021-1

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Citizens had planned more cat bonds for 2022, but pricing not conducive

Florida's Citizens Property Insurance Corporation had originally been seeking more catastrophe bond backed reinsurance for 2022, specifically to fill out layers of its Coastal Account reinsurance tower, but pricing feedback from investors caused the insurer to change plans and these cat bond tranches never made it to market. This news came read the full article →

Florida Citizens CFO says risk transfer markets in “disarray”

The CFO of Florida's Citizens Property Insurance Corporation said today that the reinsurance risk transfer markets are in "disarray", meaning the insurer won't be able to buy its targeted program within budget with the June renewals fast-approaching. Florida Citizens is a significant buyer of both traditional reinsurance, collateralized or fronted protection read the full article →

Florida Citizens targets $3.64bn 2022 risk transfer buy, for $4.7bn program

For 2022, the staff of Florida's Citizens Property Insurance Corporation are seeking approval to buy roughly $3.64 billion of new risk transfer, across traditional reinsurance and catastrophe bonds, which added to still in-force cat bonds from prior years will take the Citizens program to roughly $4.7 billion for the coming read the full article →

Policy growth means more cat bonds & reinsurance for Florida Citizens

Florida's Citizens Property Insurance Corporation added on average 32,000 new policies to its portfolios every month through 2021, with projections for the end of 2022 suggesting it may have almost 1.1 million policies in-force, driving the need for more catastrophe bonds and reinsurance risk transfer. Florida Citizens has been growing, in read the full article →

Florida Citizens seeks higher rate increases at upcoming hearing

Florida’s Citizens Property Insurance Corporation is seeking perhaps the steepest rate increases it has implemented for some years at an upcoming hearing with the regulator. The Florida Office of Insurance Regulation has scheduled a rate hearing for later today, to hear testimony from Citizens Property Insurance Corporation staff on the need read the full article →

Florida Citizens targets “the best deal we can get” on risk transfer: Montero

While Florida's Citizens Property Insurance Corporation could buy as much as $3.4 billion of new reinsurance and risk transfer in 2022, including catastrophe bonds, the main focus is on delivering value, as the not-for-profit property insurer targets cost savings. After a Board meeting yesterday, Florida Citizens highlighted the need to reduce read the full article →

Florida Citizens debates buying from zero to $3.4bn of risk transfer

Florida’s Citizens Property Insurance Corporation is debating buying anything from zero to over $3.4 billion of new reinsurance and risk transfer in 2022, with catastrophe bonds an option as usual. Like other residual insurance markets, Florida Citizens is debating how to manage rising exposures against rising risk transfer pricing in reinsurance read the full article →

Florida Citizens staff call on Board to publicly support risk transfer

The staff of Florida’s Citizens Property Insurance Corporation have published a white paper calling on the Board of the insurer of last resort to publicly support a plan to procure risk transfer, through reinsurance and catastrophe bonds, for 2022. The move comes after the Board of Florida Citizens requested at a read the full article →

Florida Citizens reinsurance & cat bond budget hiked ~60% for 2022

In 2022, there is a strong chance Florida’s Citizens Property Insurance Corporation buys more private market risk transfer in the form of reinsurance and catastrophe bonds through its Everglades Re program, although the Board has directed a review of risk transfer versus pre-event financing to see how money can be read the full article →

Florida market “unsustainable”, reinsurance rates to increase in 2022: Citizens CEO

Florida's homeowners insurance market is experiencing "unsutainable" conditions and the consistency of loss across the marketplace is seen as "staggering", according to the CEO of Florida’s Citizens Property Insurance Corporation Barry Gilway. Speaking in front of a Florida House subcommittee on Insurance and Banking this week, Florida Citizens CEO Gilway said read the full article →