Everglades Re II Ltd Series 2023-2

Florida’s property insurer of last resort, Citizens Property Insurance Corporation, has said that its sees market conditions as especially positive in the capital markets, as it looks to progress its $5.5 billion reinsurance renewal for 2024.

After Florida Governor Ron DeSantis claimed on television that the states Citizens Property Insurance Corporation “is not solvent”, the CEO of the insurer of last resort has responded saying that Florida Citizens financial structure means it “will always be able to pay claims”.

Florida’s property insurer of last resort, Citizens Property Insurance Corporation, could increase its purchase of reinsurance and catastrophe bond backed risk transfer in 2024, with its new layer structure following the merging of its accounts suggesting as much as $5.5 billion could be purchased next year.

Florida’s Citizens Property Insurance Corporation has now secured $750 million of named storm reinsurance protection for the 2023 hurricane season with this dual-series issuance of Everglades Re II Ltd. (Series 2023-1 & 2023-2) notes, with the prices fixed within the initial guidance.

The Board of Florida’s Citizens Property Insurance Corporation approved a slightly smaller budget for its reinsurance and capital market risk transfer purchases than expected yesterday, but market conditions are improved somewhat it seems and, while pricing is higher, the insurer of last resort is seeing positive momentum, especially with catastrophe bonds.

As it seeks to secure its reinsurance needs for the coming wind season in the most economic manner, Florida’s Citizens Property Insurance Corporation has upsized its target for its latest catastrophe bond issuance for a second time, with now up to $775 million of protection sought from the dual-series issuance of Everglades Re II Ltd. […]

Florida’s Citizens Property Insurance Corporation is looking to upsize its latest catastrophe bond issuance significantly, with now up to $600 million of one-year collateralized reinsurance sought from the dual-series issuance of Everglades Re II Ltd. (Series 2023-1 & 2023-2) notes.

Florida’s Citizens Property Insurance Corporation is back in the catastrophe bond market with a dual-series issuance of Everglades Re II Ltd. (Series 2023-1 & 2023-2) notes, seeking collateralized reinsurance for both its Coastal and Personal Lines Accounts for the upcoming wind season only.