Everglades Re II Ltd

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Citizens increased reinsurance costs reflect firmer Florida market

The risk transfer planning at Florida’s Citizens Property Insurance Corporation is underway after a board meeting that approved a $110 million budget to secure $703 million of fresh reinsurance coverage for 2019.That's quite an increase from the $92 million budget to secure $940 million of fresh reinsurance protection that Florida read the full article →

Florida Citizens lifts reinsurance & risk transfer to $1.6bn for 2019

Florida’s Citizens Property Insurance Corporation is set to buy a larger reinsurance program for 2019 as it adds $200 million of coverage for non-coastal residential properties its covers following increasing losses from hurricanes, non-weather water-loss claims, litigation and assignment of benefits abuse.In the past Citizens has only purchased reinsurance and read the full article →

Florida Citizens approved for $1.42bn reinsurance buy in 2018

The board of governors of Florida’s Citizens Property Insurance Corporation has approved the purchase of a $1.42 billion reinsurance program for 2018, which is a 7% increase on the total limit of risk transfer secured last year and with more of the coverage from the capital markets via Everglades Re read the full article →

Citizens Everglades Re II 2018-1 cat bond grows to $250m at low-end of pricing

Florida’s Citizens Property Insurance Corporation's latest catastrophe bond, the Everglades Re II Ltd. (Series 2018-1) transaction, has upsized before pricing to $250 million, while the coupon has now been fixed at the low-end of initial guidance.Florida Citizens returned to the catastrophe bond market with its latest issuance a few weeks read the full article →

Everglades Re II 2018-1 cat bond pricing tightens at lower-end

The latest catastrophe bond to be sponsored by Florida’s Citizens Property Insurance Corp. looks set to achieve pricing at or below the middle of initial guidance, as indications suggest that the $200 million Everglades Re II Ltd. (Series 2018-1) will tighten at the lower-end of the launch pricing.This is the read the full article →

Citizens returns with $200m Everglades Re II 2018-1 cat bond

Florida's Citizens Property Insurance Corp. returns to the capital markets for additional reinsurance with another catastrophe bond in the Everglades Re series of transactions, Everglades Re II Ltd. (Series 2018-1).Source said Everglades Re II 2018-1 cat bond targets $200m or greater of Florida named storm reinsurance protection.The Everglades Re II read the full article →

Florida Citizens says hurricane Irma loss won’t hit reinsurance

Florida’s Citizens Property Insurance Corporation said yesterday that it expects to have to pay around $1.23 billion of insured losses for claims from Hurricane Irma, but expects to pay for this out of surplus, suggesting the coastal account has not had a big enough hit to eat into its reinsurance read the full article →

42% of Florida Citizens renewal is collateralized markets & ILS funds

A whopping 42% of the limit placed for Florida's Citizens Property Insurance Corporation's reinsurance renewal was sourced from collateralized markets and insurance-linked securities (ILS) fund managers, as third-party capital continued to grow its share of the shrinking program.Florida Citizens purchased just slightly under $1.03 billion of reinsurance limit in its read the full article →

Citizens set for $300m Everglades Re II 2017 cat bond

According to sources, Florida’s Citizens Property Insurance Corporation’s latest catastrophe bond transaction, the Everglades Re II Ltd. (Series 2017-1) deal,  is set to upsize to $300 million in size before it completes.The transaction launched as a $250 million cat bond offering, on which the pricing has tumbled as our source read the full article →

Florida Citizens board approves $1.33bn reinsurance renewal for 2017

The board of governors of Florida's Citizens Property Insurance Corporation has approved the purchase of $1.33 billion of reinsurance coverage in its upcoming 2017 renewal, with a combination of traditional reinsurance and capital markets coverage provided by the Everglades Re II Ltd. (Series 2017-1) catastrophe bond deal.This is the smallest read the full article →