Everglades Re II Ltd

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ILS capital dominates Citizens reinsurance renewal, led by Nephila’s $600m line

Third-party sources of reinsurance capital, largely from the insurance-linked securities (ILS) market, has dominated the reinsurance renewal of Florida's Citizens Property Insurance Corporation in 2021, with ILS giant Nephila Capital the biggest market by a long way thanks to a $600 million line. The ILS market has demonstrated its commitment to read the full article →

Citizens secures $950m of cat bond cover with Everglades Re 2021

Florida's Citizens Property Insurance Corporation has now secured its upsized $950 million target for its latest Everglades Re II Ltd. (Series 2021-1 & 2021-2) catastrophe bonds, making them the insurers second largest slice of reinsurance from the capital markets on record. The not for profit property insurer for the state of read the full article →

Florida Citizens aims to near double new cat bond to $950m in size

Citizens Property Insurance Corporationis set to significantly increase the amount of capital market backed reinsurance it has in-force from catastrophe bonds, with its latest Everglades Re II Ltd. (Series 2021-1 & 2021-2) issuances now targeting between $800 million and $950 million of coverage. The not for profit property insurer for the read the full article →

Citizens seeks $500m coastal & personal account Everglades 2021 cat bond

Florida’s Citizens Property Insurance Corporation is back in the catastrophe bond market with a $500 million or greater dual-series Everglades Re II Ltd. (Series 2021-1 & 2021-2) transaction, from which it is seeking reinsurance protection for both its Coastal and Personal Lines account books. Florida Citizens attempted the same last year, read the full article →

Florida Citizens to seek $850m of cat bonds before 2021 hurricane season

Florida’s Citizens Property Insurance Corporation is targeting a $2.6 billion reinsurance and risk transfer program in advance of the 2021 hurricane season beginning and within the renewed towers could be $850 million of new catastrophe bonds. Florida Citizens has been growing at an unsustainable rate, which its Chairman previously said makes read the full article →

Florida Citizens pays 20% more risk-adjusted, for 53% smaller renewal

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. Florida Citizens had originally been hoping to purchase as read the full article →

Florida Citizens’ Personal Lines Account cat bond upsized to $110m

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. Having withdrawn the larger $200 million layer of Coastal Account linked catastrophe read the full article →

Irrational pricing drove Florida Citizens to pull cat bond layer: CFO Montero

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 read the full article →

Florida Citizens withdraws larger tranche of Everglades Re II 2020 cat bond

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. Update: We spoke to Citizens CFO who said pricing was irrational and read the full article →

Citizens plans for higher risk transfer renewal costs in 2020

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. The risk transfer and reinsurance budget requested at a Board meeting yesterday was read the full article →