Everglades Re II Ltd

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Florida Citizens secures PLA cat bond at $200m, priced above guidance

Florida’s Citizens Property Insurance Corporation has now secured its latest catastrophe bond that will provide it $200 million of reinsurance protection, but pricing for the Everglades Re II Ltd. (Series 2022-1) transaction eventually settled above the initial guidance. Readers will know we've been covering Florida Citizens experience in the reinsurance and read the full article →

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 →

Florida Citizens new Everglades cat bond sized up to $200m as price rises

Florida’s Citizens Property Insurance Corporation's target for its new catastrophe bond now stands at up to $200 million, while pricing for the Everglades Re II Ltd. (Series 2022-1) transaction has risen to above the initial guidance, Artemis has learned. With Florida Citizens expanding rapidly, as policyholders return to the insurer of read the full article →

Florida Citizens seeks $100m+ PLA focused Everglades Re II cat bond

Florida’s Citizens Property Insurance Corporation is back in the catastrophe bond market to sponsor a $100 million or greater Everglades Re II Ltd. (Series 2022-1) transaction, from which it is seeking named storm reinsurance protection for its Personal Lines Account book of business. Florida Citizens is expected to buy anything up 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 →