Everglades Re II Ltd

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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 →

Florida Citizens growth could near previous highs. Depopulation in focus

Florida’s Citizens Property Insurance Corporation continues to see increasing policy counts as ongoing challenges in the private market drive policyholders back to the residual market, resulting in expanding exposure levels and putting depopulation, or takeouts, back in focus. Florida Citizens is now on-course to see its policy count surpass 1 million read the full article →

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 →