Everglades Re Ltd Series 2014-1

The issue credit rating on Florida’s Citizens Property Insurance Corporation’s $1.5 billion Everglades Re Ltd. (Series 2014-1) catastrophe bond has been increased after the cat bond was reset at a lower attachment point and the lowest attachment probability.

Florida’s Citizens Property Insurance Corporation, which managed to purchase $1 billion of additional reinsurance protection in 2014 for lower spend than in 2013, is set to lower seven out of ten of its primary insurance customers rates in 2015.

It’s official, the $1.5 billion Everglades Re Ltd. (Series 2014-1) catastrophe bond has completed today and is now the largest catastrophe bond transaction issued in the markets history.

In all the excitement surrounding Florida’s Citizens Property Insurance Corporation’s record $1.5 billion catastrophe bond transaction, Everglades Re Ltd. (Series 2014-1), we didn’t cover the entire Citizens reinsurance program placement in detail.

Florida’s Citizens Property Insurance Corporation’s latest catastrophe bond transaction, Everglades Re Ltd. (Series 2014-1), has grown again to hit a new record at $1.5 billion in size, a 275% upsizing from the $400m the deal was initially launched at.

The latest catastrophe bond from Florida’s Citizens Property Insurance, Everglades Re Ltd. (Series 2014-1), is set to become the largest single cat bond transaction ever having increased in size by a stunning 213% to reach $1.25 billion, according to sources.

As expected Florida’s Citizens Property Insurance is back in the catastrophe bond market with the launch of Everglades Re Ltd. (Series 2014-1), a $400m (for now) annual aggregate Florida hurricane catastrophe bond.