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$1.5bn Everglades Re 2014 cat bond upgraded as attachment drops

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.As Florida Citizens depopulation has progressed, resulting in it holding perhaps the lowest read the full article →

Everglades Re 2013-1 notes upgraded, as no more resets to come

The $250m Everglades Re Ltd. (Series 2013-1) catastrophe bond, sponsored by Florida's Citizens Property Insurance Corporation in March 2014, has had its rating upgraded as it has now passed its final reset and there are no more chances to adjust the risk-level.The Everglades Re 2013-1 cat bond was an early read the full article →

Florida Citizens seeks $4.05B of 2015 risk transfer, including cat bonds

As we wrote back in December, the Board of Florida Citizens approved sponsoring another Everglades Re Ltd. catastrophe bond as part of its 2015 risk transfer program, which will seek around $4.05 billion of reinsurance protection for the insurer.Citizens Property Insurance Corporation of Florida is already in the reinsurance market read the full article →

Citizens opts for variable reset to Everglades Re 2013-1 cat bond

Florida's Citizens Property Insurance Corporation is one of the first catastrophe bond sponsors to opt to use a variable reset facility with its Everglades Re Ltd. (Series 2013-1) catastrophe bond, by choosing to lower the attachment point.The $250m Everglades Re 2013-1 cat bond, which Citizens sponsored back in March 2013, read the full article →

Cheaper reinsurance and cat bonds allows Citizens to lower rates

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.Citizens cites the cheaper reinsurance, saying that global market conditions have made read the full article →

Everglades Re 2014 completes, officially the largest catastrophe bond ever

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.The third catastrophe bond issuance under the Everglades Re Ltd. shelf programme, this deal saw Florida’s Citizens Property Insurance Corporation massively increase its read the full article →

Florida Citizens buys 68% more reinsurance for 2014 at less cost

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.We did however discuss the amazing value for money that Florida Citizens found in the reinsurance market in 2014 read the full article →

Everglades Re 2014 cat bond hits $1.5 billion, prices towards upper end

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.Everglades Re 2014-1 is the largest catastrophe bond transaction ever issued, breaking read the full article →

Everglades Re 2014-1 grows to $1.25Bn, largest catastrophe bond ever

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.Update: Everglades Re 2014-1 grew again since this article was published read the full article →

Everglades Re 2014-1 cat bond launches for Florida Citizens

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.As written about here on Artemis a few weeks ago, Florida Citizens had been actively speaking with investors in read the full article →