Everglades Re Ltd

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.

Florida’s Citizens Property Insurance is actively talking to insurance-linked securities (ILS) and capital markets investors as it tests their appetite for another catastrophe bond to replace its maturing Everglades Re deal, Artemis understands.

As we wrote recently here, Florida’s Citizens Property Insurance Corporation has entered the 2013 Atlantic Hurricane Season in the best financial shape of its history, thanks largely to the increased amount of private risk transfer it now has in place due to catastrophe bonds and cheaper reinsurance purchases, due to catastrophe reinsurance rate decreases.

After a six-year term as Chief Financial Officer of Florida’s Citizens Property Insurance, during which time Florida’s windstorm insurer of last resort has embraced the private risk transfer and reinsurance markets leaving it in the best financial shape in its history, Sharon Binnun is to return to the private sector.

Florida’s Citizens Property Insurance Corporation will begin the 2013 Hurricane Season in the best financial shape ever, according to recent comments made by CEO Barry Gilway. The CEO, of the insurer of last resort for many of Florida’s most hurricane exposed properties, cites the contribution that private reinsurance alongside the issuance of catastrophe bonds have […]

The latest catastrophe bond from Florida’s Citizens Property Insurance completed at the end of last week, bringing the amount of risk transfer Citizens benefits from in the cat bond market to $1 billion between its two transactions completed to date. After being clearly pleased with the drop in pricing the Everglades Re Ltd. (Series 2013-1) transaction […]