Everglades Re Ltd

The Board of Florida’s Citizens Property Insurance, the state backed property insurer of last resort, has just approved its reinsurance and risk transfer plans for 2013 including the second catastrophe bond from the insurer, Everglades Re Ltd. (Series 2013-1). The Board made it clear just how much they appreciate the risk transfer from the capital […]

On Wednesday we covered the new catastrophe bond transaction which has come to market on behalf of Florida’s Citizens Property Insurance, the state backed property insurer of last resort. Citizens second cat bond issuance, after its successful and record-sized 2012 issuance, Everglades Re Ltd. (Series 2013-1) sees the insurer seeking to expand the amount of […]

As expected Florida’s Citizens Property Insurance, the state backed property insurer of last resort, is bringing its second catastrophe bond issuance to market with a new Series 2013-1 tranche from its Everglades Re Ltd. special purpose insurer. Florida Citizens had been planning to increase its spend on private market risk transfer and reinsurance this year, […]

As we wrote last Friday in this article on the subject, Florida’s Citizens Property Insurance plans to increase its spending on private market reinsurance and risk transfer in 2013, upping the amount of cover it will look to acquire by almost 17%. It has been expected that Citizens would look to the capital markets again […]

Florida’s Citizens Property Insurance, the property insurer of last resort in the hurricane prone sunshine state, is to increase its spending on private market reinsurance and risk transfer in 2013, upping the amount of cover it will look to acquire by almost 17%. 2012 was a landmark year for Citizens and the Florida insurance market […]

Florida’s Citizens Property Insurance, the property insurer of last resort in the sunshine state, has been on a mission to reduce its exposures to ensure its claims paying ability is retained. This has involved a lot of discussion on the potential ‘depopulation’ of Citizens, or offloading of policies and customers to private insurers, and now […]

From a sponsors perspective, be that an insurer, reinsurer or perhaps even a corporate sponsor, there are many beneficial features to the catastrophe bond. They can be structured to closely complement existing sources of reinsurance or retrocessional cover, they can provide capacity where it perhaps was not available through the traditional reinsurance markets and they […]

We always knew that Florida’s Citizens Property Insurance had found issuing the Everglades Re Ltd. catastrophe bond more cost effective than securing the same amount of cover in the traditional reinsurance market, but we were never able to put a figure to the actual savings. Now Citizens senior management team have discussed a figure at a […]

This year saw the groundbreaking issuance of the largest catastrophe bond to ever by first time sponsor Florida’s Citizens Property Insurance. The $750m cat bond Everglades Re Ltd. provides Citizens with a source of collateralized reinsurance cover for a portion of their coastal account, their peak risk zones along the Florida coastline. Not only was this […]

Citizens Property Insurance, the state backed property insurer of last resort in Florida, who recently completed the largest catastrophe bond ever with the $750m Everglades Re Ltd., is planning to double the total amount of private market risk transfer purchased this year to $1.5 billion. Earlier this year we reported that Citizens would seek $750m […]