Florida Citizens

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ILS & collateralized takes 42% of Citizens renewal, led by D.E. Shaw

The insurance-linked securities (ILS) fund market and other collateralized reinsurance sources took a roughly 42% chunk of the latest renewal placed by Florida's Citizens Property Insurance Corporation at June 1st this year.Of the ILS and collateralized markets, it was global tech development focused investment giant the D.E. Shaw Group that read the full article →

Citizens settles on $1.45bn reinsurance for 2019, rate-on-line reduces

Florida’s Citizens Property Insurance Corporation settled on a slightly smaller reinsurance tower at its recent 2019 renewal as it only partially placed some layers. But the end result for its coastal account was a reduced average rate-on-line, compared to the previous year.Originally, Florida Citizens had been targeting roughly $1.6 billion read the full article →

Citizens increased reinsurance costs reflect firmer Florida market

The risk transfer planning at Florida’s Citizens Property Insurance Corporation is underway after a board meeting that approved a $110 million budget to secure $703 million of fresh reinsurance coverage for 2019.That's quite an increase from the $92 million budget to secure $940 million of fresh reinsurance protection that Florida read the full article →

Florida Citizens lifts reinsurance & risk transfer to $1.6bn for 2019

Florida’s Citizens Property Insurance Corporation is set to buy a larger reinsurance program for 2019 as it adds $200 million of coverage for non-coastal residential properties its covers following increasing losses from hurricanes, non-weather water-loss claims, litigation and assignment of benefits abuse.In the past Citizens has only purchased reinsurance and read the full article →

Assignment of benefits (AOB) helped to drive hurricane loss creep

In the state of Florida the incidence of so-called assignment of benefits (AOB) lawsuits connected with property insurance claims have risen by more than 70% over the last five years and as this continues primary insurance rates are rising with them.The Insurance Information Institute (III) said in a recent report read the full article →

Florida Citizens to recover $126.4m from reinsurers for hurricane Irma

Florida’s Citizens Property Insurance Corporation has revealed that it expects to claim back $126.4 million from the private reinsurance market to help it pay for claims from hurricane Irma.Florida Citizens experience with hurricane Irma claims escalation has reflected the market, with loss creep and assignment of benefits (AOB) related issues read the full article →

Non-weather water & AOB losses push Citizens to Florida rate rise

Florida’s Citizens Property Insurance Corporation said that a recent surge in claims related to non-weather water losses in South Florida has increased its costs enough to offset the lower cost of reinsurance and other risk transfer, resulting in the need for a proposed statewide average rate increase of 7.9%.The Florida read the full article →

Florida Citizens approved for $1.42bn reinsurance buy in 2018

The board of governors of Florida’s Citizens Property Insurance Corporation has approved the purchase of a $1.42 billion reinsurance program for 2018, which is a 7% increase on the total limit of risk transfer secured last year and with more of the coverage from the capital markets via Everglades Re read the full article →

Florida Citizens says hurricane Irma loss won’t hit reinsurance

Florida’s Citizens Property Insurance Corporation said yesterday that it expects to have to pay around $1.23 billion of insured losses for claims from Hurricane Irma, but expects to pay for this out of surplus, suggesting the coastal account has not had a big enough hit to eat into its reinsurance read the full article →

42% of Florida Citizens renewal is collateralized markets & ILS funds

A whopping 42% of the limit placed for Florida's Citizens Property Insurance Corporation's reinsurance renewal was sourced from collateralized markets and insurance-linked securities (ILS) fund managers, as third-party capital continued to grow its share of the shrinking program.Florida Citizens purchased just slightly under $1.03 billion of reinsurance limit in its read the full article →