Florida Citizens news

The increased need for reinsurance coverage resulting from new initiatives aiming to put more of the risk in the private or ILS market will amount to around $318m of new premium income to be split between traditional reinsurers and third-party capital, say analysts.

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 […]

Florida’s Citizens Property Insurance completed another takeout deal last week as part of its ongoing efforts to depopulate itself of certain policies to reduce its exposure to hurricanes and improve its financial state. The takeout deal approved on Wednesday will lower the insurer’s potential exposure by $16 billion and cut losses by $439 million in the […]

Florida Senate bill SB 1770, which we’ve tracked due to the inclusion of statute 627.352 which would have brought into law, as the bill says, ‘Creating the Catastrophe Risk Capital Access Facility to facilitate insurer access to global risk capital markets and risk-transfer mechanisms’, appears to have dropped the measure we were so interested in. […]

Florida Senate bill SB 1770, which contains a measure to create a facility allowing smaller Florida insurers access to capital market sources of reinsurance through instruments such as catastrophe bonds and securitization, has been approved today by the Florida House of Representatives, shortly after its approval by the Florida Senate last week. The bill now […]

Florida Senate bill SB 1770, which contains a measure designed to create a facility to allow smaller Florida insurers access to capital market sources of risk transfer through instruments such as catastrophe bonds and securitization, has passed another of its hurdles after being approved by the Senate. The bill, which many expected to have died […]

A Bill which contains a measure aiming to ease smaller Florida insurers access to capital market sources of risk transfer continues to make its way through the Florida Senate successfully. What began as Bill SPB 7018 which we covered in a previous article here, has now been submitted as submitted as Committee Bill SB 1770 […]

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 […]