Florida Citizens

Share

Florida Citizens board approves $1.33bn reinsurance renewal for 2017

The board of governors of Florida's Citizens Property Insurance Corporation has approved the purchase of $1.33 billion of reinsurance coverage in its upcoming 2017 renewal, with a combination of traditional reinsurance and capital markets coverage provided by the Everglades Re II Ltd. (Series 2017-1) catastrophe bond deal.This is the smallest read the full article →

Everglades Re II termination notice filed

An optional termination notice was issued by the Everglades Re II Ltd. (Series 2015-1) catastrophe bond vehicle to its investors this week, confirming that Florida’s Citizens Property Insurance Corporation is redeeming the bond early.Artemis has seen documentation explaining that Florida Citizens has used the approval it received from its Board read the full article →

Early call for Everglades Re II cat bond approved by Citizens board

The Board of Florida’s Citizens Property Insurance Corporation has approved the proposal to allow it to call (or redeem) its $300 million Everglades Re II Ltd. (Series 2015-1) catastrophe bond transaction early, so it can return to the market with a clear view of its risk transfer opportunities.A meeting to read the full article →

Citizens seeks early call for Everglades Re II 2015 cat bond

Florida's Citizens Property Insurance Corporation wants to call (or redeem) its $300 million Everglades Re II Ltd. (Series 2015-1) catastrophe bond transaction early in order to take advantage of market conditions with any new issue in 2017.Florida Citizens is set to come back to the catastrophe bond market in 2017 read the full article →

Citizens 2017 risk transfer program approved, cat bonds to feature

The Board of Florida Citizens Property Insurance has approved moving forward on the development of the company’s 2017 risk transfer program for its Coastal Account, and will utilise both the traditional reinsurance and capital markets to secure a diversified and efficient source of risk transfer.The insurer has budgeted $70 million read the full article →

Florida Citizens rates to rise 6.8% in 2017

The Board of Florida’s Citizens Property Insurance Corporation has approved a statewide 6.8% rate rise for personal lines policies, as it tries to head off a trend of rising non-weather water losses and assignment of benefit (AOB) abuse.The board of Citizens voted unanimously to hike rates by almost 7% as read the full article →

Florida Citizens board approves 2016 reinsurance program

The Board of Florida’s Citizens Property Insurance Corporation has approved the 2016 risk transfer and reinsurance program, including the shift of certain traditional layers to a per-occurrence, single-year structure and the acquisition of an additional contract for commercial reinsurance.As reported earlier today on Artemis, Florida Citizens was seeking a strategic read the full article →

Florida Citizens shifts reinsurance focus to per-occurrence in 2016

Florida's Citizens Property Insurance Corporation's risk transfer and reinsurance buying strategy continues to evolve, with the insurer electing to renegotiate multi-year aggregate reinsurance and shift the protection to per-occurrence coverage for the 2016 hurricane season.At the same time Florida Citizens has shifted the attachment of one of its outstanding catastrophe read the full article →

Citizens resets Everglades Re II at lower attachment point

Florida’s Citizens Property Insurance Corporation has reset its most catastrophe bond, the $300m Everglades Re II Ltd. (Series 2015-1) transaction, at a lower attachment point, reacting to the effects of depopulation of its portfolio and looking ahead to its reinsurance and risk transfer needs.One of the benefits of the variable read the full article →

Florida Citizens reinsurance rate savings show steep price declines

The steep decline in rates and pricing for Florida wind property catastrophe reinsurance coverage can be plainly seen in information published by the states Citizens Property Insurance Corporation. Also published are the extent of the savings the insurer made in 2015.Florida Citizens has been on a mission to become better read the full article →