Florida Citizens news

Florida’s Citizens Property Insurance Corporation now only has catastrophe bonds in-force that occupy layers of its newly-combined single account reinsurance tower, after the last Everglades Re cat bond that provided coverage solely for the old Personal Lines Account has been redeemed.

According to Florida’s insurance market regulator, the first downward trend in property insurance rate filings for years is now being seen, as companies look to provide better prices to their consumers and at least some of the benefits of recent insurance reforms appear to be flowing to policyholders.

Citizens Property Insurance Corporation, the property insurer of last resort for the state of Florida, has now finalised its new catastrophe bond, in the end securing $1.1 billion of reinsurance from the Everglades Re II Ltd. (Series 2024-1) deal, so the size fell slightly short of its upper-target, Artemis has learned.

Florida’s Citizens Property Insurance Corporation, the state’s insurer of last resort that is currently in the catastrophe bond market with a new issuance that could approach $1.25 billion in size, expects that the rate-on-line across its reinsurance and risk transfer purchases for the 2024 hurricane season could be slightly higher than the prior year.

Florida’s Citizens Property Insurance Corporation, the insurer of last resort that is currently in the catastrophe bond market with a new issuance that could approach $1.25 billion in size, is set to increase its budget for reinsurance and risk transfer spend for 2024 to a maximum of $750 million.

Citizens Property Insurance Corporation has increased the targeted amount of reinsurance it is seeking from its latest catastrophe bond to as much as $1.25 billion, while at the same time focusing on securing three-years of coverage across the transaction, with one series of notes now dropped and only the Everglades Re II Ltd. (Series 2024-1) […]

Citizens Property Insurance Corporation is seeking what could be its biggest catastrophe bond ever, with an initial target of some $850 million of notes offered via a dual-series Everglades Re II Ltd. (Series 2024-1 & 2024-2) issuance, but with both two and three year note series available it looks like market appetite will decide the […]

Florida’s property insurer of last resort, Citizens Property Insurance Corporation, has said that its sees market conditions as especially positive in the capital markets, as it looks to progress its $5.5 billion reinsurance renewal for 2024.

After Florida Governor Ron DeSantis claimed on television that the states Citizens Property Insurance Corporation “is not solvent”, the CEO of the insurer of last resort has responded saying that Florida Citizens financial structure means it “will always be able to pay claims”.

Among the property insurance related topics up for debate in the Florida legislative session are measures that could trigger another growth surge for insurer of last resort Citizens Property Insurance Corporation, moves that would likely see it needing to grow its reinsurance and risk transfer.