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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 →

Citizens puts in place $3.9B risk transfer for 2015, cat bonds dominate

Citizens has lined itself up with the best protection in its history for 2015, with a risk transfer, reinsurance and catastrophe bond programme that eliminates the need for Florida policyholder assessments right up to a 1 in 100 year storm.For the first time Florida Citizens has more catastrophe bond protection read the full article →

Everglades Re II grows to $300m, prices near top of extended guidance

Florida’s Citizens latest Everglades Re II Ltd. (Series 2015-1) catastrophe bond has now been priced. The cat bond has now upsized by 20% to $300m, while the final pricing almost reached the top of the expanded guidance, as Citizens finalised a $3.9B risk transfer programme for 2015.When the Everglades Re read the full article →

Everglades Re II cat bond price range expanded on investor feedback

According to sources the price guidance for Florida’s Citizens latest Everglades Re II Ltd. (Series 2015-1) catastrophe bond has been expanded, providing a wider range of possible coupon yield after investors pushed back on the tight launch pricing range.When the $250m Everglades Re II cat bond was launched last week read the full article →

Everglades Re II 2015 cat bond launched at $250m for Florida Citizens

Florida’s Citizens Property Insurance Corporation is back with the expected Everglades Re II Ltd. (Series 2015-1) catastrophe bond in advance of the U.S. hurricane season, as the insurer seeks to once again increase its use of capital markets for risk transfer.Florida Citizens made it clear in 2015 that another catastrophe bond read the full article →

Everglades Re II cat bond could see relatively better pricing: Citizens

Florida's Citizens Property Insurance Corporation hopes to see 'relatively better pricing' in its risk transfer programme for 2015, including in a new catastrophe bond expected to come to market via a new issuing vehicle, Everglades Re II Ltd.In the coming weeks Florida Citizens is expected to establish a brand new read the full article →

Florida Citizens seeks $4.05B of 2015 risk transfer, including cat bonds

As we wrote back in December, the Board of Florida Citizens approved sponsoring another Everglades Re Ltd. catastrophe bond as part of its 2015 risk transfer program, which will seek around $4.05 billion of reinsurance protection for the insurer.Citizens Property Insurance Corporation of Florida is already in the reinsurance market read the full article →

Florida Citizens plans Everglades Re 2015 catastrophe bond

The Board of Citizens Property Insurance Corporation of Florida has approved the use of its Everglades Re Ltd. vehicle for another catastrophe bond issuance in 2015, as the insurer looks to secure reinsurance and risk transfer to cover a 1-in-100 year hurricane.Florida Citizens has been undertaking a strategy of de-risking, read the full article →

Florida Citizens continues to downsize, reduces exposure by 22%

Florida’s Citizens Property Insurance Corporation has continued to downsize, by shifting policies back to the private insurance market, while further reducing its exposure with its greatly enhance reinsurance and catastrophe bond program.In an announcement Florida Citizens said that it emerges out of another benign hurricane season with a much lower read the full article →

Citizens opts for variable reset to Everglades Re 2013-1 cat bond

Florida's Citizens Property Insurance Corporation is one of the first catastrophe bond sponsors to opt to use a variable reset facility with its Everglades Re Ltd. (Series 2013-1) catastrophe bond, by choosing to lower the attachment point.The $250m Everglades Re 2013-1 cat bond, which Citizens sponsored back in March 2013, read the full article →