Florida’s Citizens Property Insurance Corporation has now upsized its target for its latest catastrophe bond, increasing it to now seek up to $1.4 billion in named storm reinsurance protection from the Everglades Re II Ltd. (Series 2025-1) issuance, which if secured, would make it the joint second largest cat bond ever, Artemis has learned.
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Citizens Property Insurance Corporation is back with a significant initial target to secure at least $975 million in named storm reinsurance protection from a new Everglades Re II Ltd. (Series 2025-1) catastrophe bond, as Florida’s property insurer of last resort looks to expand the capital markets participation in its reinsurance tower this year, Artemis can […]
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Florida Peninsula Insurance Company has now successfully priced its latest catastrophe bond transaction, securing the 43% upsized target of $250 million of named storm reinsurance protection from the new Palm Re Ltd. (Series 2025-1) issuance, while pricing of the notes was finalised roughly 10% below the mid-point of the initial guidance range, Artemis has learned.
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Aon’s Reinsurance Solutions division forecasts increased demand for property catastrophe reinsurance protection in the United States at the key mid-year renewal season, with additional limit of as much as $7.5 billion expected to be sought out by cedants, much of which will be for risks in Florida.
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According to Former Florida Senator Jeff Brandes, the implementation of a quota share model could effectively phase out Florida’s Citizens Property Insurance Corporation as an insurer, and transform the firm into a manager and distributor of risk, achieving the goal of “Citizen Zero.”
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Florida Peninsula Insurance Company is aiming to upsize its second catastrophe bond issuance, with its target for the Palm Re Ltd. (Series 2025-1) issuance now set at between $200 million and as much as $250 million of named storm reinsurance protection, Artemis has learned.
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Tenax Capital, the London based asset manager that operates a UCITS cat bond strategy, considers Florida exposed catastrophe bonds more attractive now, seeing improvements in the insurance environment there and an excess spread available for its allocations, compared to cat bonds for certain other regions.
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Over the last few years, there has been a significant shift in sentiment among mainstream media and politicians, who cite the cost of reinsurance coverage as a key driver of the escalating cost of property insurance in the United States and nowhere has this been more apparent than in Florida.
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Having previously said it was researching how to expand its insurance-linked securities (ILS) allocations beyond natural catastrophe risk, at a recent meeting executives of the Florida State Board of Administration explained that specialty lines, as well as casualty and cyber risks could be in scope for the large ILS allocator.
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Florida’s Citizens Property Insurance Corporation, the state’s insurer of last resort, is aiming to purchase $2.94 billion of new traditional reinsurance and catastrophe bonds for the 2025 hurricane season, which would take its total risk transfer to $4.54 billion this year.
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