Alternative market participation on the Florida Citizens Property Insurance traditional reinsurance programme dropped by 9 percentage points in 2015 as rated carriers led by Swiss Re and Everest Re bulked up their lines.
Collateralised cover made up $604mn or about a third of the $1.86bn overall limit, compared to $634mn or 42 percent of the $1.52bn programme in 2014, according to details of the placement provided by the state-backed insurer.
The collateralised pullback was led by Bermudian manager Nephila Capital, which dropped its line from $550mn in 2014 to $378mn this year.
However, it remains by far Citizens' largest counterparty.
Among traditional reinsurers, Everest Re and Swiss Re both added around $100mn to their lines on the programme, taking their participation to $227mn and $200mn respectively.
Bermudian Validus remains the third heavyweight rated carrier on the Floridian programme, slightly increasing its limit from $205mn to $235mn year-on-year.
Amlin more than doubled its line to join the cluster of carriers writing more than $100mn for Citizens. Among this group is RenaissanceRe, which slightly added to its cover, moving from $100mn to $109mn.
Meanwhile, a number of other new collateralised underwriters participated in the Citizens programme for the first time this year.
Zurich-based ILS fund LGT placed $80mn of capacity. This is its second big bet in the Florida state market this year, after it put down $75mn on the Florida Hurricane Catastrophe Fund (FHCF) programme to become the largest collateralised writer on that cover.
Two other new writers on the Citizens slip were Bermudian writer Pillar Capital Management, which provided $26mn, and Coriolis Capital, which wrote $17mn.
AlphaCat lifted its participation from $50mn last year to $85mn, making it the second-largest collateralised writer. DE Shaw maintained its $15mn line from 2014, and Aeolus Re and Secquaero came off the programme.
Collateralised writers made up a smaller proportion of the aggregate limit than the other two covers placed by Citizens.
Collateralised limit made up 46 percent of the per-occurrence "wrap" programme that pays out alongside cover from the FHCF and 44 percent of the commercial non-residential cover, but only 22 percent of the aggregate limit supplied.
Florida Citizens did not break down details of its reinsurance suppliers across the three programmes in 2014.
The single-year and multi-year aggregate cover offered rates-on-line (RoL) of 7.75 and 8.25 percent respectively this year, down 13-14 percent from 2014. The commercial non-residential cover dropped significantly from 11 percent to 6.75 percent RoL.
Overall, Citizens paid an effective RoL of 7.73 percent for $3.906bn of reinsurance limit, down from 9.3 percent for $3.27bn of cover in 2014.