Florida Citizens
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The state reinsurer of last resort discussed options for 2025 reinsurance buying strategy. -
The 2025 target would be ~25% larger than the $3.56bn it placed for 2024.
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The Floridian also announced the completion of its first-ever takeout from Florida Citizens.
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Eight Floridians will take on personal residential multi-peril and wind-only policies.
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Aeolus increased its participation on the program more than fourfold.
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In 2023, Berkshire provided around $1bn in capacity to the Floridian insurer.
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The $1.6bn of cat bond limit on-risk includes $1.1bn Everglades Re mega-bond.
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The proposal now goes to the Florida Office of Insurance Regulation for review.
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Florida Citizens' Everglades Re bond priced up by 6% across three tranches.
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Citizens also secured $1.1bn of limit for its Everglades Re cat bond.
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Spreads on all tranches of notes settled above the initially guided range.
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The carrier of last resort is proposing total risk transfer of $5.5bn.
