Florida Citizens

The proposal now goes to the Florida Office of Insurance Regulation for review.

Florida Citizens' Everglades Re bond priced up by 6% across three tranches.

Citizens also secured $1.1bn of limit for its Everglades Re cat bond.

Spreads on all tranches of notes settled above the initially guided range.

The carrier of last resort is proposing total risk transfer of $5.5bn.

The state carrier is moving to redeem its 2022 Everglades issuance a year early.

More policies were removed through depopulation in Citizens this year than the previous seven years combined.

The limit on the reinsurance Citizens will look to buy from the private markets will stretch to $14.35bn, up 2% on prior-year coverage.

In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.

The domestic carrier will write homeowners’ multi-peril business, according to filings which also detailed that $300,000 of the initial capital will be used to complete the statutory deposit requirement.

The number of policies being requested in the first half of 2023 is larger than the total number of policies requested for 2022.

Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line.