Florida Citizens
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Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line. -
Considering recent reforms, Citizens’ rates, on average, are still 58.6% below actuarially sound levels, but the inadequacy would have been 88.3% without them.
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The two tranches of zero-coupon Class A notes priced at the lower end of narrow guidance ranges.
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The reinsurer is seeking up to $300mn in 2023-1 Class A notes and up to $475mn in 2023-2 Class A notes.
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The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.
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The effective rate on the zero-coupon bond has lowered on the series 2023-1 Class A notes and the series 2023-2 Class A notes.
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The bond will provide coverage for any named storm in the state of Florida.
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The state carrier completed phase one of its program with the $500mn Lightning Re cat bond placement.
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The bond will provide annual aggregate coverage, based on a reported PCS personal lines industry loss.
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The Florida state carrier is seeking named storm coverage for its personal lines account.
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The state-backed carrier’s policy count is projected to hit a record high of 1.6 million by year-end.
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The bond is seeking industry-loss-based annual aggregate named storm coverage.
