Florida Citizens
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It will more than replace a $250mn deal from 2018 which will mature this year. -
After sizeable increases to take-up in 2019 and 2020, many carriers were already at maximum participation for state Cat Fund coverage.
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The insurer is turning to the ILS market after a busy year for Florida deals in 2020.
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The carrier is legally obligated to sell cover at “actuarially sound rates”.
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The carrier aims to regain its role as insurer of last resort after “unsustainable” customer growth.
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The state-backed carrier escaped lightly from hurricane losses but 500 Eta claims await payment.
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Updated figures include roughly 25,000 more policies than Citizens had predicted in June.
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The Florida Senator says tackling legal fees is a priority as demand for reform grows – but it will take time to implement.
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The insurer has raised its projected policy count by 20 percent.
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On a risk-adjusted basis, the cost of Citizens’ private reinsurance programme increased 20 percent year on year.
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Earlier this week, the company pulled another Everglades Re bond it had simultaneously marketed alongside this deal.
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The insurer will proceed with a $100mn ILS deal for its personal lines account, but dropped a separate coastal aggregate cover.
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