Florida Citizens
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The programme’s total limit this year is down $594mn to $1.36bn. -
The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced.
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The deal will provide named Florida storm protection on an indemnity, per occurrence basis.
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Florida Citizens upsized its latest Everglades Re deal by 50%.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
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US Coastal Property and Utica Mutual Insurance have brought out their first cat bond deals.
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The deal is split across four tranches, with the riskiest note Class D targeting $150mn.
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The mega cat bond season in Q2 last year recorded issuance of $8.2bn.
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This year’s coverage will involve $2.94bn of new risk transfer.
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Several Florida start-ups are poised to begin writing business this year.
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Citizens approved an average 8.6% rate hike and decreases for one-fifth of policyholders.
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The state reinsurer of last resort discussed options for 2025 reinsurance buying strategy.
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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.
