Florida Citizens

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.

Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced.

The deal will provide named Florida storm protection on an indemnity, per occurrence basis.

Florida Citizens upsized its latest Everglades Re deal by 50%.

The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.

US Coastal Property and Utica Mutual Insurance have brought out their first cat bond deals.

The deal is split across four tranches, with the riskiest note Class D targeting $150mn.

The mega cat bond season in Q2 last year recorded issuance of $8.2bn.

This year’s coverage will involve $2.94bn of new risk transfer.

Several Florida start-ups are poised to begin writing business this year.

Citizens approved an average 8.6% rate hike and decreases for one-fifth of policyholders.

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.

The Floridian also announced the completion of its first-ever takeout from Florida Citizens.

Eight Floridians will take on personal residential multi-peril and wind-only policies.

Aeolus increased its participation on the program more than fourfold.

In 2023, Berkshire provided around $1bn in capacity to the Floridian insurer.

The $1.6bn of cat bond limit on-risk includes $1.1bn Everglades Re mega-bond.

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.

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.

The two tranches of zero-coupon Class A notes priced at the lower end of narrow guidance ranges.

The reinsurer is seeking up to $300mn in 2023-1 Class A notes and up to $475mn in 2023-2 Class A notes.

The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.

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.

The bond will provide coverage for any named storm in the state of Florida.

The state carrier completed phase one of its program with the $500mn Lightning Re cat bond placement.

The bond will provide annual aggregate coverage, based on a reported PCS personal lines industry loss.

The Florida state carrier is seeking named storm coverage for its personal lines account.

The state-backed carrier’s policy count is projected to hit a record high of 1.6 million by year-end.

The bond is seeking industry-loss-based annual aggregate named storm coverage.

The executive joined Citizens as general counsel in June 2021.

A FLOIR arrangement will help Floridians secure homeowners cover during hurricane season.

The CEO emphasized that the estimate is a modeled estimate and does not include litigation or inflationary pressures.

The new loss pick takes into account litigation and inflation costs, as well as claims activity to date.

The federal flood insurance program’s claims count has stepped up from 25,000 a fortnight ago.

The state-backed insurer's claims tally was just over 47,000 this morning.