Florida Citizens

The state insurer will raise $800mn-$950mn after initially launching with a modest $500mn target.

The Senate has signed off an insurance reform bill which eliminated earlier proposals on cash roof settlements and fee multipliers, but reduced the statue of limitations and made other pro-industry changes.

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.

The insurer is turning to the ILS market after a busy year for Florida deals in 2020.

The carrier is legally obligated to sell cover at “actuarially sound rates”.

The carrier aims to regain its role as insurer of last resort after “unsustainable” customer growth.

The state-backed carrier escaped lightly from hurricane losses but 500 Eta claims await payment.

Updated figures include roughly 25,000 more policies than Citizens had predicted in June.

The Florida Senator says tackling legal fees is a priority as demand for reform grows – but it will take time to implement.

The insurer has raised its projected policy count by 20 percent.

On a risk-adjusted basis, the cost of Citizens’ private reinsurance programme increased 20 percent year on year.