-
The bond offers named storm coverage in Florida.
-
The body’s budget committee is again pressing Citizens over solvency concerns.
-
The carrier is seeking named storm coverage in the state of Texas.
-
The closing of the Interboro sell-off was postponed to nearer the end of the year.
-
The increase in limit reflects the carrier’s growing exposure.
-
The state-backed fund had been advised to increase its allocation of ILS to 1%.
-
The carrier is now offering up to $250mn of Class A notes and $150mn of Class B.
-
The bond will provide protection from named storms in Florida for three years.
-
The Florida Building Code was introduced following the impacts of Hurricane Andrew.
-
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.
-
The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.
-
A non-binding term sheet was signed on October 6, whereby the buyer will acquire 100% of Interboro’s issued and outstanding securities in exchange for cash.