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The insurer has raised its projected policy count by 20 percent.
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Florida Citizens received more than 500 new Irma claims each month up until April, which has slowed 30 percent from 2019.
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The utility expects to emerge from Chapter 11 in July after a bankruptcy court approves its settlement.
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The deal will add to $125mn of ILS cover that the electricity provider has from an earlier transaction.
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Bermuda-based cedants would cede roughly 70-80 percent of peak cat losses to reinsurers, the body said.
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Four severe weather events in Texas and the Midwest generate about 80 percent of the claims.
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The firm will shift its private ILS strategies away from diversifying perils.
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The deal could be expanded by up to 50 percent at the top end of pricing guidance.
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High Atlantic sea surface temperature is one driver of the forecast.
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Despite an active outlook for the season, weather patterns could protect the coastline, it said.
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The estimate for the third named storm of the season covers privately insured wind and storm surge damage.
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Avatar has increased the spreads on its new Casablanca Re bond just a week after hiking them by 16-18 percent.