Florida Citizens
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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.
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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.
