Florida Citizens
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The carrier of last resort is proposing total risk transfer of $5.5bn.
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The state carrier is moving to redeem its 2022 Everglades issuance a year early.
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More policies were removed through depopulation in Citizens this year than the previous seven years combined.
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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.
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In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.
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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.
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The number of policies being requested in the first half of 2023 is larger than the total number of policies requested for 2022.
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Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line.
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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.
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The two tranches of zero-coupon Class A notes priced at the lower end of narrow guidance ranges.
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The reinsurer is seeking up to $300mn in 2023-1 Class A notes and up to $475mn in 2023-2 Class A notes.
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The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.
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