Florida Citizens
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The programme’s total limit this year is down $594mn to $1.36bn. -
The cost comes in at $530.6bn, roughly $20mn lower than budgeted.
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Some $200mn of fresh limit entered the ILS market as $3.4bn of deals priced.
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The deal will provide named Florida storm protection on an indemnity, per occurrence basis.
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Florida Citizens upsized its latest Everglades Re deal by 50%.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
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US Coastal Property and Utica Mutual Insurance have brought out their first cat bond deals.
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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.
