Florida Citizens
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The $1.6bn of cat bond limit on-risk includes $1.1bn Everglades Re mega-bond. -
The proposal now goes to the Florida Office of Insurance Regulation for review.
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Florida Citizens' Everglades Re bond priced up by 6% across three tranches.
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Citizens also secured $1.1bn of limit for its Everglades Re cat bond.
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Spreads on all tranches of notes settled above the initially guided range.
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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.
