Florida Citizens
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Earlier this week, the company pulled another Everglades Re bond it had simultaneously marketed alongside this deal. -
The insurer will proceed with a $100mn ILS deal for its personal lines account, but dropped a separate coastal aggregate cover.
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The Florida firm hopes the higher spreads will help it replace $300mn of expired bond cover.
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Top price guidance would offer a substantially stronger multiple than the carrier's expiring bond, with non-coastal business included for the first time.
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The insurer's reinsurance budget remains stable as it prepares for possible growth.
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State officials are encouraging the insurer to move more risk off its books.
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The carrier’s Irma bill has now topped $2bn.
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The hedge fund’s participation drove an overall increase in ILS use by the Floridian insurer for its 2019-20 programme.
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The capped increase compares with an 8.5 percent rise envisaged before the measures to curb assignment of benefits abuse.
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The Florida-based insurer is looking to drop the rate increase for personal lines policyholders from 8.2 percent to 4.7 percent.
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The insurer paid a rate on line of 11.25 percent for its new personal lines cover.
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The insurer placed less coastal aggregate cover than originally planned.
