Reinsurance News
Citizens Property Insurance Corporation
Citizens rates fall as policy count decline drives lower reinsurance demand
5th March 2026
Rates are continuing to fall at Citizens Property Insurance Corporation, reflecting a shrinking exposure base as policy counts decline and Florida’s property insurance market stabilises. Regulators approved an average 8.8% rate reduction for homeowners multiperil policyholders this week, with wind-only customers seeing an average 5.5% cut, as the Florida Office of ... Read the full article
Florida’s Citizens eyes $2.98bn of reinsurance for 2026 risk transfer program
4th March 2026
Florida’s Citizens Property Insurance Corporation has revealed that it aims to secure private reinsurance coverage of approximately $2.98 billion for its 2026 risk transfer program. According to the firm, coverage would be comprised of $1.53 billion of existing private risk transfer remaining from 2025, and $1.45 billion of new private risk ... Read the full article
Citizens proposes rate reductions for many policyholders
11th December 2025
Citizens Property Insurance Corporation, Florida’s state-backed insurer created to provide coverage when private options are unavailable, announced Wednesday that its Board of Governors has approved proposed 2026 rates that would lower average premiums for personal lines customers for the first time since 2015, reflecting how recent legislative changes have strengthened ... Read the full article
American Integrity continues policy assumption from Florida’s Citizens
17th November 2025
As part of the strategic participation in the Citizens take-out program, Tampa-based property and casualty insurance holding company, American Integrity Insurance Group, has assumed 7,087 policies from Florida’s insurer of last resort. This adds approximately $25.8 million of annualised written premium at an average premium of $3,640 to the firm’s overall ... Read the full article
HCI is well positioned in a competitive Florida market: COO Karin Coleman
13th August 2025
Karin Coleman, Chief Operating Officer (COO) at HCI Group, described the environment in Florida as a healthy one, stating that the company is well-positioned in a competitive market with strong capital, as well as “the people and the technology to make the right decisions.” During HCI Group's Q2 2025 earnings call, ... Read the full article
Citizens CEO hails ‘tremendous’ impact of reforms on Florida’s property insurance market
26th June 2025
Tim Cerio, President, CEO, and Executive Director of Citizens Property Insurance Corporation, has suggested that Florida’s property insurance market is strong and well on the path to recovery, largely due to legislative reforms enacted in 2022. According to Cerio, the firm continues to benefit from improving market conditions driven by recent ... Read the full article
ILS and collateralised reinsurers dominate Florida Citizens 2025 renewal
24th June 2025
Final lines for Florida Citizens Property Insurance Corporation's 2025 risk transfer programme reveal that insurance-linked securities (ILS) and collateralised markets make up the majority of the new reinsurance placed, and the total tower for the year ahead. Yesterday, we reported that Citizens, Florida's insurer of last resort, had successfully secured ... Read the full article
Citizens secures $4.49bn risk transfer target for 2025 with lower ROL for new reinsurance
23rd June 2025
Florida's Citizens Property Insurance Corporation, the state's insurer of last resort, has cited favourable market conditions as it was able to successfully place its target risk transfer programme of $4.49 billion for the 2025 wind season, which includes $2.89 billion of new coverage from the traditional reinsurance and capital markets. Back ... Read the full article
Gallagher Re sees signs of recovery in Florida’s insurance market
13th June 2025
According to the 2024 Year-End Florida Market Watch Report released by reinsurance broker Gallagher Re, Florida’s property insurance market ended the year showing progress across several key financial indicators despite ongoing underwriting pressure. Drawing from statutory data provided via S&P Global Market Intelligence, Gallagher Re’s analysis highlights both improvement in capital ... Read the full article
Citizens needs $2.94bn of new risk transfer to secure proposed $4.54bn of reinsurance for 2025
11th March 2025
Citizens Property Insurance Corporation, Florida's property insurer of last resort, will need to purchase an additional $2.94 billion of new private market risk transfer to secure reinsurance coverage of approximately $4.54 billion for 2025, with budgeted premiums of roughly $650 million. Back in December, Citizens projected that it would need ... Read the full article
HCI’s Tailrow assumes 14,000 policies from Citizens
25th February 2025
Florida-domiciled insurtech, HCI Group, Inc.’s sponsored reciprocal insurer, Tailrow Insurance Exchange, has successfully assumed just under 14,000 policies totalling approximately $35 million of in-force premium from Florida’s state-backed insurance company, Citizens Property Insurance Corporation. HCI confirms the assumption of policies by Tailrow became effective on February 18th, 2025. Tailrow has plans to ... Read the full article
Florida Citizens sees policy count drop below 1 million as state market stabilises
5th December 2024
With conditions in the Florida property insurance market reportedly continuing to improve, Citizens Property Insurance Corporation’s policy count has dipped below 1 million for the first time in more than two years. Florida’s property insurer of last resort has suggested that the reduced policy count is due in large part to ... Read the full article
HCI subsidiaries assume approximately $200m of in-force premium from Citizens
24th October 2024
Florida-domiciled insurtech, HCI Group, Inc.’s insurance subsidiaries have successfully assumed over 42,000 policies totalling approximately $200 million of in-force premium from Florida’s state-backed insurance company, Citizens Property Insurance Corporation. HCI confirms the assumption of policies by the two insurance subsidiaries became effective on October 22nd, 2024. HCI's subsidiary, Homeowners Choice Property & ... Read the full article
US state residual property markets see policy count double in 5 years, AM Best
22nd October 2024
According to AM Best, US residual property insurance markets have seen a far greater influx of personal lines business that far exceeds its commercial lines counterpart, with much of the new business written in states worst affected by the growing frequency and severity of secondary peril losses. In a new report, ... Read the full article
Berkshire Hathaway absent, Bermuda & collateralised reinsurers dominate Florida Citizens renewal
23rd July 2024
After taking a $1 billion slice in 2023, it's notable that Berkshire Hathaway did not participate in Florida Citizens Property Insurance Corporation's 2024 catastrophe reinsurance renewal, which was dominated by Bermuda-based and collateralised reinsurers. As we reported previously, Florida’s property insurer of last resort secured a cost-effective risk transfer program ... Read the full article
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