Reinsurance News
Citizens Property Insurance Corporation
Florida Citizens purchases just $3.564bn of reinsurance for 2024 risk transfer program
10th July 2024
Citizens Property Insurance Corporation, Florida’s property insurer of last resort, has confirmed that it bought a lot less reinsurance than the $5.5 billion target announced back in April, securing a "cost-efficient" risk transfer program of approximately $3.564 billion. Previously, the Board of Governors approved Citizens targeting total reinsurance coverage of ... Read the full article
Florida Citizens expects uplift in ROL as Board approves $5.5bn in coverage for 2024
14th May 2024
At a recently held Board of Governors meeting, Jennifer Montero, Chief Financial Officer (CFO) of Florida's Citizens Property Insurance Corporation, said that the insurer of last resort is expecting a slightly higher rate on line as the Board approved staff to secure $5.5 billion in reinsurance and risk transfer for ... Read the full article
Florida Citizens raises 2024 risk transfer budget to $750m
14th May 2024
Florida’s Citizens Property Insurance Corporation, the state's insurer of last resort, is still targeting as much as $5.5 billion of reinsurance coverage for 2024 but has increased the budget for the entire program to up to $750 million. Documents show that across traditional reinsurance and capital markets risk transfer, Citizens is ... Read the full article
Florida Citizens targets $5.5bn of reinsurance coverage for 2024
8th April 2024
Florida’s property insurer of last resort, Citizens Property Insurance Corporation, aims to secure reinsurance coverage of approximately $5.5 billion across a sliver and core layer, as part of its 2024 risk transfer program. As we wrote previously, Citizens projected at its December 2023 Board of Governors meeting that it could ... Read the full article
HCI Group approved to launch Condo Owners Reciprocal Exchange in Florida
22nd November 2023
The Florida Office of Insurance Regulation (OIR) has approved HCI Group's Condo Owners Reciprocal Exchange to form as a property and casualty reciprocal insurer in Florida. The OIR explained that this announcement marks the newest property and casualty insurer approved to operate in Florida following "extensive legislative reforms implemented to promote ... Read the full article
HCI’s TypTap approved to assume up to 25,000 policies from Florida Citizens
6th October 2023
TypTap Insurance Company, the homeowner's insurance subsidiary of HCI Group, Inc., has received approval from the Florida Office of Insurance Regulation to assume up to 25,000 policies from Citizens Property Insurance Corporation, the Florida state-backed insurer. The assumption falls under Florida’s legislatively mandated depopulation program designed to encourage private companies to ... Read the full article
Slide approved for significant takeout of Florida’s Citizens policies: CEO Lucas
1st August 2023
Bruce Lucas, the Chief Executive Officer (CEO) of full-stack insurtech Slide Insurance, has revealed to our sister publication Artemis that the firm has been approved for an up to 100,000 takeout of policies from Florida's Citizens Property Insurance Corporation, which would represent substantial growth for the firm. "We were just approved ... Read the full article
Berkshire gets giant $1bn share of Florida Citizens reinsurance renewal
11th July 2023
Florida’s Citizens Property Insurance Corporation has completed the placement of its 2023 risk transfer program, securing just over $2.98 billion of protection from a mix of traditional and collateralised reinsurers for its Coastal and Personal Lines (PLA) accounts, of which more than $1 billion was secured from Berkshire Hathaway. As well ... Read the full article
Florida Citizens targets at least $5.5bn of reinsurance for 2023 on $675m budget
17th May 2023
Florida’s Citizens Property Insurance Corporation's Board met yesterday to debate the carrier's reinsurance risk transfer plans, approving a lower-than-expected budget of $675 million, which Chief Financial Officer (CFO), Jennifer Montero, hopes will be enough to secure at least $5.5 billion of risk transfer from both the traditional reinsurance and capital ... Read the full article
Florida Citizens targets extra $4.2bn of risk transfer for 2023
29th March 2023
Florida’s Citizens Property Insurance Corporation, the property insurer of last resort for the Florida market, has disclosed details of its proposed risk transfer program for the coming year, which includes a budget of $725 million to fund an additional $4.2 billion of protection. For its Coastal Account, Citizens is set to ... Read the full article
Florida Citizens using industry-loss cat bond coverage as it prepares for merging of accounts
16th March 2023
Florida's Citizens Property Insurance Corporation, the property insurer of last resort for the Florida market, has returned to the capital markets for a new, multi-year industry loss catastrophe bond transaction, as it prepares to merge its three accounts. The special legislative session in December 2022 saw the passing of Senate Bill ... Read the full article
Citizens’ board names Tim Cerio President, CEO & Executive Director
1st February 2023
Citizens’ Board of Governors has named Tim Cerio as President, CEO and Executive Director following the retirement of Barry Gilway after more than 10 years at the helm. Cerio takes over as the state’s insurer of last resort adopts recently enacted legislative reforms and prepares for the 2023 Legislative session ... Read the full article
Citizens estimates losses from hurricane Nicole at $62.5m
17th November 2022
Florida’s residual market insurer, Citizens Property Insurance Corporation, has provided a modelled estimate of its ultimate losses from recent hurricane Nicole, pegging the total at $62.5 million. The sum is a modelled estimate of indemnity losses plus loss adjustment expenses (LAE), though does not include any increase for either litigation or ... Read the full article
Citizens increases Ian loss estimate to $3.8bn, expects 37% to be ceded to reinsurers & FHCF
15th November 2022
Florida’s residual market insurer, Citizens Property Insurance Corporation, has released a revised projection of $3.8 billion of direct losses and loss adjustment expenses from Hurricane Ian, of which it expects $1.4 billion to be ceded to private reinsurers and the Florida Hurricane Catastrophe Fund (FHCF). The newly announced $3.8 billion total ... Read the full article
Citizens warns policyholders of fraud as Hurricane Ian repairs begin
14th October 2022
Citizens Property Insurance has released a statement urging its policyholders recovering from Hurricane Ian to protect themselves from fraud and abuse by contacting their agent or Citizens first as they work through the recovery process. The company states that unscrupulous contractors and repair companies thrive in the frenzied days following any ... Read the full article
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