Reinsurance News
Citizens Property Insurance Corporation
Louisiana approves 63% rate increase on residential property for Citizens
12th October 2022
The Louisiana Department of Insurance (LDI) has approved Louisiana Citizens’ request for a 63% rate increase on its residential property insurance policies beginning January 1, 2023. According to a statement from the LDI, the increase will not affect current policyholders of Citizens until they renew their policy after that date. Citizens ... Read the full article
Florida’s homeowners insurers are facing multiple crises: Triple-I
11th August 2022
An issues brief published by the Insurance Information Institute (Triple-I) has affirmed that the turmoil in Florida’s homeowners insurance market is due to the state’s outsized number of lawsuits and its commonplace fraud schemes. The net underwriting losses for Florida domestic property companies exceeded $1bn in both 2020 and 2020. Triple-I’s ... Read the full article
Collateralised reinsurers dominate Florida Citizens renewal, again
1st July 2022
Providers of collateralised reinsurance, notably insurance-linked securities (ILS) market players, have once again taken the largest slice of Florida Citizens Property Insurance Corporation’s reinsurance program. For 2022, Florida Citizens was looking to secure anywhere up to $3.64 billion of risk transfer and reinsurance from across the traditional reinsurance and catastrophe bond ... Read the full article
Florida Citizens set to go through hurricane season under-reinsured
10th June 2022
Florida’s Citizens Property Insurance Corporation is looking set to go through the 2022 hurricane season with less reinsurance protection in place than it would have liked, as sources report that only 36% of its risk transfer program is filled currently. The state property insurer of last resort has only managed to ... Read the full article
Citizens’ looks to make cuts as market conditions remain challenging
24th March 2022
The board of Florida's Citizens Property Insurance Corporation has urged staff to strengthen the company’s financial position as the state’s insurer of last resort faces challenges brought on by increased policy count, litigation and a continued weak private insurance market. Despite Citizens currently holding $6.5 billion in reserves, its Chairman Carlos ... Read the full article
Reinsurers to absorb most of Louisiana Citizens $461m Ida loss
17th November 2021
Louisiana Citizens Property Insurance, the state-backed insurer of last resort, is expecting to incur $461 million in losses from Hurricane Ida, but says that the vast majority of losses will be absorbed by its reinsurance program. During a recent Board meeting, Louisiana Citizens leaders revealed that the company is only expecting ... Read the full article
Collateralised reinsurers lead the way for Citizens 2021 renewal
7th June 2021
The largest slice of Florida’s Citizens Property Insurance Corporation's 2021 traditional reinsurance renewal went to providers of collateralised reinsurance, with these participants committing more limit than domestic and Bermuda reinsurers combined. For both the Coastal Account and Personal Lines Account segments of its $4.487 billion reinsurance tower, Citizens has secured a ... Read the full article
Citizens Property Insurance announces three new governors
19th May 2021
Florida's Citizens Property Insurance Corporation has appointed Jillian Hasner, Erin Knight and Nelson Telemaco to its board of governors. Hasner is currently the President and Chief Executive Officer of Take Stock in Children. She has been involved with the Florida Chamber of Commerce Foundation, Leadership Florida, United States Global Leadership Coalition ... Read the full article
Citizens targets $2.6bn in reinsurance as policy count swells
4th March 2021
Florida's Citizens Property Insurance Corporation is seeking approximately $2.6 billion of fresh reinsurance protection from its 2021 reinsurance renewal, as the firm prepares to accept almost 150,000 additional policyholders by the end of the year. Citizens' Chief Financial Officer (CFO), Jennifer Montero and others are entering into negotiations with both the ... Read the full article
Citizens opts against fresh multi-year cover on “significant price increases”
4th June 2020
Florida’s Citizens Property Insurance Corporation has announced that owing to "dislocation in the reinsurance markets and significant price increases," it opted against securing multi-year reinsurance protection and placed a smaller, cost efficient risk transfer program for 2020. As we wrote previously, Citizen was reportedly out in the market seeking fresh ... Read the full article
Florida Citizens targets $1.581bn reinsurance & cat bond renewal for 2020
4th May 2020
Florida’s Citizens Property Insurance Corporation is out in the market seeking roughly $1.581 billion of fresh reinsurance coverage from its 2020 reinsurance renewal of both traditional and catastrophe bond coverage. Our sister publication Artemis was first to report today that Florida Citizens is back in the catastrophe bond market targeting ... Read the full article
Citizens to reduce policy count
16th December 2019
Florida's state-run insurer Citizens Property Insurance Corporation is set for an outside review as it looks to further reduce its footprint since the last external study was published five years ago. In August 2019, Senator Jeff Brandes, R-St. Petersburg, challenged the company to look at ways to further reduce its policy ... Read the full article
Munich Re and Validus lead traditional markets in Citizens’ 2019 renewal
27th June 2019
Details around the successful completion of Citizens Property Insurance Corporation's $1.45 billion 2019 reinsurance renewal reveals that Munich Reinsurance America, Validus Reinsurance, Nephila Capital, and D.E. Shaw Re led the placement. After originally targeting a $1.6 billion reinsurance programme for the 2019 hurricane season, Citizens settled on a slightly smaller reinsurance ... Read the full article
Citizens to cap Florida rate increases at 4.7% following AOB reforms
19th June 2019
Citizens Property Insurance Corporation, the Florida state-run insurer, is seeking approval from its Board to cap its average premium rate increases at 4.7% following recent legislation designed to curtail assignment of benefits (AOB) abuse. If approved, the revised rate increases would be limited to nearly half the original 8.2% hikes ... Read the full article
Florida AOB reforms could reduce homeowners rate need by 15%: Citizens
30th April 2019
Citizens Property Insurance Corporation has praised Florida lawmakers for passing legislation to curtail unnecessary litigation and assignment of benefits (AOB) abuse, which it claims will provide relief for property insurance policyholders in the state. Actuaries estimated that the reforms would reduce the statewide average rate need from 25.2% to 10.1% for ... Read the full article
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