Florida Citizens
-
The state carrier is moving to redeem its 2022 Everglades issuance a year early.
-
More policies were removed through depopulation in Citizens this year than the previous seven years combined.
-
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.
-
In a presentation before Florida lawmakers, Cerio noted recent success in Citizens’ efforts to move policyholders to private insurers and reduce risk exposure.
-
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.
-
The number of policies being requested in the first half of 2023 is larger than the total number of policies requested for 2022.
-
Citizens has disclosed that Nephila Capital increased its exposure to the carrier’s reinsurance program by 68% to a total $756mn line.
-
Considering recent reforms, Citizens’ rates, on average, are still 58.6% below actuarially sound levels, but the inadequacy would have been 88.3% without them.
-
The two tranches of zero-coupon Class A notes priced at the lower end of narrow guidance ranges.
-
The reinsurer is seeking up to $300mn in 2023-1 Class A notes and up to $475mn in 2023-2 Class A notes.
-
The board also approved a PLA 2023 line of credit, which provides up to $1.25bn in liquidity.
-
The effective rate on the zero-coupon bond has lowered on the series 2023-1 Class A notes and the series 2023-2 Class A notes.
-
The bond will provide coverage for any named storm in the state of Florida.
-
The state carrier completed phase one of its program with the $500mn Lightning Re cat bond placement.
-
The bond will provide annual aggregate coverage, based on a reported PCS personal lines industry loss.
-
The Florida state carrier is seeking named storm coverage for its personal lines account.
-
The state-backed carrier’s policy count is projected to hit a record high of 1.6 million by year-end.
-
The bond is seeking industry-loss-based annual aggregate named storm coverage.
-
The executive joined Citizens as general counsel in June 2021.
-
A FLOIR arrangement will help Floridians secure homeowners cover during hurricane season.
-
The CEO emphasized that the estimate is a modeled estimate and does not include litigation or inflationary pressures.
-
The new loss pick takes into account litigation and inflation costs, as well as claims activity to date.
-
The federal flood insurance program’s claims count has stepped up from 25,000 a fortnight ago.
-
The state-backed insurer's claims tally was just over 47,000 this morning.
-
Speaking on a panel at Trading Risk New York, Montero said that the previous guidance was assuming a track closer to Tampa.
-
Loss creep from Hurricane Ida has led to the loss and an increase in loss reserves.
-
The guaranty association’s board voted on Friday to extend an existing 0.7% assessment into 2023.
-
UPC policyholders could be force-placed by their mortgage lender.
-
Sources have suggested that Weston's policy count is about 20,000 policies, of which most are wind-only.
-
The purpose of the agreement is to allow insurers to meet the guidelines set forth by Fannie Mae and Freddie Mac.
-
No matter what the outcome, further market dislocation is on its way – but there are various band-aid options that could help Florida insurers limp through hurricane season.
-
The $2.5bn includes $1.45bn of newly placed limit and $1.06bn of existing coverage.
-
The latest forecast from the insurer of last resort envisages 1.55 million policies by the end of 2023.
-
The state-backed carrier has seen massive growth in the distressed Florida market.
-
The state-backed carrier hopes to fill out more of the gaps in the coming days.
-
Industry association FAIR said a full reinsurance backstop should be provided.
-
The multiple is significantly up on the 4.8x achieved last time on a higher expected loss.
-
The proposal is at the upper end of previous proposals put to the insurer’s board.
-
The Senator is seeking to use a statute to activate a special session on property insurance.
-
The move would enable the company to achieve “overall actuarial soundness”.
-
The state-backed property insurer is mulling its risk transfer options for 1 June.
-
The carrier is facing more growth than anticipated after recent insurer failures.
-
The Senate bill contains a highly debated provision that could cause homeowners to face a new deductible for roof-damage claims.
-
Noting concerns about rapid growth, the Citizens board approves rate hikes up to the legal limit.
-
The new adjustments will increase rates 7.6% on average after February 1, 2022.
-
Nephila was the biggest provider on the 2021 reinsurance programme for Florida Citizens as it wrote a total line of $601mn, comprising 36% of the state-run insurer’s $1.65bn placed private traditional limit.
-
The cedant initially sought just $500mn from the deal.
-
Whatever their eventual impact on runaway loss inflation the fact reforms were enacted at all is a happy surprise for the industry.
Most Recent
-
Lloyd’s London Bridge could add $1bn in the coming year
28 March 2024 -
Profits soar for Nephila syndicates 2357 and 2358
28 March 2024 -
Beazley to offer additional follow capacity via Ki
28 March 2024