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Florida Citizens secures $750m of reinsurance with new Everglades Re cat bond

May 19, 2023

Florida’s Citizens Property Insurance Corporation has now secured $750 million of named storm reinsurance protection for the 2023 hurricane season with this dual-series issuance of Everglades Re II Ltd. (Series 2023-1 & 2023-2) notes, with the prices fixed within the initial guidance.

It’s slightly below the upper target of $775 million that had been set at the last update, but as Florida Citizens negotiates its reinsurance renewal, the property insurer of last resort for the state balances the economic efficiency of different capital sources and has landed on a $750 million cat bond issuance as the best way to go for the coming wind season, it seems.

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