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 require around $5.5 billion of reinsurance and capital markets risk transfer for the 2024 wind season.
This year, the way Citizens purchases its reinsurance is going to change in a meaningful way, as from January 1st, 2024, Citizens is operating under a combined account, known as the Citizens Account, which is the combination of the Personal Lines Account, the Commercial Lines Account, and the Coastal Account.
