Florida’s Citizens Property Insurance Corporation, the state’s insurer of last resort, has completed its reinsurance renewals for 2024, but only purchased $3.564 billion of coverage across its traditional reinsurance and catastrophe bond arrangements, despite experiencing a softer market environment and lower pricing than a year ago.
Florida Citizens had been expected to buy its largest single reinsurance tower ever, with its Board signing off a budget to buy a total of $5.5 billion of reinsurance limit this year.
Already, Florida Citizens had success in the capital markets, securing $1.1 billion of reinsurance from a newly issued Everglades Re II Ltd. (Series 2024-1) catastrophe bond that was issued in May.
Adding to that capital markets and multi-year reinsurance protection, Citizens still has $500 million of protection from the Lightning Re Ltd. (Series 2023-1) industry-loss trigger cat bond as well.
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