Florida’s Citizens Property Insurance Corporation, the state’s insurer of last resort, is aiming to purchase $2.94 billion of new traditional reinsurance and catastrophe bonds for the 2025 hurricane season, which would take its total risk transfer to $4.54 billion this year.
Florida Citizens still has $1.6 billion of catastrophe bonds outstanding to provide protection through the 2025 hurricane season.
There is $1.1 billion of aggregate reinsurance limit available from the Everglades Re II Ltd. (Series 2024-1) cat bond that Florida Citizens sponsored in 2024, which will run through both the 2025 and 2026 wind seasons for the insurer.
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