Florida’s Citizens Property Insurance Corporation has leaned more heavily on the catastrophe bond market for its 2025 risk transfer strategy, with CFO Jennifer Montero revealing that 70% of the insurer’s total risk transfer program, including both new and continuing coverage, is now backed by cat bonds.
Speaking during Artemis’ recent Catastrophe Bond and ILS Market Conditions at Mid-Year 2025 webinar, Montero shared insights into Citizens’ renewal strategy this year and the company’s evolving and growing engagement with the insurance-linked securities (ILS) market.
“Heading into June 1st for the renewals, our strategy was to go out early and take advantage of the positive momentum in the market. We continue to hear from market participants that losses from the 2024 hurricanes, as well, as the 2025 wildfires were manageable for the risk transfer market. In addition, there is tangible improvement in the Florida market, as a result of the reforms that passed in 2022,” Montero explained.
FULL ORIGINAL PUBLICATION HERE
