Citizens

Citizens and TWIA highlight impact of softer cat bond pricing

If there were already signs of an easier mid-year renewal for US wind-exposed property cat reinsurance programs this year, then commentary from residual insurers in Florida and Texas in the last week has demonstrated the impact of falling prices in the cat bond market.

Florida’s Citizens issues FOTs with pricing up in the mid-single digits

Florida’s fast-growing state-backed insurer Citizens Property Insurance Corporation has put firm order terms (FOTs) to the market this week for its expanded traditional reinsurance placement that are thought to be priced up in the mid-single digits on a risk-adjusted basis, The Insurer can reveal.

Citizens applauds “meaningful steps” in Florida’s compromise property insurance reform

Citizens Property Insurance Corporation has applauded the Florida legislature for taking “meaningful steps” in passing property insurance reform that includes changes to how attorney fees are calculated and a raise of the cap on the state-run insurer’s rate increases.

FLOIR sets Citizens rates below requested level

The Florida Office of Insurance Regulation (FLOIR) has established 2021 insurance rates for Citizens Property Insurance Corporation below the levels requested by the state-backed insurer, including a 3.2 percent homeowners multi-peril increase that is almost half the 6.2 percent requested.

Upsized Citizens reinsurance shows ill-health of FL homeowners market

Fast-growing Citizens looks to upsize cat cover by 160% to $2.6bn

Florida’s insurer of last resort Citizens is aiming to significantly scale up its private risk transfer program ahead of the 2021 hurricane season from expiring limit of $1.02bn to around $2.6bn across its coastal and personal lines accounts as it addresses an expanding exposure base.

Citizens wins first-party breach of contract case in Florida’s high court

The Supreme Court of Florida has ruled that the state’s law does not allow insureds to recover extra-contractual, consequential damages in first-party breach of insurance contract actions, handing Citizens Property Insurance victory in a long-running dispute over Hurricane Frances losses.

Citizens looks for ways to bring 2021 rates more in line with private market

Citizens Property Insurance Corporation has postponed final action on its proposed 2021 rates, instead directing staff to work with the Florida Office of Insurance Regulation (FLOIR) to seek ways to bring the state-run insurer’s rates more in line with private market carriers.

Citizens projects big policy count increase from ‘unhealthy’ private Florida market

Citizens policy count is above 500,000 for the first time in five years and is projected to surge to 625,000 by the end of next year as the Florida state-backed insurer’s president highlighted an “unhealthy” private market that is shedding business.

Citizens appoints Willis Re for just one year after rejecting RFP recommendation

Board members of Florida’s Citizens cited the pending Aon-WTW merger as they voted against a recommendation to appoint Willis Re as reinsurance broker on a contract for up to five years after the firm beat Aon and Guy Carpenter in a request for proposal (RFP) process.

Citizens policy count now expected to grow 20% as private market retrenches

Profitability pressures on Florida domestic homeowners carriers including the impact of higher reinsurance costs are leading to reduced appetite which in turn is feeding policies back into the state’s residual insurer Citizens.

AIG’s Validus is biggest reinsurer on Citizens 2020 programme

AIG’s reinsurance arm Validus Re is once again the biggest overall participant on the Citizens traditional cat cover in place for the 2020 hurricane season, including rollover cover from a 2018 multi-year placement, The Insurer can reveal.

Model Citizens

Florida’s cat fund and its insurer of last resort Citizens are both products of the unique dynamics of the private homeowners insurance market in the state.

Citizens pulls $680mn from planned placement as rates climb 20%

Citizens only placed $620mn of a planned $1.3bn new private market placement at the 1 June renewal as it decided not to chase a fast-hardening Florida reinsurance market and instead take more exposure net.

Citizens aims to increase traditional market reinsurance after cat bond pulled

Florida’s state-backed insurer Citizens will now look to buy all the 2020 limit it planned to secure for its coastal account in the traditional reinsurance market after pulling a proposed $200mn tranche of its Everglades Re cat bond series.

Citizens adds to 2020 budget and looks to buy more coastal and PLA limit

Florida’s Citizens Property Insurance Corporation asked its board yesterday (14 May) to approve a maximum spend of $145mn for risk transfer that is 16 percent higher than the $125mn placeholder included when its full-year budget was published in December as it looks to buy additional limit for its coastal account and personal lines accounts (PLA).

Florida’s Citizens heads to renewal with outperformance on Irma creep

Ultimate loss estimates for Hurricane Irma from Florida’s Citizens had deteriorated by only 19 percent between the end of 2017 and the end of 2019, representing significantly lower loss creep than several private homeowners carriers in the state.

Florida’s Olympus names Citizens exec Bitar as CEO

Steve Bitar, former chief of underwriting and agency services for Citizens Property Insurance Corporation, has been named CEO of Florida carrier Olympus Insurance Company.

Citizens not seeing repopulation ahead of June renewal

Florida’s Citizens is looking to buy more reinsurance for its personal lines account (PLA) and replace just under $900mn of expiring limit for its coastal account, but is not seeing the kind of policy count growth that would lead to meaningful changes to its risk transfer programme this year, The Insurer can reveal.

Florida Citizens will look at options to further reduce exposure

The board of Florida’s state-backed carrier Citizens has responded to calls to further cut its policy count by agreeing to seek an outside review of options to reduce its footprint while continuing to protect property owners in the Sunshine State.

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