Florida state insurer Citizens said it plans to transfer more than $1bn of risk to the private reinsurance market this year after closing its inaugural Everglades Re cat bond at $750mn today.
Citizens chairman Carlos Lacasa said the board had directed management to continue to secure a significant amount of additional risk transfer through the traditional reinsurance markets to add to its cat bond cover.
The organisation had originally planned to buy $1bn limit split between a $250mn cat bond...
You are currently viewing an incomplete version of this article. If you are a subscriber then please login now. If you are a non-subscriber but would like to be able to view this article, then please select from the purchasing options below.