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Yesterday<\/a>, we reported that Citizens, Florida’s insurer of last resort, had successfully secured its target risk transfer programme of $4.49 billion for the 2025 wind season, which includes $2.89 billion of new coverage from the traditional reinsurance and capital markets, and $1.6 billion of existing multi-year coverage from the capital markets.<\/p>\nOf the $2.89 billion in new coverage, $1.369 billion was secured from the traditional reinsurance markets and $1.525 billion from the capital markets through Everglades Re II Ltd. (Series 2025-1)<\/a>, the largest catastrophe bond in the market’s history at the time.<\/p>\n A look at the insurer’s final lines for its 2025 property catastrophe excess of loss programme renewal, reveals that of the $1.369 billion of new reinsurance, domestic sellers of protection account for 30.84%, or $422.2 million, Bermudian firms took roughly 40.15%, or $549.7 million, international firms took a 3.68% slice, or $50.4 million, collateralised reinsurers took 22.57%, or $309 million, and 2.76%, or $37.7 million of the new reinsurance was placed through Gallagher UK.<\/p>\n Now, the data shows that traditional reinsurers account for $565.8 million, or 41% of the new reinsurance placed by Citizens for 2025, with ILS\/collateralised making up the remaining 59%, or $803.2 million.<\/p>\n For the entire risk transfer tower, so including in-force multi-year coverage from 2023 and 2024, new reinsurance makes up 30% and catastrophe bonds 70% of the $4.49 billion total. Of this, traditional reinsurers again account for $565.846 million, which is just 13% of the total tower, while catastrophe bonds, ILS managers, and collateralised reinsurers account for a significant 87%, amounting to $3.928 billion.<\/p>\n So, similar to last year, collateralised reinsurers, cat bonds and ILS dominate Florida Citizen’s 2025 risk transfer placement, and when you consider that some of the traditional reinsurers that participated might put some of the risk into their third-party capital arms, such as PartnerRe and Ascot, the total capital markets backed proportion could actually be even higher.<\/p>\n Domestic carriers that participated in Citizens’ 2025 renewal includes American Family Connect Property and Casualty Insurance Company, The Cincinnati Insurance Company, Everest Reinsurance Company, Munich Reinsurance America, Inc., Odyssey Reinsurance Company, Arch Reinsurance Ltd., Hannover R\u00fcck SE, Swiss Reinsurance America Corporation, and Transatlantic Reinsurance Company, with Swiss Re taking the largest slice at $94.1 million.<\/p>\n Bermuda-based participants include Ariel Re’s Lloyd’s Syndicate 1910, Lancashire Insurance Company Limited, Nautical Management’s Lloyd’s Syndicate 2357, Markel Bermuda Limited, Hannover R\u00fcck SE, and Partner Reinsurance Company Ltd, with Markel taking the largest slice at $350 million across different layers of the tower.<\/p>\n International reinsurers include Korean Reinsurance Company, Nectaris Re Ltd., and Lumen Re Ltd., with the latter taking the largest slice at $31.5 million.<\/p>\n Hannover R\u00fcck SE, Ascot Bermuda Limited, Lloyd’s Syndicate 1414 – Ascot, and Lloyd’s Syndicate 2791 – MAP, all accessed the Citizens renewal via Gallagher UK, with Lloyd’s Syndicate 2791 – MAP leading the way with a $17.2 million placement.<\/p>\n The collateralised reinsurers include Aeolus Re Ltd., Hannover R\u00fcck SE, One William Street, and D.E. Shaw Re (Bermuda) Ltd, with 2025 final lines of $145 million for Aeolus and $138.9 million for D.E. Shaw Re (Bermuda) Ltd.<\/p>\n The post ILS and collateralised reinsurers dominate Florida Citizens 2025 renewal<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Final lines for Florida Citizens Property Insurance Corporation’s 2025 risk transfer programme reveal that insurance-linked securities (ILS) and collateralised markets make up the majority of the new reinsurance placed, and the total tower for the year ahead. Yesterday, we reported that Citizens, Florida’s insurer of last resort, had successfully secured its target risk transfer programme […]<\/p>\n","protected":false},"author":1,"featured_media":5918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/5916"}],"collection":[{"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/comments?post=5916"}],"version-history":[{"count":3,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/5916\/revisions"}],"predecessor-version":[{"id":5920,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/5916\/revisions\/5920"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/media\/5918"}],"wp:attachment":[{"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/media?parent=5916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/categories?post=5916"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/tags?post=5916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Register](\"http:\/\/calebdewey.com\/wp-content\/uploads\/2025\/06\/artemis-london-2025-banner-eb1.jpg\")
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