CPIC: Citizens needs $2.94bn of new risk transfer to secure proposed $4.54bn of reinsurance for 2025

Citizens Property Insurance Corporation, Florida's property insurer of last resort, will need to purchase an additional $2.94 billion of new private market risk transfer to secure reinsurance coverage of approximately $4.54 billion for 2025, with budgeted premiums of roughly $650 million. Back in December, Citizens projected that it would need to secure roughly $4.453 billion [...] The post Citizens needs $2.94bn of new risk transfer to secure proposed $4.54bn of reinsurance for 2025 appeared first on ReinsuranceNe.ws.