ENP Newswire - 04 August 2014
Release date- 01082014 - This episode of A.M.BestTV examines how Florida'sCitizens Property Insurance Corp. (Citizens) launched a $1.5 billion catastrophe reinsurance bond, the largest in the industry.
Meg Green interviews Jennifer Montero, chief financial officer of Citizens and examines how the unusual coverage works. Additionally, Best's Review's Angelo Lewis interviews A.M. Best's Managing Senior Financial Analyst of Insurance Linked-Securities, Asha Attoh-Okine, on catastrophe bond activity for the first half of 2014 and how the deluge of private capital is transforming the reinsurance industry.
Citizens is behind the world's largest catastrophe reinsurance bond and is Florida's insurer of last resort. The company now taps the capital market for one-half of its reinsurance coverage. 'The 2014 cat bond represents 45% of our total risk transfer this year. If Citizens adds in the 2013 bond, which does not expire until 2015, that makes about 50% between the capital market and traditional reinsurance,' said Montero.
Click here to view this episode. http://www.ambest.com/v.asp?v=catbonds814.
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