Citizens $1.23bn Irma loss spares reinsurers for now

Citizens expects Hurricane Irma will generate 70,000 claims and
around $1.23bn of insured losses that will not be sufficient to
attach its private reinsurance layers or Everglades Re catastrophe
bond.
In a statement, Florida's state-backed carrier said it had
reported the initial estimates to its board of governors earlier
today.
It added that the losses will be paid from its surplus, with
$193mn of the $1.23bn total reimbursed from the Florida Hurricane
Catastrophe Fund (FHCF).
Citizens reporte