New Everglades Re II to target $250mn

Florida Citizens Property Insurance is targeting $250mn for its new
Everglades Re II cat bond, according to sources.
As with the state-backed insurer's previous cat bonds, the
Everglades Re II 2017 transaction will cover Florida named storms
over a three-year term on an annual aggregate, indemnity basis.
The single tranche of class A notes is being offered to
investors with price guidance in a range of 500 to 575 basis points
(bps).
The midpoint of the range gives investors a...