Slimmed down Citizens slashes private reinsurance

Florida Citizens has maintained a significant buffer to fund a
1-in-100-year hurricane this year despite a dramatic downsizing of
its private risk transfer programme for 2016-17.
The state-backed insurer will place just $221mn of new
reinsurance limit, confirming expectations that it would
significantly reduce its reinsurance spend after shrinking its
portfolio.
Citizens CFO Jennifer Montero told The Insurance
Insider late last year that the insurer would enter a
holding pattern for its 2016 ren