Traditional limit up more than 50% on Citizens placement

The traditional reinsurance limit purchased by Florida Citizens
will rise by $370mn this year despite an overall reduction in its
risk transfer programme, as the cover was restructured at the
expense of the cat bond market.
The Insurance Insider revealed on
Friday (5 May) that firm order terms were sent to the market for a
final structure that transfers $1.33bn to the insurance-linked
securities market and to traditional reinsurers - down from the
$1.34bn indicated in the state-backed insurer's