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Florida Citizens Eyes Cat Bonds for Hurricane Protection

The state-backed Florida Citizens Property Insurance Corporation is set to raise $750 million of hurricane protection through a sale of catastrophe bonds, more than three times the original target, market sources said.

By Reuters | Updated on April 27, 2012
Meteorologist Daniel Brown looks at an infrared satellite image of Hurricane Wilma Saturday, Oct. 22, 2005, at the National Hurricane Center, in Miami. (AP Photo/Alan Diaz)

LONDON – The state-backed Florida Citizens Property Insurance Corporation is set to raise $750 million of hurricane protection through a sale of catastrophe bonds, more than three times the original target, market sources said.

The bond, issued through Forida Citizens’ Everglades Re vehicle, had been expected to raise just $200 million. The bond is due to close on Monday, and ranks as the biggest ever placed in a single tranche, they said.

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