1 April 2014 Alternative Risk Transfer

Florida start-up Heritage seeks ILS coverage

Heritage Property and Casualty Insurance, a Florida Citizens takeout insurer formed in 2012, is to use the insurance-linked securities (ILS) markets as a means of risk transfer for the first time.

Citrus Re, a special purpose insurer registered in Bermuda, is expected to provide Heritage with some $100 million of coverage against named windstorm risks over three years.

Willis Capital Markets & Advisory is the structuring agent and bookrunner on the deal, which brings to the market yet another new issuer in 2014.

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