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.