Citizens Property Insurance Corp.'s board has approved the transfer of $1.42 billion of risk to reinsurance markets for 2018, up 7% from 2017, Artemis reported.
Carried over from the prior year are the $300 million Everglades Re II Ltd. series 2017-1 and $180 million of multi-year traditional reinsurance. The board authorized a maximum outlay of $92 million for securing the remaining reinsurance.
The state-run insurance company sustained about $1.8 billion in losses from Hurricane Irma in 2017, which was likely the reason for the increase, according to the report. Citizens has said it maintains "substantial surplus" in all its accounts.