Artemis has posted an interesting image of Citizens loss coverage that was used in a recent board meeting. That image is above.
Artemis also mentions that Citizens' Everglades Re is looking to "double the total amount of private market risk transfer purchased this year to $1.5 billion."
Of the $750 million cat bond already sold, Artemis says that
Collateral is being handled using a trust account into which the proceeds of the sale of the notes will be entered. The proceeds will then be invested in highly rated Treasury money market funds.
The deal priced at the upper end of the expected range and will pay a coupon to investors of 17.75%.