On April 21, 2026, Citizens Property Insurance launched a $450 million catastrophe bond while simultaneously filing an early-redemption notice on $1.1 billion of 2024 Everglades Re II cat bonds, requesting roughly one-third less capital-markets protection than one year ago because its policy count has fallen to 336,000, down 76% from the October 2023 peak of 1.41 million. The same day, six private carriers (Manatee, American Integrity, Apex Star, Mangrove, Slide, and Southern Oak) completed the most densely populated single-date policy assumption of the 2026 calendar; five days earlier, seven Florida carriers cut their Florida Hurricane Catastrophe Fund participation from the 90% coverage option to 45%, opting for private reinsurance pricing roughly 15% cheaper at some layers; and Universal Insurance Holdings posted Q1 2026 net income up 31% year-over-year with a combined ratio of 89.7%. TIC’s April 6 coverage of the $785 billion record reinsurance capital base at the April 1 renewal showed the supply-side enabler; this deep dive shows how that soft capacity is being absorbed by Florida private carriers in real time. For senior Property and Casualty (P&C) executives, the Florida property story has crossed from a regulatory-reform narrative into a capital-markets pricing event, with the June 1 hurricane season start as the first real stress test of whether the structure holds.