What Citizens, Inc. told the SEC could break it.

Approximately 64% of direct insurance premiums come from international policyholders, mainly in Latin America and the Pacific Rim, issued through its Puerto Rico subsidiary CICA International — concentrating revenue in foreign markets.

“As of December 31, 2025, policyholders in international markets - mainly within Latin America and the Pacific Rim - accounted for approximately 64% of our direct insurance premiums.”

Policies are sold to foreign residents through independent agencies/consultants and the company relies on them for local legal compliance; potential application of foreign laws to its insurance issuance creates regulatory exposure.

“we sell our policies to residents of foreign countries through independent marketing agencies and independent consultants located in those countries and we rely on our independent consultants to comply with laws applicable to them in marketing and servicing our insurance products in their respective countries.”

Tightening reinsurance markets (driven by cyber, weather, pandemic losses and asset volatility) are reducing reinsurance availability, tightening terms, and raising prices, which could constrain the insurer's risk-transfer and capital management.

“These pressures have led to a decline in the availability of reinsurance, tighter terms (such as, for example, pandemic exclusions) and/or increased reinsurance prices. Continued market tightening could increase our cost of reinsurance or limit availability, which may affect our risk transfer strategies and capital management.”