Pelican B $50mn Class B notes set for total loss
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Pelican B $50mn Class B notes set for total loss

Martha Muir
07 September 2022
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Louisiana Citizens.png

Louisiana Citizens’ Pelican Re 2021 cat bond is expected to be a total loss, after loss creep from Hurricane Ida eroded the $50mn Class B layer and the insurer exhausted its reinsurance coverage for the storm, sources said.

This means that all three cat bonds the state insurer had on risk in 2021 have defaulted due to the hurricane.

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Topics

News Florida Citizens FedNat UPC Insurance Re/insurers
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Martha Muir
Reporter
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