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The bond will provide storm protection in Florida and South Carolina. -
The deal will provide named Florida storm protection on an indemnity, per occurrence basis.
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The state insurer of last resort is set to purchase $2.89bn of reinsurance this year.
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The initial offering will include 6,875,000 shares of common stock.
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Renewal rates were favorable compared to what could have happened after several hurricanes.
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An allocation to insurance could “feel like a nice, calm port in the storm” amid wider market volatility.
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The industry loss data provider also increased its estimate for Hurricane Helene to $15.3bn.
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The Floridian company applied to be traded on the NYSE.
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Portfolio rebalancing was not triggered last week, but investors are now distracted and nervous.
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US Coastal Property and Utica Mutual Insurance have brought out their first cat bond deals.
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The issuance is split across three tranches with varying degrees of risk.
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Market participants expect pricing will be flat to down through Q2.
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