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Florida Peninsula Insurance Company has lowered its price guidance for its $150 million inaugural named storm reinsurance catastroph bond deal, Palm Re Ltd. Series 2024-1.
Florida Peninsula Insurance Company issued its first catastrophe bond just over a week ago.
The original target was $100 million for named storm reinsurance, but we reported that the goal had now been increased to $150 million and price guidance had also been reduced.
We understand that sources have confirmed that the target size was set at $150 million (a 50% increase) and that the price guidance had been further reduced.
Reinsurance protection provided by this Palm Re catbond will cover Florida Peninsula Insurance, and its subsidiary Edison Insurance, for $150 million in named storm losses throughout the state. This coverage is on a per-occurrence indemnity basis over a three-year period, beginning June 1st 2020 and ending May 31, 2027.
Now set at $150 million, the…
