trending Market Intelligence /marketintelligence/en/news-insights/trending/gqFp09jreQlPJ_mZaRqLXQ2 content esgSubNav
Log in to other products

 /


Looking for more?

Contact Us
In This List

Report: American Integrity's cat bond shrinks to $50M

Blog

Tracking Credit Risk of a Major U.S. Retailer

Corporate America Not Likely To Unwind COVID-19 Debt Buildup Despite Credit Hits

Blog

Q&A: Navigating Climate Risk as a Financial Risk

Infrastructure Issues: Tools to Dig Deep on Potential Risks


Report: American Integrity's cat bond shrinks to $50M

American Integrity Insurance Co. of Florida Inc.'s Integrity Re Ltd. (Series 2019-1) catastrophe bond has shrunk to $50 million and priced at the top end of its initial guidance range, Artemis reported.

The company had been seeking $75 million of reinsurance protection from the bond in a coupon range of 4.25% to 4.75%, but revised its target to between $50 million and $75 million as demand fell short. Integrity Re Ltd. (Series 2019-1), the Bermuda-based special purpose insurance vehicle, will issue a single tranche of $50 million class A series 2019-1 notes, priced with a coupon of 4.75%.

The cat bond will provide reinsurance across a four-year term and cover certain Florida named storm and severe thunderstorm losses.

GC Securities served as sole structuring agent and book runner for the transaction.