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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.