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United Insurance launches $100M cat bond

United Insurance Holdings Corp. has launched Armor Re II Ltd. (Series 2018-1), a $100 million catastrophe bond, Artemis reported.

The deal will protect United Insurance Holdings subsidiaries United Property & Casualty Insurance Co., Family Security Insurance Co. Inc., Interboro Insurance Co. and American Coastal Insurance Co. Inc. from U.S. named storm, earthquakes and other perils for a two-year risk period. The coverage includes Florida and Gulf states for named storm risks.

Armor Re II Ltd. will issue a single tranche of class A notes, which will have an initial expected loss of 1.07% and an initial attachment probability of 1.15%. They are being offered to investors with coupon guidance of 4% to 4.5%, according to the report.