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American Integrity secures 50% upsized $150m Integrity Re 2023-1 cat bond


American Integrity Insurance Company of Florida, Inc. has secured its targeted 50% upsize for the Integrity Re Ltd. (Series 2023-1) catastrophe bond issuance, now ensuring the company benefits from $150 million of collateralized Florida named storm reinsurance with the transaction.

american-integrity-logoAmerican Integrity has now secured 50% more in catastrophe bond market protection than the initial $100 million target for collateralized Florida named storm reinsurance protection it began seeking with this Integrity Re 2023-1 cat bond just over a fortnight ago.

It is the insurers sixth in the Integrity Re series of catastrophe bonds, and the company has been leveraging catastrophe bonds to provide it with Florida focused collateralized and multi-year reinsurance protection since  2017. Details of every cat bond from American Integrity can be found here.

As we reported earlier this week, the price guidance for this new Integrity Re 2023-1 cat bond was narrowed and shifted higher, while terms related to the bond reset mechanism have been clarified.

Then, as we updated you yesterday, American Integrity lifted its target for this new cat bond, with $150 million of reinsurance being sought from the issuance, while at the same time the spread pricing was fixed at the upper-end of initial guidance.

Now, we can report, that strong investor demand for catastrophe bonds has helped American Integrity maximise the size of its latest offering, as the insurer has secured the new target of $150 million of reinsurance protection from this Integrity Re 2023-1 deal.

The pricing has now been finalised at the upper-end of initial guidance, to pay investors a spread of 12%.

So, this Integrity Re Series 2023-1 cat bond will now provide its sponsor American Integrity with $150 million of reinsurance protection against named storm events in Florida, on an indemnity and cascading per-occurrence basis, across two Atlantic wind seasons, with a term running from June 1st 2023 to the end of May 2025.

You can read all about this new Integrity Re Ltd. (Series 2023-1) catastrophe bond and every cat bond deal in the Artemis Deal Directory.

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