AmTrust secures 50% upsized $150m Solis Re cat bond at low-end of guidance

Global P&C insurer AmTrust Financial Services has now secured its latest catastrophe bond, at the 50% upsized top-end target size to source $150 million of northeast US named storm reinsurance protection from the capital markets with its new Solis Re Ltd. (Series 2025-1) issuance, at a spread fixed at the low-end of guidance.

AmTrust made its return to the catastrophe bond market for the first time since 2017 towards the end of May, with an initial target to secure $100 million of reinsurance protection through this first Solis Re Ltd. cat bond sponsorship.

As we explained, AmTrust last featured in the catastrophe bond market in 2017, when the company sponsored an innovative Fortius Re II Ltd. (Series 2017-1) transaction that secured it both property and workers compensation reinsurance coverage from the capital markets.

As we reported in our first update on this Solis Re 2025-1 deal, we’d learned that AmTrust had raised its target size and was aiming to secure between the initial $100 million and as much as $150 million of US named storm reinsurance protection with its latest cat bond issuance.

Now, we’ve been told that AmTrust has secured the top-end target for $150 million of reinsurance for its latest catastrophe bond deal, a 50% increase on the initial launch size, while the notes were priced at the bottom-end of guidance.

The now confirmed $150 million of Solis Re Ltd. Series 2025-1 Class A notes will provide AmTrust with a multi-year source of indemnity and per-occurrence based fully-collateralized named storm reinsurance protection across northeast states over a three year term.

The notes come with an initial expected loss of 0.68% and were first offered to cat bond investors with initial price guidance for a spread of between 3.5% and 4%, which was later lowered to 3.5%, and that is where we understand the spread has now been priced, so at the bottom-end of the initial guidance.

This is a strong result for AmTrust, reflecting both investor confidence and effective execution in the capital markets. Securing the full upsized target of $150 million demonstrates solid demand for the transaction, especially given the company’s return to the cat bond market after several years.

As a reminder, you can read all about this Solis Re Ltd. (Series 2025-1) catastrophe bond and every other cat bond deal in the Artemis Deal Directory.