Louisiana Citizens Property Insurance Corporation, a non-profit insurer of last resort for residential and commercial property owners in the state of Louisiana, now benefits from catastrophe bond cover for the first time. The Pelican Re Ltd. catastrophe bond which they sponsored priced and completed and the notes have now been listed on the Cayman Islands Stock Exchange (CSX).
Pelican Re upsized before close to secure Louisiana Citizens $125m of indemnity (UNL) cover on a per occurrence basis for hurricanes impacting Louisiana State over a three year period.
The $125m tranche of Series 2012-1 Class A Principal-at-Risk Variable Rate Notes due 13th April, 2015 listed on the CSX yesterday. The specialist debt shelf programme under Pelican Re Ltd. is now available for Louisiana Citizens to issue further series of cat bond notes until April 2017.