SafePoint returns to sponsor $150m Nature Coast Re 2026-1 named storm cat bond

SafePoint Insurance Company has returned to sponsor a new catastrophe bond, initially targeting a $150 million source of multi-year named storm reinsurance protection from capital market investors through a Nature Coast Re Ltd. (Series 2026-1)  issuance, Artemis has learned.

In 2025 SafePoint Insurance Company sponsored two catastrophe bonds, first securing $200 million of annual aggregate and industry-loss trigger based reinsurance from a Nature Coast Re 2025-1 deal in January and then returning in April to add $150 million of indemnity based reinsurance with a Nature Coast Re 2025-2 issuance.

The insurance group returns early in 2026, with its first cat bond of the year targeting additional multi-year indemnity reinsurance protection to cover named storm and hurricane risks in the US states it is most active.

Initially, we’re told there is a $150 million target for this Series 2026-1 cat bond note issuance by Nature Coast Re Ltd.

For SafePoint, this is now the fifth catastrophe bond sponsored under its Nature Coast Re program and its ninth cat bond sponsorship in total. Read about all of SafePoint’s cat bonds in our extensive Deal Directory.

Nature Coast Re Ltd. is offering investors a single Class A tranche of Series 2026-1 notes that will be sold to provide the collateral to fully-support an underlying reinsurance agreement.

The reinsurance agreement will protect SafePoint Insurance Company itself and the reciprocal exchanges it operates, the Louisiana focused Cajun Underwriters Reciprocal Exchange entity, and the Florida homeowner and business owner focused Manatee Insurance Exchange.

We are told this first Nature Coast Re cat bond issuance of 2026 is designed to provide SafePoint and its reciprocal underwriting entities with a source of fully-collateralized reinsurance protection covering losses from named storms across the states of Florida, Louisiana, Alabama, Mississippi, and Texas.

The coverage from this cat bond is structured on an indemnity and per-occurrence trigger basis, while it will run across a four-year period from completion of the issuance.

The currently $150 million of Series 2026-1 Class A notes will attach their reinsurance coverage at an attachment point of $300 million, taking a share of losses up to exhaustion at $1.3 billion, sources said, giving plenty of room for the issuance to be upsized from the initial target, should SafePoint elect to.

The $150 million of Series 2026-1 Class A notes that Nature Coast Re is offering come with an initial attachment probability of 3.28%, an initial base expected loss of 1.74% and are being marketed to investors with price guidance in a range for a spread of between 7.5% and 8.25%, we understand.

For comparison and again demonstrating the more attractive pricing environment in reinsurance and catastrophe bonds, SafePoint’s Nature Coast Re 2025-2 cat bond from last April, which was similar in structure, came with an initial expected loss of 1.58% and priced to pay investors a spread of 9.75%.

You can read all about this new Nature Coast Re Ltd. (Series 2026-1)  catastrophe bond from Safepoint as well as details on almost every cat bond issued in the extensive Artemis Deal Directory.