Armor Re II Ltd. Series 2024-1

American Coastal Insurance Company, the main entity of what was the United Insurance Holdings group, has pre-announced an expectation of up to $200 million in gross losses from hurricane Milton, at which level it will make reinsurance recoveries but its recently sponsored catastrophe bond would not be triggered.

Thanks to the recent successful issuance of its latest catastrophe bond, American Coastal Insurance (AmCoastal) has extended the top exhaustion point of its main catastrophe reinsurance tower to roughly $1.2 billion for 2024, according to CEO Dan Peed.

In another move that demonstrates catastrophe bond investors are not softening price across every opportunity, American Coastal Insurance Company has now successfully secured the upsized $200 million Armor Re II Ltd. (Series 2024-1) Florida named storm cat bond, but with the risk spread finalised within the initial range of price guidance.

American Coastal Insurance Company is set to upsize its new Armor Re II Ltd. (Series 2024-1) Florida named storm catastrophe bond to $200 million, while the notes are set to price within the initial price guidance range, Artemis has learned.

American Coastal Insurance Company, which is the main entity of what was the United Insurance Holdings group, is back in the catastrophe bond market for the first time in a few years, seeking $150 million or more in Florida named storm reinsurance protection from this Armor Re II Ltd. (Series 2024-1) transaction, Artemis has learned.