Bonanza Re Ltd Series 2022-1

Executives from US insurance giant Progressive, the owner of catastrophe bond sponsors ARX Holding and American Strategic Insurance Group, have explained that these cat bonds are helping it to maintain reinsurance stability in a challenging market environment.

The new Bonanza Re Ltd. (Series 2022-1) catastrophe bond transaction, that is being issued for ARX Holding, the Progressive-owned parent of American Strategic Insurance Group, has now been priced and did not upsize, remaining $135 million in size, the notes priced at the top-end of guidance.

ARX Holding, the Progressive-owned parent of American Strategic Insurance Group, is back in the catastrophe bond market with a US named storm focused issuance and is seeking $135 million or more in collateralized reinsurance protection from a Bonanza Re Ltd. (Series 2022-1) transaction.