Cape Lookout Re Ltd. Series 2025-1

Global reinsurance company Hannover Re sees an opportunity to further develop the integration of resiliency features within catastrophe bonds, having received positive feedback from the market and clients since the transaction for the North Carolina Insurance Underwriting Association (NCIUA), Executive Board Member Silke Sehm has told Artemis.

The North Carolina Insurance Underwriting Association (NCIUA) has become the first catastrophe bond sponsor to benefit from an issuance that has disaster-resilience features integrated in it, with its recent $600 million Cape Lookout Re Ltd. (Series 2025-1) the very first cat bond to include an additional resilience feature.

The North Carolina Insurance Underwriting Association (NCIUA) has now secured its largest catastrophe bond yet, as the Cape Lookout Re Ltd. (Series 2025-1) issuance has been priced at the almost doubled $600 million issuance size, while pricing of the notes was finalised just below the mid-point of initial guidance, Artemis can report.

The North Carolina Insurance Underwriting Association (NCIUA) is set to significantly upsize its latest catastrophe bond, with what was initially a $350 million Cape Lookout Re Ltd. (Series 2025-1) issuance now targeted to provide almost double that in reinsurance, at a $600 million issuance size, Artemis has learned.

The North Carolina Insurance Underwriting Association (NCIUA) has returned to the capital markets seeking $350 million of annual aggregate named storm reinsurance protection through this Cape Lookout Re Ltd. (Series 2025-1) catastrophe bond.