The North Carolina Insurance Underwriting Association (NCIUA) has secured its second catastrophe bond with an integrated disaster resilience bond feature, as the Cape Lookout Re Ltd. (Series 2026-1) notes have now been priced to provide it an upsized $600 million of annual aggregate named storm reinsurance, Artemis has learned.
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The North Carolina Insurance Underwriting Association (NCIUA) is now aiming to secure up to $600 million of annual aggregate named storm reinsurance protection from its Cape Lookout Re Ltd. (Series 2026-1) catastrophe bond, while the price guidance has been lowered for both tranches of notes on offer, Artemis can report.
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The North Carolina Insurance Underwriting Association (NCIUA) is back in the catastrophe bond market with an initial target to secure $400 million of annual aggregate named storm reinsurance protection from a new Cape Lookout Re Ltd. (Series 2026-1) issuance, which will be its second with an embedded resilience bond feature, Artemis can report.
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