Catastrophe bond news

We’ve learned that Heritage Insurance Holdings, Inc., the nationally expansive, Florida headquartered property and casualty insurer, is now targeting lower pricing for its new $200 million Citrus Re Ltd. (Series 2025-1) catastrophe bond issuance.

Florida Peninsula Insurance Company has returned to the catastrophe bond market for its second sponsorship, this time seeking what would be its largest yet, with a target to secure $175 million or more in named storm reinsurance from this Palm Re Ltd. (Series 2025-1) cat bond deal, Artemis has learned.

The ILS Advisers Fund Index has reported a -0.38% return for January 2025 on the back of the recent California wildfire losses. With 75% of ILS fund managers having reported returns for the period so far, the Index could fall further as additional data points from private ILS strategies are included.

According to sources, the U.S. Federal Emergency Management Agency (FEMA) has halted preparatory work for a planned FloodSmart Re Ltd. Series 2025-1 catastrophe bond issuance, which we’re told is as a consequence of the oversight and focus on government agencies instigated by the new U.S. Administration.

SageSure is back in the catastrophe bond market right on the heels of closing its largest issuance yet, with a new Gateway Re Ltd. (Series 2025-2) deal that seeks $125 million or more in named storm reinsurance to initially protect the Aurous and Elevate reciprocal exchanges, Artemis has learned.

Here are the ten most popular news articles, week ending March 2nd 2025, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.

For the first time since we’ve been tracking the catastrophe bond marketplace, Artemis’ measure for the size of the market, based on our estimate of catastrophe bond risk capital outstanding, has surpassed the $50 billion mark, as 2025 issuance continues to outpace the heavy maturity schedule.

Coastal property managing general underwriter SageSure’s CEO said it is “proud to support” its carrier partners, as its largest catastrophe bond transaction yet closes, the $520 million Gateway Re Ltd. (Series 2025-1), while executives also expressed gratitude to the insurance-linked securities (ILS) community for supporting the Gateway Re series.

Artemis has learned that direct-to-consumer insurtech company, Kin Insurance, has now successfully priced its latest catastrophe bond transaction, securing the 50% upsized target of $300 million of Florida named storm reinsurance protection from the Hestia Re Ltd. (Series 2025-1) issuance, which marks the company’s largest cat bond yet.

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.