Cosaint Re Pte. Ltd. (Series 2021-1)

Universal Insurance Holdings, the Florida headquartered primary insurance carrier, has pre-announced an expectation that it will suffer around $1 billion of gross losses after hurricane Ian, with the impact to fall well within its reinsurance tower that provides coverage to just over $3 billion.

Universal Insurance Holdings, the Florida headquartered and expansive primary insurance carrier, has purchased the largest catastrophe reinsurance tower in its history for the second year running, lifting its Florida first-event cover to over $3.4 billion.

Florida headquartered insurer Universal Insurance Holdings is making progress with its mid-year reinsurance renewal with its first catastrophe bond, the $150 million Cosaint Re Pte. Ltd. (Series 2021-1) transaction oversubscribed by investor demand, according to its CEO Stephen J. Donaghy.

Florida headquartered insurer Universal Insurance Holdings now looks likely to secures its first catastrophe bond, the Cosaint Re Pte. Ltd. (Series 2021-1) transaction, with pricing below the low-end of initial guidance, adding another cat bond deal to the list of those pricing down.

The first catastrophe bond to be sponsored by Florida headquartered insurer Universal Insurance Holdings looks likely to upsize with the target now lifted by 50% to $150 million, while at the same time the price guidance for the Cosaint Re Pte. Ltd. (Series 2021-1) transaction has been lowered.

Universal Insurance Holdings, the Florida headquartered, nationally expansive U.S. primary insurance carrier, has entered the catastrophe bond market for the first time with a $100 million Cosaint Re Pte. Ltd. (Series 2021-1) transaction that is being issued out of Singapore.