First Coast Re Ltd Series 2016-1

Swiss Re Capital Markets, the insurance-linked securities (ILS) division of reinsurance giant Swiss Re, has highlighted how well investors received the recently launched First Coast Re catastrophe bond.

The cascading nature of the per-occurrence fully collateralised reinsurance protection provided by the recently completed First Coast Re Ltd. (Series 2016-1) catastrophe bond provides its beneficiary Security First Insurance Company with flexible protection, according to GC Securities.

The first catastrophe bond issued for Security First Insurance Company, the First Coast Re Ltd. (Series 2016-1) cat bond deal, is now set to complete at the reduced amount of $75m and the pricing has fallen to the bottom end of the already reduced spread guidance range.

The first catastrophe bond to benefit Security First Insurance Company now looks set to complete at a pared back $75m, but price guidance for the First Coast Re Ltd. (Series 2016-1) cat bond issue has dropped to below the initial range.

A new catastrophe bond has been launched for first time cat bond ceding firm Security First Insurance Company, as it seeks a capital market backed source of collateralised reinsurance cover through a $100m First Coast Re Ltd. (Series 2016-1) cat bond issue.