First Coast Re Ltd Series 2017-1

Florida’s Security First Insurance Company has settled for $175 million of collateralized reinsurance coverage from its First Coast Re Ltd. (Series 2017-1) catastrophe bond transaction, with final pricing terms achieved at the bottom of a reduced range.

Florida’s Security First Insurance Company looks set to capitalise on attractive catastrophe bond market issuance conditions with its First Coast Re Ltd. (Series 2017-1), as the target size for the transaction increased while the price guidance has been lowered, we understand.

Security First Insurance Company is returning to the insurance-linked securities (ILS) market with its second transaction, seeking $150 million of fully-collateralized reinsurance protection from the capital markets through a First Coast Re Ltd. (Series 2017-1) issuance.