The U.S. Federal Emergency Management Agency (FEMA) has hailed the successful completion of its latest catastrophe bond despite the difficult market environment, after the FloodSmart Re Ltd. (Series 2023-1) deal secured it $275 million of flood reinsurance for the NFIP.
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The U.S. Federal Emergency Management Agency (FEMA) has now finalised its latest catastrophe bond for the National Flood Insurance Program (NFIP), securing an upsized $275 million of flood reinsurance from the FloodSmart Re Ltd. (Series 2023-1) deal, while the notes were priced at the low-end of guidance.
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The new FloodSmart Re Ltd. (Series 2023-1) catastrophe bond that is being issued for the U.S. Federal Emergency Management Agency (FEMA) entity the National Flood Insurance Program (NFIP), could upsize to $275 million in size, while the pricing has been reduced to the low-end of initial guidance.
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The U.S. Federal Emergency Management Agency (FEMA) has returned to the catastrophe bond market and is aiming to secure at least $250 million of reinsurance protection for its National Flood Insurance Program (NFIP), through issuance of a FloodSmart Re Ltd. (Series 2023-1) cat bond.
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