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FloodSmart cat bond helps FEMA grow reinsurance lynchpin to $2.53bn

The U.S. Federal Emergency Management Agency (FEMA) successfully secured its latest and third catastrophe bond issuance, FloodSmart Re Ltd. (Series 2020-1), at the upsized target of $400 million, adding to its "lynchpin" flood reinsurance program. With the addition of the latest catastrophe bond FEMA's flood reinsurance coverage for the National Flood read the full article →

FEMA secures $400m of NFIP cat bond reinsurance at mixed pricing

The U.S. Federal Emergency Management Agency (FEMA) has now secured its upsized target of $400 million of catastrophe bond backed flood reinsurance coverage for the NFIP from its third capital markets issuance, the FloodSmart Re Ltd. (Series 2020-1) transaction. FEMA's third catastrophe bond will now provide the Agency with an investor read the full article →

FEMA’s target for FloodSmart Re 2020 cat bond rises to $400m

The U.S. Federal Emergency Management Agency (FEMA) has lifted its target for its third catastrophe bond, with the FloodSmart Re Ltd. (Series 2020-1) transaction now seeking up to $400 million of flood reinsurance protection from the capital market for its National Flood Insurance Program (NFIP). FEMA returned to the capital markets read the full article →

FEMA returns for third NFIP flood cat bond, a $300m FloodSmart Re 2020

The U.S. Federal Emergency Management Agency (FEMA) is back in the catastrophe bond market with a $300 million FloodSmart Re Ltd. (Series 2020-1), which will be its third transaction seeking flood reinsurance coverage from the capital market for its National Flood Insurance Program (NFIP). We understand from sources that the $300 read the full article →

FEMA seeks orders & auths for 2020 NFIP flood reinsurance renewal

The U.S. Federal Emergency Management Agency (FEMA) is expecting to secure orders and authorisations for a January 2020 renewal of the National Flood Insurance Program's (NFIP) traditional reinsurance program in the coming days. FEMA was aiming for firm order terms to be in place by the end of last week, while read the full article →

FEMA’s second cat bond completes, takes NFIP flood reinsurance to $2.12bn

The U.S. Federal Emergency Management Agency’s (FEMA) has expanded its flood reinsurance program for the National Flood Insurance Program (NFIP) to $2.12 billion in size, thanks to the successful completion of the $300 million FloodSmart Re Ltd. (Series 2019-1) cat bond issuance. FEMA's second catastrophe bond, the $300 million FloodSmart Re read the full article →

FEMA’s $300m FloodSmart Re 2019 cat bond to price at top of guidance

Both tranches of FEMA's second flood catastrophe bond are set to price at the top-end of initial guidance, as ILS investors demand a higher level of return from the $300 million FloodSmart Re Ltd. (Series 2019-1) cat bond. The FloodSmart Re 2019-1 cat bond has not upsized though, we understand, as read the full article →

FEMA seeks second NFIP flood cat bond with $300m FloodSmart Re 2019

FEMA has returned to the capital markets and ILS investors with a $300 million FloodSmart Re Ltd. (Series 2019-1), seeking support for its second flood catastrophe bond to transfer risk from the National Flood Insurance Program (NFIP). The U.S. Federal Emergency Management Agency's (FEMA) first flood catastrophe bond was successfully issued read the full article →

First flood cat bond “very significant” for ILS market: John Seo, Fermat

The first flood catastrophe bond, sponsored by the U.S. Federal Emergency Management Agency (FEMA) to transfer risk from the National Flood Insurance Program’s (NFIP) risk to the capital markets, was a "very significant" transaction for the ILS market, according to Fermat Capital Management's John Seo. Speaking to Artemis around the Monte read the full article →

FEMA’s flood risk transfer into the capital markets positive: Poulton

With FEMA having successfully tapped the capital markets for a mid-year 2018 transfer of risk from the National Flood Insurance Program (NFIP) through its first catastrophe bond, broker Craig Poulton of Poulton Associates, has said that while it’s a positive move, more granularity will ultimately benefit the market in time. Speaking read the full article →