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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 →

FEMA secures $500m NFIP cat bond with backing of over 35 investors

The U.S. Federal Emergency Management Agency (FEMA) has now secured its $500 million of reinsurance from the capital markets through its first flood catastrophe bond issuance, the FloodSmart Re Ltd. (Series 2018-1) transaction, and more than 35 ILS investors and ILS funds have backed the deal.The FloodSmart Re 2018-1 deal read the full article →

FEMA’s FloodSmart Re cat bond expands to $500m of reinsurance for the NFIP

The first catastrophe bond to transfer a portion of the National Flood Insurance Program's (NFIP) risk to the capital markets will increase significantly in size, as the FloodSmart Re Ltd. (Series 2018-1) issuance is understood to have expanded to $500 million, while pricing has dropped to the bottom of guidance read the full article →

NFIP hurricane Irma claims hit $1.1bn, far below where new cat bond will sit

The value of flood insurance claims paid by the National Flood Insurance Program (NFIP) from damage caused by last year's hurricane Irma have now hit $1.1 billion, which remains well below where the first NFIP flood catastrophe bond will attach once its issuance is completed.The NFIP, which is administered by read the full article →

FEMA’s first NFIP flood cat bond launches, a $275m FloodSmart Re 2018

The U.S. Federal Emergency Management Agency (FEMA) has launched its awaited first catastrophe bond to transfer risk from the National Flood Insurance Program (NFIP) to the capital markets and is seeking $275 million of reinsurance protection from a FloodSmart Re Ltd. (Series 2018-1) issuance.FloodSmart Re Ltd., a Bermuda domiciled special read the full article →