FloodSmart Re Ltd

With the National Flood Insurance Program’s (NFIP) latest loss estimate for 2024’s hurricane Helene understood to be standing higher than the attachment levels for a number of its FloodSmart Re catastrophe bonds, we have learned of further extensions of maturity and one tranche being allowed to mature as now deemed not at-risk.

FEMA disclosed the participants in its 2025 traditional reinsurance program for the National Flood Insurance Program (NFIP) this week and it shows that alternative investment manager Quantedge Capital participated on a fronted basis, which appears to be the first year an investor has taken a line on the program in this way.

Having increased its estimate for National Flood Insurance Program (NFIP) losses from hurricane Helene, we’re told that FEMA has gone ahead with the partial repayment of principal and also extended the maturity dates for two of its FloodSmart Re catastrophe bond tranches.

According to sources, the U.S. Federal Emergency Management Agency (FEMA) has halted preparatory work for a planned FloodSmart Re Ltd. Series 2025-1 catastrophe bond issuance, which we’re told is as a consequence of the oversight and focus on government agencies instigated by the new U.S. Administration.

The U.S. Federal Emergency Management Agency’s (FEMA) has updated its estimate for National Flood Insurance Program (NFIP) losses from hurricane Helene, stretching the top-end of the range to now as much as $7.4 billion.

FEMA has renewed the National Flood Insurance Program’s (NFIP) traditional reinsurance tower for 2025, securing 22% more in protection for this calendar year, at just over $757.8 million, from a broader panel of reinsurer counterparties.

Artemis has learned that FEMA has increased its estimate for National Flood Insurance Program (NFIP) losses from hurricane Helene, raising the figure to $6.75 billion and as a result two FloodSmart Re catastrophe bond tranches have had their maturity dates extended, with partial repayments of principal to be made.

Analysis by Neptune Flood Research Group of FEMA’s National Flood Insurance Program (NFIP) data suggests a current projection for up to $2.5 billion of losses from hurricane Milton, while the 2024 total NFIP claims burden could approach as much as $10.5 billion.

The U.S. Federal Emergency Management Agency (FEMA) has provided a preliminary estimate of National Flood Insurance Program (NFIP) losses from hurricane Helene, putting the initial figure in a range from $3.5 billion to as much as $7 billion.

Analysis from ICEYE, the provider of satellite data and services to inform decision-making and analysis, has shown that almost 185,000 buildings in Florida were impacted by hurricane Milton’s flooding.