Louisiana Citizens Property Insurance Corporation

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Hurricane Ida loss creep wipes out another Louisiana Citizens cat bond

Additional loss creep from 2021's hurricane Ida has now eroded another layer of Louisiana Citizens' catastrophe bond backed reinsurance protection, with the $50 million Class B notes of the residual market insurers' Pelican IV Re Ltd. (Series 2021-1) cat bond set to pay out all of their principal in a read the full article →

Louisiana Citizens readies for Weston and UPC policyholders

The fall-out from downgrades and insolvencies of property insurers that have been largely triggered by conditions in the Florida marketplace continues to spread to other states. Once downgraded, or deemed insolvent by regulators in Florida, insurers are also struggling to retain policies in other states, or in the case of an read the full article →

Louisiana fears reinsurance “redlining” – Insurance Commissioner

The state of Louisiana is concerned the reinsurance market could begin to reject its property risks, with the Insurance Commissioner saying he feared a "redlining" after consecutive major hurricane loss years and other market challenges. As we reported recently, analysts at ALIRT Insurance Research recently said they do not feel that read the full article →

LA Citizens says reinsurance & cat bonds to take majority of $461m Ida loss

Louisiana Citizens Property Insurance Corporation has reported an estimated loss from hurricane Ida of around $461 million, but thanks to its low retention on its reinsurance tower and its catastrophe bonds, the residual market insurer will only retain $35 million. At a Board meeting held last week, Louisiana Citizens staff updated read the full article →

LA Citizens occurrence cat bonds marked down again on Ida loss expectation

Two outstanding per-occurrence catastrophe bond tranches sponsored by Louisiana Citizens Property Insurance Corporation have been marked down much further on some broker pricing sheets in the last week, with secondary market bid pricing now implying a market expectation of a significant loss of principal. Secondary cat bond broker pricing sheets show read the full article →

LA Citizens achieved reinsurance savings with Pelican III Re cat bond

Louisiana Citizens Property Insurance achieved attractive savings at its reinsurance renewal thanks to strong investor support for its $100m Pelican III Re Ltd. (Series 2015-1), the insurers third catastrophe bond transaction. The $100m Pelican III Re 2015-1 cat bond secured Louisiana Citizens a fully-collateralized source of per-occurrence reinsurance protection for named read the full article →

Louisiana Citizens Pelican III Re cat bond prices below guidance

Louisiana Citizens Property Insurance's latest catastrophe bond transaction, Pelican III Re Ltd. (Series 2015-1), has now been priced and at a level below the guidance, showing that investors were very willing to support the insurers risk transfer needs, even at a low multiple. The Pelican III Re cat bond is a read the full article →

Louisiana Citizens back with $100m Pelican III Re catastrophe bond

As expected Louisiana Citizens Property Insurance is returning to the catastrophe bond market for the third time with a new SPI vehicle to sponsor a $100m or greater Pelican III Re Ltd. (Series 2015-1) indemnity bond. Louisiana Citizens, the non-profit residential and commercial property insurer for those who cannot access private market read the full article →

Louisiana Citizens will seek to replace Pelican Re cat bond at renewal

Louisiana Citizens, the non-profit residential and commercial property insurer for those who cannot access private market insurance in the state, will seek to replace its Pelican Re Ltd. (Series 2012-1) catastrophe bond at its next reinsurance renewal. Louisiana Citizens Property Insurance Corporation has now sponsored two cat bonds, the 2012 deal read the full article →

Louisiana Citizens passes on cost savings from 2013 reinsurance and cat bond

Demonstrating the value some cedents or sponsors have found in the reinsurance and catastrophe bond market in 2013 due to lower pricing, Louisiana Citizens Property Insurance Corporation, the coastal windstorm insurer of last resort, is passing on savings made to some customers. Louisiana Citizens is planning to lower its rates for read the full article →