Louisiana Citizens Property Insurance Corporation

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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 →

Pelican Re 2013 cat bond completes, offers sponsor cost-savings and flexibility

Louisiana Citizens Property Insurance Corporation, the coastal windstorm insurer of last resort in the state of Louisiana, has successfully secured itself a flexible, fully-collateralized layer of reinsurance protection through its second trip to the capital markets as a catastrophe bond sponsor with its Pelican Re Ltd. Series 2013-1 cat bond. read the full article →

Pelican Re 2013 cat bond pricing drops again, upsizes to $140m

Louisiana Citizens Property Insurance Corporation will be delighted that it has returned to the catastrophe bond market. As we revealed last week, the Pelican Re Ltd. Series 2013-1 cat bond was likely to upsize and the price guidance had dropped. Now, we understand, when the cat bond priced yesterday the read the full article →

Pelican Re 2013 catastrophe bond pricing drops, likely to upsize

This won't surprise anyone who has been following the catastrophe bond market in recent weeks, the latest cat bond in the market, Pelican Re Ltd. Series 2013-1, has seen its pricing drop during marketing and is likely to upsize to $140m before it closes. Following the trend for recent transactions read the full article →