Louisiana Citizens Property Insurance Corporation

With catastrophe bond rates seemingly near all-time lows it’s no surprise to hear that another of the U.S. state based property insurers of last resort plans to assess whether a cat bond could be cheaper than reinsurance at its next renewal. Louisiana Citizens Property Insurance Corporation, which sponsored its first cat bond Pelican Re Ltd. last […]

Finally a statement has come from the Louisiana state property insurer of last resort, Louisiana Citizens, which confirms that their losses from hurricane Isaac insurance claims will not be sufficient to trigger the Pelican Re Ltd. (Series 2012-1) catastrophe bond. There have been a number of statements where LA Citizens have said they expect the […]

The catastrophe bond most at risk of default from hurricane Isaac was the $125m Pelican Re Ltd. Pelican Re is an indemnity cat bond, providing cover to Louisiana Citizens, the property insurer of last resort for the state. The reason Pelican Re was felt to be most risky is that the indemnity trigger is set […]

More anecdotal evidence suggests that Louisiana Citizens Pelican Re Ltd. (Series 2012-1) catastrophe bond will not be triggered by claims resulting from hurricane Isaac. Just the other day Richard Robertson, the chief executive of Louisiana Citizens, made comments which suggested he felt the cat bond would not be in danger. Now the Louisiana Insurance Commissioner, […]

One of the unknowns that we have been left to ponder after hurricane Isaac’s assault on Louisiana and the surrounding states is the fate, or otherwise, of the Pelican Re Ltd. (Series 2012-1) catastrophe bond. Pelican Re, issued in April 2012, provides the Louisiana state property insurer of last resort, Louisiana Citizens, with a source […]

Hurricane Isaac has begun to come ashore in southeast Louisiana, read our latest article on the storms impacts and progress here. We’ve discussed the potential weather impacts extensively in that article but here we’re going to look at the potential reinsurance, insurance and also catastrophe bond impacts that could result from the first hurricane to […]

Louisiana Citizens Property Insurance Corporation, a non-profit insurer of last resort for residential and commercial property owners in the state of Louisiana, now benefits from catastrophe bond cover for the first time. The Pelican Re Ltd. catastrophe bond which they sponsored priced and completed and the notes have now been listed on the Cayman Islands […]

The Pelican Re Ltd. catastrophe bond which is sponsored by Louisiana Citizens Property Insurance Corporation, a non-profit insurer of last resort for residential and commercial property owners in the state of Louisiana, has increased in size before closing and has now priced. The first cat bond from Louisiana Citizens, Pelican Re will provide them with […]

Market sources have told us that another of the large U.S. State non-profit insurers has decided to tap the capital markets for a portion of its reinsurance cover this year. Louisiana Citizens Property Insurance Corporation, a non-profit insurer of last resort for the residential and commercial property owners in the state of Louisiana who aims […]