The Lower Ferry Re Ltd. (Series 2023-1) catastrophe bond issuance has now been priced to provide sponsor NJM Insurance with $190 million of named storm reinsurance protection from the capital markets, some way short of its top size target for the deal.
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NJM Insurance has increased its appetite for named storm reinsurance from the capital market with its new catastrophe bond, now aiming for up to $275 million in protection with the Lower Ferry Re Ltd. (Series 2023-1) issuance.
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Another sponsor is re-entering the catastrophe bond market after a hiatus away from it in 2023, as NJM Insurance seeks $175 million in named storm reinsurance from the capital market with a new cat bond, a Lower Ferry Re Ltd. (Series 2023-1) issuance.
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