Luca Re Ltd. Series 2026-1

Mercury General Corporation (Mercury Insurance) has achieved a strong pricing result in the catastrophe bond market, as its new $150 million Luca Re Ltd. (Series 2026-1) issuance has now been priced roughly 19% below the initial mid-point of spread guidance.

We’ve learned that Mercury General Corporation’s (Mercury Insurance’s) new Luca Re Ltd. (Series 2026-1) catastrophe bond issuance has seen its price guidance range now fall for a third time, with the company looking set for strong execution for its second 144A cat bond deal.

Mercury General Corporation (Mercury Insurance), the California headquartered insurer, has now set the target for fire reinsurance limit from the new Luca Re Ltd. (Series 2026-1) catastrophe bond issuance at $150 million, while the price guidance for the notes had fallen for a second time, Artemis can report.

Mercury General Corporation (Mercury Insurance), the California headquartered insurer, is now aiming to upsize its second 144A catastrophe bond sponsorship, with the target for fire reinsurance limit from the Luca Re Ltd. (Series 2026-1) issuance now having risen to between $125 million and $175 million, Artemis can report.

Mercury General Corporation (Mercury Insurance), the California headquartered insurer, is back in the catastrophe bond market seeking additional fire reinsurance protection, with an initial $100 million target for its second 144A cat bond sponsorship of a Luca Re Ltd. (Series 2026-1) issuance, Artemis has learned.