We’ve learned from sources that Florida focused P&C insurer Weston Insurance never actually completed its debut catastrophe bond deal, the what was supposed to have been $45 million Marlin Re Ltd. (Series 2022-1) cat bond deal.
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Weston Property and Casualty Insurance, a coastal risk focused insurance carrier majority owned by insurance-linked securities (ILS) investment manager Hudson Structured Capital Management (investing as HSCM Bermuda), has now secured its first Marlin Re Ltd. (Series 2022-1) catastrophe bond at $45 million in size, with pricing now fixed at the top of elevated guidance.
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Artemis has learned that the Marlin Re Ltd. catastrophe bonds being issued for two insurance carriers that are majority owned by HSCM Bermuda are not going to be fully issued, with the cat bond for Weston continuing, but the one for insurer Southern Fidelity now pulled.
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A new catastrophe bond issuance is in the market that seeks to secure more than $170 million of capital markets backed named storm reinsurance for two insurance carriers that are majority owned by HSCM Bermuda, with dual-series Marlin Re Ltd. cat bonds being offered to investors.
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