Pelican III Re Ltd

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.

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.

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.