Pelican Re Ltd

Louisiana Citizens, the non-profit residential and commercial property insurer for those who cannot access private market insurance in the state, will seek to replace its Pelican Re Ltd. (Series 2012-1) catastrophe bond at its next reinsurance renewal.

Demonstrating the value some cedents or sponsors have found in the reinsurance and catastrophe bond market in 2013 due to lower pricing, Louisiana Citizens Property Insurance Corporation, the coastal windstorm insurer of last resort, is passing on savings made to some customers.

Louisiana Citizens Property Insurance Corporation, the coastal windstorm insurer of last resort in the state of Louisiana, has successfully secured itself a flexible, fully-collateralized layer of reinsurance protection through its second trip to the capital markets as a catastrophe bond sponsor with its Pelican Re Ltd. Series 2013-1 cat bond. The Pelican 2013 cat bond […]

Louisiana Citizens Property Insurance Corporation will be delighted that it has returned to the catastrophe bond market. As we revealed last week, the Pelican Re Ltd. Series 2013-1 cat bond was likely to upsize and the price guidance had dropped. Now, we understand, when the cat bond priced yesterday the coupon being paid to investors […]

This won’t surprise anyone who has been following the catastrophe bond market in recent weeks, the latest cat bond in the market, Pelican Re Ltd. Series 2013-1, has seen its pricing drop during marketing and is likely to upsize to $140m before it closes. Following the trend for recent transactions the Pelican Re 2013 cat […]

In our discussions with market participants this week we’ve managed to glean a few more details about the recently launched second catastrophe bond from Louisiana Citizens Property Insurance Corporation, the coastal windstorm insurer of last resort. The Pelican Re Ltd. Series 2013-1 cat bond launched late last week and sees the insurer looking to tap […]

Louisiana Citizens Property Insurance Corporation, the coastal windstorm insurer of last resort in the state of Louisiana, has launched a new catastrophe bond deal, Pelican Re Ltd. Series 2013-1, according to sources. This is not altogether unexpected given that LA Citizens CFO Steve Cottrell had recently said that if the price was right the insurer […]

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 […]