Power Protective Re Ltd. Series 2021-1

California based utility the Los Angeles Department of Water and Power (LADWP) has finally secured $30 million of wildfire insurance cover from its second catastrophe bond issue, after the Power Protective Re Ltd. (Series 2021-1) deal was priced at the raised coupon level.

Demonstrating that catastrophe bond funds and investors won’t buy into risk at any cost, we’re told that the second California wildfire cat bond from the Los Angeles Department of Water and Power (LADWP), the still unsized Power Protective Re Ltd. (Series 2021-1), has seen its price guidance rise considerably.

The Los Angeles Department of Water and Power (LADWP) has returned to the catastrophe bond market in search of its second cat bond to provide it with wildfire insurance protection, with an as yet unsized Power Protective Re Ltd. (Series 2021-1) being offered to insurance-linked securities (ILS) funds and investors.