Putnam Re Pte. Ltd. (Series 2021-1)

The Putnam Re Pte. Ltd. (Series 2021-1) catastrophe bond that was sponsored by St. Johns Insurance Company fell to a default as a result of the insurers failure, and in an unusual turn of events investors holding the notes experienced a small loss of principal on redemption, as they shouldered some of the costs.

New entrant to the catastrophe bond market St. Johns Insurance Company, a Florida and South Carolina focused homeowners carrier, has now secured the upsized $120 million of reinsurance target for its first Putnam Re Pte. Ltd. (Series 2021-1) cat bond.

First time catastrophe bond sponsor St. Johns Insurance Company, the Florida and South Carolina focused homeowners carrier, looks likely to upsize its first Putnam Re Pte. Ltd. (Series 2021-1) cat bond transaction by 20% to $120 million.

A new sponsor is coming to the catastrophe bond market in St. Johns Insurance Company, a Florida and South Carolina focused homeowners carrier that is seeking $100 million of collateralized reinsurance with a Putnam Re Pte. Ltd. (Series 2021-1) transaction.