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.
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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.
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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.
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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.
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