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Utica National Insurance Group has entered the catastrophe bond market for the first time, seeking $125 million or more in US named storm and severe thunderstorm reinsurance protection from a Genesee Street Re Ltd. (Series 2025-1) issuance.
The latest debut sponsor to enter the catastrophe bond market in 2025, Utica National Insurance Group is seeking capital markets backed reinsurance to protect its member companies over a multi-year period.
Genesee Street Re Ltd. has been formed in Bermuda to be the issuer for the first Utica National catastrophe bond.
Genesee Street Re will offer a single tranche of Series 2025-1 Class A notes for sale to investors, with the proceeds set to collateralize a reinsurance agreement to benefit Utica National’s underwriting entities.
We’re told this Genesee Street Re cat bond will provide reinsurance to protect all of the member companies, which are: Founders Insurance Company; Founders Insurance Company of Michigan; Graphic Arts Mutual Insurance Company; Republic-Franklin Insurance Company; Utica Lloyd’s of Texas; Utica Mutual Insurance Company; Utica National Assurance Company; Utica National Insurance Company of Ohio; Utica National Insurance Company of Texas; Utica Specialty Risk Insurance Company.
The $125 million of Genesee Street Re 2025-1 catastrophe bond notes will protect these companies with fully-collateralized reinsurance against losses from the perils of named storms and severe thunderstorms.
We understand that protection will be on an indemnity trigger and per-occurrence basis, running across an almost three-year term to the end of March 2028.
The covered area is much of the US eastern states, extending from the northeast down to Georgia, with coverage for losses in Connecticut, Delaware, District of Columbia, Georgia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, and West Virginia.
The currently $125 million of Series 2025-1 Class A notes that Gensesee Street Re Ltd. is set to issue would attach their coverage at $700 million of losses, covering a share up to $1 billion, which we understand is towards the upper-layer of Utica National’s reinsurance tower.
The notes will come with an initial attachment probability of 0.77%, an initial expected loss of 0.61% and are being offered to cat bond investors with price guidance in a range from 3% to 3.5%.
It’s good to see another first-time cat bond sponsor come to market in 2025, as it is through new sponsor entry that we continue to increase the chances of consistent catastrophe bond market growth over time.
You can read all about this new Genesee Street Re Ltd. (Series 2025-1) catastrophe bond and every other cat bond issued in the extensive Artemis Deal Directory.
Utica National targets debut cat bond with $125m Genesee Street Re was published by: www.Artemis.bm
Our catastrophe bond deal directory
Sign up for our free weekly email newsletter here.
This content is copyright to www.artemis.bm and should not appear anywhere else, or an infringement has occurred.
Utica National Insurance Group has entered the catastrophe bond market for the first time, seeking $125 million or more in US named storm and severe thunderstorm reinsurance protection from a Genesee Street Re Ltd. (Series 2025-1) issuance.
The latest debut sponsor to enter the catastrophe bond market in 2025, Utica National Insurance Group is seeking capital markets backed reinsurance to protect its member companies over a multi-year period.
Genesee Street Re Ltd. has been formed in Bermuda to be the issuer for the first Utica National catastrophe bond.
Genesee Street Re will offer a single tranche of Series 2025-1 Class A notes for sale to investors, with the proceeds set to collateralize a reinsurance agreement to benefit Utica National’s underwriting entities.
We’re told this Genesee Street Re cat bond will provide reinsurance to protect all of the member companies, which are: Founders Insurance Company; Founders Insurance Company of Michigan; Graphic Arts Mutual Insurance Company; Republic-Franklin Insurance Company; Utica Lloyd’s of Texas; Utica Mutual Insurance Company; Utica National Assurance Company; Utica National Insurance Company of Ohio; Utica National Insurance Company of Texas; Utica Specialty Risk Insurance Company.
The $125 million of Genesee Street Re 2025-1 catastrophe bond notes will protect these companies with fully-collateralized reinsurance against losses from the perils of named storms and severe thunderstorms.
We understand that protection will be on an indemnity trigger and per-occurrence basis, running across an almost three-year term to the end of March 2028.
The covered area is much of the US eastern states, extending from the northeast down to Georgia, with coverage for losses in Connecticut, Delaware, District of Columbia, Georgia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, and West Virginia.
The currently $125 million of Series 2025-1 Class A notes that Gensesee Street Re Ltd. is set to issue would attach their coverage at $700 million of losses, covering a share up to $1 billion, which we understand is towards the upper-layer of Utica National’s reinsurance tower.
The notes will come with an initial attachment probability of 0.77%, an initial expected loss of 0.61% and are being offered to cat bond investors with price guidance in a range from 3% to 3.5%.
It’s good to see another first-time cat bond sponsor come to market in 2025, as it is through new sponsor entry that we continue to increase the chances of consistent catastrophe bond market growth over time.
You can read all about this new Genesee Street Re Ltd. (Series 2025-1) catastrophe bond and every other cat bond issued in the extensive Artemis Deal Directory.
Utica National targets debut cat bond with $125m Genesee Street Re was published by: www.Artemis.bm
Our catastrophe bond deal directory
Sign up for our free weekly email newsletter here.
