UNITED LAUNCHES $130M ARMOR RE II CATASTROPHE BOND
US property/casualty group United Insurance Holdings, or UPC Insurance, has returned to the insurance-linked securities market with the launch of the Armor Re II Ltd (Series 2020-1) catastrophe bond to secure $130m in collateralised catastrophe reinsurance, Artemis.bm has reported. The offering’s single tranche of Class A notes will provide protection against losses from US named storms and earthquakes on an indemnity and per-occurrence basis over three years for UPC’s United Property & Casualty Insurance, Family Security Insurance and American Coastal Insurance units. The notes are slated to attach at $25m in losses for the Florida-based group. The new issuance replaces and expands a $100m Armor Re II offering that matures at the end of May.
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