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Risk Management

Cat bond covers severe Florida storms

Judy Greenwald

June 06, 2016 Reprints

Catastrophes Guy Carpenter & Co. Bermuda Insurance-linked Securities More + Less -

A $75 million catastrophe bond that will cover named storms and severe thunderstorms, including tornado and hail events in Florida, has been completed for homeowners insurer Security First Insurance Co. in Ormond Beach, Florida.

GC Securities, a division of MMC Securities L.L.C., announced the bond on Monday. It was placed through First Coast Re Ltd., a newly formed special purpose insurer domiciled in Bermuda.

GC Securities said this is Security First’s first use of catastrophe bond-based reinsurance. The expected maturity date is June 7, 2019.

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Cat bond covers severe Florida storms

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