Olympus Insurance Company’s successful sponsorship of its debut catastrophe bond, the $120 million  issuance, which provides the firm with fully collateralized, multi-year protection, is set to further diversify Olympus’ sources of capital, while continuing to strengthen its ability to withstand extreme events, CEO Tim Stroble has said.As we’ve been reporting, Olympus Insurance Company successfully priced its debut catastrophe bond sponsorship at the end of March.Initially, capital markets backed source of multi-year Florida named storm reinsurance protection.However, during the marketing phase of the transaction, we saw the target size increase to as much as $150 million.

Eventually, Olympus Insurance managed to secure $120 million of reinsurance limit from its debut cat bond sponsorship, a 20% increase from its initial target, while the risk interest spread of the notes priced approximately 23% below the midpoint of initial guidance.provides Olympus with a $120 million three-year source of Florida named storm reinsurance, on an indemnity trigger and per-occurrence basis, running from June 2026 through to the end of May 2029, reflecting a major expansion of Olympus’ risk transfer capabilities.As well as this, the cat bond also provides a share of coverage within a larger reinsurance layer and complements Olympus’ existing traditional and statutory reinsurance protections.

It’s important to note that the transaction represents a landmark achievement for Olympus, validating the firm’s long-standing strategy of maintaining a highly resilient balance sheet and robust reinsurance protection, while also demonstrating strong investor confidence in the company’s underwriting discipline, exposure management, and long-term vision.“As a Florida-focused insurer with meaningful hurricane exposure, robust and reliable reinsurance protection is fundamental to everything we do,” commented Tim Stroble, CEO of Olympus Insurance.He continued: “This transaction provides us with fully collateralized, multi-year protection and further diversifies our sources of capital, while continuing to strengthen our ability to withstand extreme events.

We were particularly encouraged by the depth of engagement from investors, who took the time to understand how Olympus differentiates itself from other Florida carriers — an appreciation that was instrumental in driving strong demand and a successful upsize.” Lockton Re Capital Markets served as sole structuring agent and joint bookrunner, while Gallager Securities, the insurance-linked securities (ILS) and capital markets broker-dealer division of reinsurance broker Gallagher Re, served as joint bookrunner for the transaction.“It was our pleasure to guide Olympus through its inaugural cat bond issuance,” added Zach Breslin, Head of Lockton Re Capital Markets.“The widespread investor demand and strong execution of this transaction are a testament to Olympus’ track record and reputation, and Lockton Re Capital Markets is proud to have supported them in accessing new sources of capital to drive their business forward.” Stroble concluded: “Our reputation in the global reinsurance market is exceptionally strong.

It’s driven by disciplined underwriting and consistent best-in-class claims handling, backed by the expertise of our Jacksonville operations team — all of which support our ability to access capital markets and enhance protection for Olympus policyholders.” As a reminder, you can read all about this  cat bond and every other catastrophe bond deal ever issued in our Artemis Deal Directory..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.Our can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.