SafePoint Insurance Company has raised the target size for its latest catastrophe bond, with now $150 million in reinsurance protection sought from capital market investors through the   issuance, Artemis has learned.When we first covered this new cat bond from SafePoint back towards the start of March, the company was initially seeking $100 million in collateralized catastrophe reinsurance on an indemnity and per-occurrence basis from the deal.But we’re now told the target size has been raised by 50%, while at the same time the price guidance for this Nature Coast Re 2025-2 cat bond has fallen to the bottom of the initial range.For SafePoint, this will be its fourth catastrophe bond sponsored under the Nature Coast Re program and its eighth cat bond sponsorship in total once completed.

Read about .Nature Coast Re Ltd.is set to issue a now targeted to be $150 million single Class A tranche of Series 2025-2 notes.

The notes will protect SafePoint Insurance Company itself and its reciprocal exchanges, the solely Louisiana focused entity Cajun Underwriters Reciprocal Exchange, and the Florida homeowner and business owner focused Manatee Insurance Exchange, with collateralized reinsurance protection for losses from named storms across the states of Florida, Louisiana, Alabama, Mississippi, and Texas, on an indemnity and per-occurrence trigger basis and across a four-year period from completion of the issuance.The now $150 million of Series 2025-2 Class A notes that Nature Coast Re is going to issue come with an initial base expected loss of 1.58% and were first offered to investors with spread price guidance in a range from 9.75% to 10.75%.We’re told that the price guidance has been lowered to the bottom of that range, for a spread of 9.75% to be paid to investors, indicating another cat bond issuance in 2025 that will offer attractive execution in the market for the sponsor.

We can also now confirm that this new cat bond which we understand will be priced later this week, is now scheduled to settle in early April, so becomes a second-quarter deal for our reporting purposes.You can read all about this new   catastrophe bond from Safepoint as well as details on every other cat bond ever issued in the extensive Artemis Deal Directory..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

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