Florida Peninsula Insurance Company has for a second time lifted the targeted amount of reinsurance it is seeking from its latest catastrophe bond, with the issuance now seeking $250 million of named storm reinsurance for the insurer, Artemis can report.At the same time, the insurer continues to aim to capitalize on investor appetite within the marker, and has lowered the price guidance for the notes on offer once more for this Palm Re 2026-1 issuance.Florida Peninsula , for what will be the company’s third sponsorship in the Palm Re series of deals.we reported that the $150 million single tranche of notes were raised in size, with Florida Peninsula seeking $225 million of protection while the price guidance for the notes had been lowered.

Now, sources have told us that the target size has been raised further, with Florida Peninsula now seeking $250 million in indemnity based Florida named storm reinsurance from its latest cat bond, while the tranche of notes on offer have been lowered once again.The now $250 million Class A tranche of Series 2026-1 Class A notes that Palm Re Ltd.is offering will provide Florida Peninsula Insurance Company, and subsidiaries Edison Insurance Company and the Ovation Home Insurance Exchange, with indemnity based Florida named storm reinsurance on a per-occurrence basis, over a three year term running from June 1st 2026.

The $250 million of Series 2026-1 Class A notes from Palm Re Ltd.come with an initial attachment probability of 1.57%, an initial base expected loss of 1.37%, and were first offered to investors with spread price guidance in a range from 5.75% to 6.25%, which was then lowered to an updated range of 5.25% to 5.75%.We’re now told this price guidance has been lowered to a revised range of 4.75% and 5.25%.

With Florida Peninsula raising its target once again for its latest catastrophe bond, as well as lowering the price of the notes on offer once more, it clearly shows that the insurer is looking to capitalise on catastrophe bond investor appetite to potentially gain more reinsurance support from the capital markets at more attractive pricing.As a reminder, you can read all about this new  catastrophe bond transaction and every other cat bond ever issued in our Artemis Deal Directory..All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance can be accessed online.

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