PLEASE UPDATE YOUR BROWSER

1 Reason Insurance (715)598-9924

Leadership Through Service

  • About
    • Meet the Insurance Agents of 1 Reason Insurance
    • Partner Insurance Companies
  • Personal Insurance
    • Car Insurance Quote for Personal Auto
    • Boat Insurance
    • Home Owners Insurance Application
    • Life Insurance Quotes
    • Motorcycle Insurance
    • Personal Umbrella Insurance
    • Renters Insurance
    • RV Camper Insurance
    • Snowmobile Insurance
  • Business Insurance
    • Commercial Auto Insurance
    • What is General Liability Insurance
    • Rental or Vacant Properties
    • Workers Compensation in Wisconsin
  • Blog
  • Contact 1 Reason Insurance
    • Contribute As Guest Author
Home > Insurance Companies > Insurance News > Core Specialty Announces the Placement of Yosemite Re Catastrophe Bond

Core Specialty Announces the Placement of Yosemite Re Catastrophe Bond

Posted on: June 6, 2022 By: Insurance Updates

  • First Catastrophe Bond Transaction Sponsored by Core Specialty
  • Further Announces Successful Completion of 2022 Property Reinsurance Renewal

CINCINNATI, June 06, 2022 (GLOBE NEWSWIRE) — Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) today announced the successful completion of its $65 million multi-year Yosemite Re 144A catastrophe bond. The Yosemite Re Ltd. Series 2022-1 Principal At-Risk Variable Rate Notes provide coverage over a multi-year basis with an indemnity per occurrence trigger. This placement was not only Core Specialty’s first foray into the catastrophe bond market, but it also represents one of the only standalone E&S 144A catastrophe bond issuances to date.

The successful $65 million Yosemite Re placement is the final element of Core Specialty’s Property reinsurance program for 2022 (the “2022 Program”). The 2022 Program attaches at $50 million and exhausts at $570 million. Other highlights of the 2022 Program include:

  • $495 million of capacity secured within Cat XOL program, an increase of $120 million over 2021 Cat XOL placement capacity
                                                          
  • $570 million exhaustion represents 250 Year AIR all perils return period for projected 9/30/22 portfolio
  • Efficiently blends traditional, structured, ILS, and cat bond capacity
  • Program supported by 26 reinsurers and an additional 16 supporters of the cat bond placement
    • Inclusive of the 1/1/22 Quota Share and Per Risk placements, 34 reinsurers support the 2022 Program
    • All reinsurers have an “A-” (Excellent) or better financial strength rating from A.M. Best and/or S&P or have posted collateral
  • Cat XOL program augments the 1/1/22 Quota Share placement that provides additional Cat capacity (10.5% part of $305 million Occurrence Limit)

Jeff Consolino, Core Specialty’s President and Chief Executive Officer, said, “The Yosemite Re transaction marks another important step for Core Specialty. The cat bond not only further optimizes our risk transfer program, it also diversifies our existing panel of reinsurance capital providers. We are thrilled to successfully complete this strategic transaction. We continue to build a market-leading property division and our robust reinsurance program will ultimately benefit our customers and distribution partners.”    

GC Securities acted as lead structurer, sole bookrunner and sole initial purchaser.     

About Core Specialty
Core Specialty offers a diversified range of property and casualty insurance products for small to mid-sized businesses. From its underwriting offices spanning the U.S., the Company focuses on niche markets, local distribution, and superior underwriting knowledge; offering traditional as well as innovative insurance solutions to meet the needs of its customers and brokers. Core Specialty is an insurance holding company operating through StarStone Specialty Insurance Company, a U.S. excess and surplus lines insurer, and StarStone National Insurance Company, Lancer Insurance Company, Lancer Insurance Company of New Jersey, U.S. admitted markets insurers. The Company is rated A- (Excellent) by AM Best. For further information about Core Specialty, please visit www.corespecialty.com.

Contact:
Lynn Tetley
(513) 295-1698
lynn.tetley@corespecialty.com 

Core-Specialty-Insurance-Servi Core Specialty Announces the Placement of Yosemite Re Catastrophe Bond

Comments

comments

Categories: Insurance News Tags: Insurance News

1Reason Agencies

What clients have to say:

Mike T. "I started a business last year and Robert responded to my inquiries immediately, and was extremely helpful and knowledgeable as to the type of insurance coverages I would need to get started. Now its been a year and he now carries All of my coverages! Absolutely the most hands on agent I've ever worked with but hands down the friendliest! I can call him anytime and never feel rushed and not only that but he responded while on a family vacation. I believe in relationships in business and so does Robert by the way he treats his customers. I have a true friend in the business, thank you Robert!"


Lynn R. "Bob is very knowledgeable and has always done a great job explaining different aspects of coverage. He is very accessible and looks out for what is best for the consumer. We highly recommend him!


Justin T. "Excellent agent, always available for answers to insurance related questions. Bob, is the person most people strive to become. Without a doubt, a great person!"


Sebastian T. "I can not begin to tell you how pleased I am with 1 Reason Insurance ! Their responding services is friendly and complete. For the services my company offers to the public it is sure nice to know that we are covered for a reasonable fee. Just having (1 R I ) 1 Reason Insurance there is such piece of mind ! Their insurance plans are strait to the point and easy to understand.
Thanks for the great service 1 Reason Insurance !"


Jeff H. "Very nice and cares about the customer! He was literally the reason why i chose him over other companies for my insurance"

Categories

  • Bonds
    • Performance Bond
  • Bookkeeping
    • Business Taxes
  • Business Marketing
    • Webhosting
  • Car Insurance
  • Commercial Auto
  • Commercial Insurance
  • Court Cases
  • Cyber Liability Insurance
  • Employment Opportunities
  • Employment Practices
  • Flood Insurance
  • Home Ownership
  • Homeowner's Insurance
  • Insurance Companies
    • Insurance News
  • Insurance Terms
  • Investing
    • Finance & Insurance News
  • Life Insurance
  • Non Emergency Medical Transportation
  • Payroll
  • Pinewood Derby
  • Professional Liability / E&O
  • Real Estate News
  • Rental Property Insurance
  • Retirement & Estate Planning
  • RV Insurance
  • Starting A Business
  • Stock Dividends
  • SuiteCRM Insurance CRM
  • Taxes
  • Tips & Advice
  • Travel
  • Uncategorized
  • Worker's Compensation

Recent Posts

  • Opendoor Announces Preliminary Proxy Filing Seeking Approval for Discretionary Reverse Stock Split
  • LGI Homes Opens Lake Gallagher Estates in Dover, Florida, with Premium Homes on Expansive Lots
  • DeFi Dev Corp. Partners with Drift Protocol to List dfdvSOL Liquid Staking Token
  • Abacus Global Management Announces Share Repurchase Program; Insider Buying
  • Vornado Completes Refinancing of Independence Plaza
  • Dalfen Industrial Closes Major Sale of One Million+ SF Houston Logistics Park to Global Tech Giant Foxconn
  • Greystone Provides $58.6 Million Freddie Mac Loan for Multifamily Property in Illinois
  • DeFi Development Corp. and Amber International Announce Strategic Partnership to Expand Solana Market Access and Treasury Solutions