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FEMA plans new NFIP flood cat bond, seeks reinsurance transformer

The U.S. Federal Emergency Management Agency (FEMA) is planning to sponsor another FloodSmart Re catastrophe bond to provide flood reinsurance to the National Flood Insurance Program (NFIP) and is seeking proposals from potential reinsurance transformer partners.

FEMA has secured $1.775 billion of collateralized reinsurance from the capital markets across four catastrophe bonds issued under the FloodSmart Re Ltd. program since 2018.

It’s most recent and fourth cat bond deal, a $575 million FloodSmart Re Ltd. (Series 2021-1) issued in February 2021, will more than replace its soon to mature $500 million transaction from 2018, the FloodSmart Re 2018-1 cat bond.


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