The North Carolina Insurance Underwriting Association (NCIUA) just missed the revised upper-end target for its new Cape Lookout Re Ltd. (Series 2022-1) catastrophe bond issuance, with the deal eventually pricing to offer the insurance pool $330 million of reinsurance protection.
At launch, the NCIUA was seeking $300 million or more in collateralized reinsurance protection from the Cape Lookout Re 2022-1 catastrophe bond deal.
It is the fourth of the Cape Lookout Re series of cat bonds for the North Carolina Insurance Underwriting Association (NCIUA), which is the coastal property insurance underwriting pool for the state of North Carolina.
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