The North Carolina Insurance Underwriting Association (NCIUA) is back in the catastrophe bond market with an initial target to secure $400 million of annual aggregate named storm reinsurance protection from a new Cape Lookout Re Ltd. (Series 2026-1) issuance, which will be its second with an embedded resilience bond feature, Artemis can report.
A year ago, the North Carolina Insurance Underwriting Association (NCIUA) secured its largest catastrophe bond ever, a $600 million Cape Lookout Re 2025-1.
Last year’s cat bond from the NCIUA was also notable as the very first cat bond to include an additional resilience feature embedded in its terms, which we said at the time represented the first and only example of an insurance-linked securities (ILS) deal that also classifies as a true resilience bond.
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