The Los Angeles Department of Water and Power (LADWP), the largest municipal utility operating in the United States, has returned to the catastrophe bond market for its third time, seeking up to $150 million of wildfire protection from a 123 Lights Re Ltd. (Series 2025-1) issuance, Artemis has learned.
Previously, the Los Angeles Department of Water and Power (LADWP) sponsored two catastrophe bonds to secure California wildfire insurance protection.
The LADWP first ventured into the cat bond market in 2020 to secure $50 million of cover from a Power Protective Re Ltd. (Series 2020-1) deal, a transaction that utilised a parametric trigger.
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