FEMA secured $575m reinsurance for National Flood Insurance Program (NFIP) from Hannover Re (Ireland) for 3 years.
FEMA secured $575m reinsurance coverage for the National Flood Insurance Program (NFIP) for the seventh time from insurance-linked securities reinsurance markets. The 3-year agreement is with Hannover Re (Ireland) Designated Activity Co., which transferred the NFIP risk to investors through a special purpose insurer, FloodSmart Re, for sponsoring catastrophe bonds. NFIP will pay approximately $85.7m in premiums, excluding initial expenses, for the first year of reinsurance coverage.
March 11, 2024
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