American Integrity

Secondary market pricing implies the sponsor could recoup a total of $50mn on the 2022-1 A note.

The $2.59bn renewal is up 45% from last year.

The initial offering will include 6,875,000 shares of common stock.

The Floridian company applied to be traded on the NYSE.

The insurer has lined up Piper Sandler and KBW to run the process.

The Integrity Re bond is structured into five tranches.

The bond is structured into four tranches of notes.

Sources said preparations for a 2024 IPO were halted, but work could resume later this year.

Pricing and sizing details were provided for the Class C notes.

The notes were further marked down after a year-end Ian loss update.

The issuer is seeking aggregate and per occurrence coverage.

The bond is seeking coverage for Florida named storm.

The bond will provide Florida named storm coverage on an indemnity, per-occurrence basis.

The guided pricing on the bond is around 60% higher that the Integrity Re offering of last spring.

The issuance is seeking named storm cover in Florida, Georgia and South Carolina.

American Integrity was looking to replace $79mn of maturing cover.

The cat bond cover is for named storms in Florida, with a reset taking in Georgia and South Carolina.

CEO Bob Ritchie said entering the cat bond market offered stability for the company and policyholders.

Pricing has moved to the top of the initial range offered.

As per previous bonds, the transaction is fronted by Hannover Re.

The Florida-based insurer was initially seeking $75mn for the single-tranche cat bond.

The size of the Integrity Re coverage may shrink to $50mn.

The transaction’s target price is up on a similar tranche of American Integrity’s cat bond last year.

American Integrity Insurance Company has slimmed down the target size of a higher-risk tranche of its new Integrity Re cat bond, but the insurer is still on track to close the largest layer of the ILS deal below its target pricing.