Pelican B $50mn Class B notes set for total loss
Louisiana Citizens’ Pelican Re 2021 cat bond is expected to be a total loss, after loss creep from Hurricane Ida eroded the $50mn Class B layer and the insurer exhausted its reinsurance coverage for the storm, sources said.
This means that all three cat bonds the state insurer had on risk in 2021 have defaulted due to the hurricane.
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