Heritage seeks $100m named storm reinsurance with Citrus Re 2024-1 cat bond

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Heritage Insurance Holdings is looking to secure at least $100 million in collateralized US named storm reinsurance through its ninth catastrophe bond issuance, Citrus Re Ltd. (Series 2024-1). This cat bond will provide multi-year, indemnity-triggered, per-occurrence reinsurance protection for Heritage and its subsidiary against named storms in the Southeast US, with the possibility of expanding coverage. The issuance consists of two tranches, Class A and Class B notes, offering varying risk profiles and spread guidance to investors.

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