US insurers Centauri Insurance and Lilypad Insurance have sponsored a $30 million Koi Re private catastrophe bond, designed to provide indemnity-based reinsurance protection against named storms in the US.
Its successful issuance marks a significant step in leveraging capital markets to strengthen both companies’ risk management strategies.
The Koi Re transaction provides one year of coverage, allowing Centauri and Lilypad to transfer a portion of their named storm risk to the capital markets. This diversifies their risk transfer tools and secures additional capacity to support policyholders in the event of a major storm.
The $30 million tranche of Koi Re Series 2025-1 Class A Notes—structured and placed by Lockton Re Capital Markets—offers per-occurrence indemnity reinsurance coverage through May 31, 2026, spanning Lilypad’s exposures across Hawaii, Texas, Louisiana, Mississippi, Alabama, Florida, and South Carolina.
Koi Re was issued via a Segregated Account of Sailfish Re Ltd., giving Lockton Re’s clients streamlined access to a broader pool of capital through an established, independently managed platform.
Our sister publication, Artemis, covered this catastrophe bond earlier this week. For more details on the Koi Re Series 2025-1 issuance or other cat bonds, visit its Deal Directory.
Ricardo Espino, CEO of Lilypad Insurance, said, “The successful placement of Koi Re underscores our commitment to innovative risk management solutions.
“By accessing the capital markets via our inaugural catastrophe bond, we have introduced a new capital source to better protect our policyholders and ensure financial resilience against catastrophic events as we continue to grow our operations.”
Zach Breslin, Head of Lockton Re Capital Markets, added, “We are proud to support Centauri and Lilypad in this important transaction. Koi Re exemplifies how insurers can effectively access the capital markets to manage exposure to natural disasters and is the latest example of Sailfish Re’s utility in delivering bespoke funded solutions to address client needs.”
