Hippo, a technology-native insurance group, has announced the closing of Mountain Re Ltd. (Series 2026-1), a $100 million catastrophe bond which provides multi-year collateralized reinsurance protection against a broad range of U.S. perils.
Sponsored by Spinnaker Insurance Company, a wholly owned subsidiary of Hippo, the issuance consists of a $100 million tranche of Class A notes.
The notes offer fully collateralized reinsurance on a per-occurrence, indemnity trigger basis across a three-year term, expiring June 7, 2029.
Reflecting strong capital markets demand and Spinnaker’s growing track record as a repeat cat bond sponsor, the offer was oversubscribed at rates below the initial guidance range, according to the firm.
The coverage extends across five U.S. perils: named storm, earthquake, severe thunderstorm, winter storm, and fire.
The addition of fire, primarily targeting California wildfire exposure, is a new feature for this issuance and highlights Hippo’s commitment to maintaining reinsurance protection that adapts to the evolving risk landscape.
Hippo was advised by Howden Capital Markets and Advisory (HCMA).
Mitchell Rosenberg, Managing Director, Co-Head Global ILS at HCMA, said: “Hippo’s distinctive, industry-leading approach to underwriting, exposure management, and claims handling was rewarded by investors through both pricing and capacity support.
“It was a pleasure to advise Hippo on its second catastrophe bond and help expand its reinsurance protection to include wildfire — a critical coverage in today’s environment.”
This transaction is Hippo’s second catastrophe bond issuance, following its $110 million debut offering in 2023.
To read further details on Mountain Re Ltd. (Series 2026-1), or other catastrophe bonds and related ILS transactions, visit our sister publication Artemis’ Deal Directory.
