Centauri Insurance and Lilypad Insurance Sponsor $30 Million Koi Re Private Catastrophe Bond

SARASOTA, Fla., June 4, 2025 /PRNewswire/ -- Centauri Insurance and Lilypad Insurance announced today the successful issuance of Koi Re, a $30 million catastrophe bond designed to provide indemnity- based reinsurance protection against named storms in the United States. This strategic initiative marks a significant step in leveraging the capital markets to enhance the companies' risk management strategies.    

The Koi Re transaction provides one year of coverage, enabling Centauri and Lilypad to transfer a portion of their named storm risk to the capital markets. This privately-placed, 4(a)(2) issuance enables the companies to diversify their risk transfer tools and secure additional capacity to support policyholders in the event of a significant named storm event.

The $30 million tranche of Koi Re Series 2025-1 Class A notes, which were structured and placed by Lockton Re Capital Markets, provide indemnity reinsurance coverage on a per occurrence basis across exposures in Hawaii, Texas, Louisiana, Mississippi, Alabama, Florida, and South Carolina through May 31, 2026.

Koi Re was issued via a Segregated Account of Sailfish Re Ltd. ("Sailfish Re"), a Bermuda based Unrestricted Special Purpose Insurer and Segregated Accounts Company, that offers Lockton Re's clients the ability to rapidly access broader pools of capital through an independently-managed, established platform.

"The successful placement of Koi Re underscores our commitment to innovative risk management solutions," said Ricardo Espino, CEO of Lilypad Insurance. "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."

This transaction reflects a continued evolution in how insurers access alternative capital to strengthen their reinsurance programs and reinforce financial stability in the face of increasing climate-related risks.

About Centauri Specialty Insurance Company

Formed in 2006 and based in Sarasota, FL, Centauri Specialty Insurance Company is a property and casualty insurance company licensed to serve policyholders in seven states including Alabama, Florida, Hawaii, Louisiana, Mississippi, South Carolina and Texas. Centauri is well known for providing catastrophe coverage and for its ability to provide financial protection to its policyholders, through innovative solutions and personalized service. Visit Centauri online at www.centauriinsurance.com.

About Lilypad National Insurance Company

Lilypad National Insurance Company delivers specialized insurance solutions to homeowners and property owners in coastal areas. By applying advanced technology and leveraging extensive industry experience, Lilypad Insurance seeks to provide robust coverage options that meet its clients' unique challenges. Visit Lilypad Insurance online at www.lilypadins.com.

About Lockton Re and Lockton Re Capital Markets

Lockton Re, the reinsurance business of Lockton, helps businesses understand, mitigate, and capitalize on risk. With over 500 colleagues in 22 locations globally, the business is continuing to grow, pushing the reinsurance industry forward with smarter solutions that leverage new technologies—delivered by people empowered to do what's right for clients.

Securities products and services are offered in the U.S. through Lockton Re Capital Markets, LLC ("LRCM, LLC"), a broker-dealer registered with the U.S. SEC and member of FINRA and SIPC. Securities products and services are offered in the European Economic Area by Lockton Re Capital Markets Limited ("LRCM Ltd") which is authorized and regulated by the Central Bank of Ireland, Company Registration Number 756328. Reinsurance broking and analytical services offered through Lockton Re, LLC ("Lockton Re"). LRCM, LLC and LRCM Ltd (collectively, "LRCM") are affiliates of Lockton Re. For more information, visit www.locktonre.com.

SOURCE Centauri & Lilypad Insurance