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

Centauri Insurance and Lilypad Insurance announced 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, 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., a Bermuda-based Unrestricted Special Purpose Insurer and Segregated Accounts Company, offering 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.”
— Ricardo Espino, CEO, Lilypad Insurance

“We are proud to support Centauri and Lilypad in this important transaction.”
— Zach Breslin, Head of Lockton Re Capital Markets

This transaction reflects a continued evolution in how insurers access alternative capital to strengthen their reinsurance programs and reinforce financial stability.