American Strategic markets first cat bond

American Strategic Insurance Group is set to launch its first catastrophe bond. The insurer is marketing a $200 million deal designed to protect it against named storms and severe thunderstorm risks in the US.

Gator Re is believed to be a multi-year transaction offering the insurer protection on both a per-occurrence basis and if there is an accumulation of thunderstorm losses during a risk period.

American Strategic has several separately incorporated companies under a common umbrella. The group of companies includes five Florida-domiciled insurance companies, a Texas-domiciled insurance company, a Delaware-domiciled insurance company and three managing general agencies. The group holds an A.M. Best rating of A (Excellent).