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HCI Says Hurricane Isaias Will Affect One Tokenized Reinsurance Security
HCI expects its Token B reinsurance security and one of three reinsurance towers to absorb effects from Hurricane Isaias, while saying the token remains profitable.
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HCI Group said on October 21 that Hurricane Isaias claims affected one of its three reinsurance towers and are expected to affect one tokenized reinsurance security. The storm made landfall near Destin, Florida, on October 9 as a Category 2 hurricane.
The affected structure is Reinsurance Tower 3, which covers northern Florida and carries a $15 million retention, including participation by HCI’s captive reinsurers. Amounts above that threshold are subject to the company’s reinsurance agreements.
HCI expects only Token B among its reinsurance tokens to be affected. The company nevertheless said Token B remains profitable. The statement does not quantify the token’s loss or revise its redemption value, leaving the final investor impact unresolved.
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Key takeaways
- //HCI expects only Token B among its reinsurance tokens to be affected by Hurricane Isaias.
- //Reinsurance Tower 3 has a $15 million retention; HCI says Token B remains profitable.
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