Florida-listed insurer HCI Group on Wednesday, June 17, 2026, launched a pilot project featuring three tokenized reinsurance securities issued through SurancePlus, with contractual returns that mirror specific participations by its Cayman Islands-based subsidiary Fortex Reinsurance SPC, Ltd. in HCI’s 2026-2027 catastrophe excess-of-loss reinsurance programs.
As previously reported, SurancePlus and HCI agreed to the arrangement earlier this month. The tokens are now available to US accredited investors under Rule 506(c) and non-US investors under Regulation S, with a $5,000 minimum investment. The securities are issued on Solana through the Alphaledger platform.
Series A, B and C are priced at $11.10, $22.12 and $30.01 per token, with estimated redemption values of $36.00, $49.00 and $35.20, assuming no catastrophe losses and end-of-term redemption. The contract term runs from June 1, 2026 to May 31, 2027. Full subscription would add roughly $12 million in restricted assets to SurancePlus’s balance sheet.
The securities are issued by SurancePlus and have no impact on HCI’s or Fortex Re’s underlying reinsurance programs.
“We are pioneering a new method of risk transfer by connecting the reinsurance market with new sources of capital,” said Paresh Patel, HCI’s Chairman and CEO.
HCI renewed $4.06 billion in aggregate cat XoL limit for 2026-2027, a 16% increase on the prior year, with Fortex Re now participating across two of its three reinsurance towers.
