The insurer has also secured $125 million of aggregate catastrophe reinsurance limit from its most recent catastrophe bond, the Bonanza Re Ltd. (Series 2025-1) issuance that it sponsored in December 2025. In addition, two tranches remain in-force from Progressive’s 2024 cat bond sponsorship, the Bonanza Re Ltd. (Series 2024-1) issuance. The per-occurrence reinsurance has a retention of $300 million of losses and loss adjustment expenses (LAE) for a first event outside of Florida and $75 million for any first event in Florida. The per-occurrence XoL tower includes $275 million of Bonanza Re catastrophe bond coverage, all from the 2024 issuance, while the remaining $125 million of catastrophe bond protection from the Bonanza Re 2025 issuance sits in the aggregate XoL reinsurance tower for Progressive. As we reported after the January renewals, the aggregate reinsurance tower features $300 million of limit for 2026 attaching at over $550 million of losses.