From the National Hurricane Center:
...FRANKLIN BECOMES THE FIRST MAJOR HURRICANE OF THE 2023 ATLANTIC HURRICANE SEASON...
As long as Franklin and its 115 mph winds stay west of Bermuda the cat bond - Re/Insurance folks don't really care what it does. Idalia on the other hand:
...IDALIA INTENSIFYING AS IT APPROACHES CUBA... ...LIFE-THREATENING STORM SURGE AND DANGEROUS WINDS BECOMING INCREASINGLY LIKELY FOR PORTIONS OF FLORIDA...
A major (cat 3 and above) hurricane just before landfall
