St Johns Insurance grows Putnam cat bond target to $120mn
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St Johns Insurance grows Putnam cat bond target to $120mn

Fiona Robertson
20 May 2021
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Floridian insurer St Johns Insurance has boosted the target size of its debut cat bond Putnam Re to $120mn as projected pricing on the transaction fell by 4%.

The carrier is now expecting to pay an insurance spread of 550-575 basis points (bps) for the top-layer reinsurance cover, which has narrowed to the lower end of its initial guidance range of 550-625bps.

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